taxes

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Order More – Pay Less

2021-04-13T20:04:01+00:00

Last week, the Treasury Department and the IRS issued notice of a temporary exception to the 50% limit on the amount that businesses may deduct for meals.  Beginning on January 1, 2021 through December 31, 2022, businesses can claim 100% of their food and beverage expenses paid to restaurants, provided the business’s owner or one of its employees is present when food or beverages are served, and the expense is not lavish or extravagant under the circumstances.  Note that restaurants do not include businesses that primarily sell pre-packaged goods not for immediate consumption, such as grocery stores and convenience stores. Killingsworth [...]

Order More – Pay Less2021-04-13T20:04:01+00:00

May 17, 2021 is the final date to claim your tax refund

2021-04-07T14:50:15+00:00

Are you one of the 1.3 million taxpayers who did not file for your tax refund in 2017?  Unclaimed income tax refunds worth more than 1.3 BILLION dollars await, however time is swiftly fleeting by to claim these refunds.   The IRS allows three years to do so; the window closes on May 17 for tax year 2017.  On May 18, the unclaimed money becomes the property of the U.S. Treasury.  The Georgia Department of Revenue has $44 MILLION in unclaimed 2017 refunds for 46,300 taxpayers who earned income in Georgia. Taxpayers stand to lose more than just their refund.  Many low- [...]

May 17, 2021 is the final date to claim your tax refund2021-04-07T14:50:15+00:00

When can I File my 2020 Tax Return?

2021-01-15T20:36:24+00:00

The IRS announced today that the opening date to begin filing your 2020 tax returns has been moved back to Friday, February 12th.  Here is a quick synopsis as why. “The Feb. 12 start date for individual tax return filers allows the IRS time to do additional programming and testing of IRS systems following the Dec. 27 tax law changes that provided a second round of Economic Impact Payments and other benefits. This programming work is critical to ensuring IRS systems run smoothly. If filing season were opened without the correct programming in place, then there could be a delay in [...]

When can I File my 2020 Tax Return?2021-01-15T20:36:24+00:00

Automatic Extension to FILE taxes

2020-07-13T01:58:11+00:00

Hello everyone. Last year I did a podcast about using an automatic extension if you are not ready to file your returns by the April 15th deadline. Because of the Covid pandemic, this year's due date is July 15th. Other than substituting July 15th for April 15th for 2020, the balance of the information remains relevant. Lynn Spencer Watch it here https://www.youtube.com/watch?v=JpuVqjZx850&list=PLZHe19A1Qzz8eKpNivxgcoHt7UsaL1KuS&index=4&t=1s HAVE A GREAT WEEK

Automatic Extension to FILE taxes2020-07-13T01:58:11+00:00

How GA Film Tax Credits Work

2020-07-10T23:31:53+00:00

Hello there, Andrea Altman with Killingsworth Spencer here. Today I want to let you all know about how the Georgia Film Tax Credits work, and how they can save many GA residents on their state income taxes. Many people are unaware of just how big a deal the GA film industry is and how it benefits every citizen. GA currently ranks 3rd behind California and New York in the total number of film and television projects produced. Over 92,000 Georgians are employed by the film industry with over $4.6B in direct wages, and an estimated economic impact of $9.5B (these are [...]

How GA Film Tax Credits Work2020-07-10T23:31:53+00:00

GA Film Tax Credits available for 2019 tax year

2020-07-10T22:51:06+00:00

Hello everyone, We wanted to pass along some important information to you if still owe GA income taxes for 2019. Two updates as we approach July 15th:   We currently have over 60 mil Georgia film credits that can be used for 2019 returns and extensions. We can close on credit transactions as long as a wire is received on or before Tuesday, July 14th.   2. Disney has asked us to place these remaining credits, so they are very competitively priced:   20th Century Fox Productions 2017 tax year credits 190,000 available (prefer to place with 1 or 2 buyers, [...]

GA Film Tax Credits available for 2019 tax year2020-07-10T22:51:06+00:00

Section 165(i) and deducting 2020 Covid losses on your 2019 tax return

2020-06-30T21:00:41+00:00

On March 13, 2020, the President declared the Coronavirus pandemic of sufficient severity and magnitude to warrant an emergency declaration for all states, tribes, territories, and the District of Columbia.  This declaration allows taxpayers to invoke Section 165(i) of the Tax Code turning 2020 losses into 2019 deductions. Small business owners may elect to deduct 2020 expenses directly attributable to COVID-19 on their 2019 returns, or amend 2019 if already filed.  Qualifying losses must not be compensated by insurance or otherwise.  Examples include costs for: additional office cleaning expenses personal protection equipment (PPE) costs to move employees to shelter at home [...]

Section 165(i) and deducting 2020 Covid losses on your 2019 tax return2020-06-30T21:00:41+00:00

PPP Flexibility Act of 2020

2020-06-10T18:23:10+00:00

On June 5th, President Trump signed into law the PPP Flexibility Act (PPPFA) of 2020. Here are the highlights of the Act: Extension to 24 weeks to spend loan proceeds instead of the original 8 weeks Reduction of the required payroll spending from 75% to 60%. You may now use up to 40% for rent and utilities Lengthen the time to repay the “non-forgivable” portion of the PPP proceeds to 60 months at a 1% APR vs. the original 24 months Extend deferral of Social Security taxes until the end of 2020 even if PPP loan is forgiven Extend the period [...]

PPP Flexibility Act of 20202020-06-10T18:23:10+00:00

Did you throw money in the trash?

2020-06-04T21:12:35+00:00

Sometimes trying to be too discreet can cause major headaches Did you receive your economic stimulus check from the CARES Act yet? If you qualified to receive a stimulus payment you may be one of the four million plus Americans who will receive an Economic Income Payment (EIP) debit card by mail. The Treasury department began sending the cards May 26th in a plain white envelope with the inscription “Money Network Cardholder Services in Omaha” in the return address portion. If you received an envelope like this, thought it was junk mail, and tossed it away, you are not alone. The [...]

Did you throw money in the trash?2020-06-04T21:12:35+00:00

PPP LOAN FORGIVENESS

2020-05-28T12:13:28+00:00

PPP Loan Forgiveness Butcher, Baker, Candlestick Maker Businesses that received PPP loans will have to comply with SBA guidelines and then IRS regulations to receive forgiveness and henceforward prepare books for 2020 taxes. Once the PPP funds are received, an 8-week time clock begins. Actions to properly account for that money need to be put into place A separate account is advised, but can be worked around if specific bookkeeping practices are instituted To receive full forgiveness, at least 75% of the loan must be used on payroll Employer FICA matches will not be considered, nor will payroll processing fees Owners [...]

PPP LOAN FORGIVENESS2020-05-28T12:13:28+00:00
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