Road trips, ice-cream trucks, beach days … and TAXES (due)


Greetings!  The summer is heating up, and 2nd quarter tax estimates are due.  If you make estimated tax payments to the IRS or the state, your next payment is due by Monday, June 17, 2024.  If you do not pay enough tax in a timely manner, either by payroll withholding or estimated payments, you may incur an underpayment penalty.  To avoid this, aim to pay 100% of your previous year’s taxes or at least 90% of this year’s taxes, UNLESS 2023’s adjusted gross income (AGI) was more than $150,000 (MFJ) or $75,000 (Single & MFS)…in that case, you need to pay [...]

Road trips, ice-cream trucks, beach days … and TAXES (due)2024-06-10T18:12:31+00:00

Are you “Flirtin with Disaster” by using a CPA or a tax preparation firm that does not ask you the hard questions?


You may recall the 1979 smash hit, “Flirtin` with Disaster” by the rock group, Molly Hatchett. “When we gamble with our time, we choose our destiny” is a line from the song; think about how you might be able to relate. Hello again, Lynn Spencer here. I am the co-owner and CEO of Killingsworth Spencer CPAs. Today I want to share a few things our firm is seeing with respect to new client engagements. Prospective clients who have come to us for help in recent months are sometimes surprised after our review of their past tax returns. Our staff has uncovered [...]

Are you “Flirtin with Disaster” by using a CPA or a tax preparation firm that does not ask you the hard questions?2024-05-13T22:25:44+00:00

Two weeks to go until April 15th tax filing deadline


Hello everyone, Lynn Spencer here, CEO of Killingsworth Spencer, CPAs. The calendar may say it’s April 1st (April Fool’s Day), but we are two weeks away from the April 15th tax filing deadline. If you have not filed for the automatic six-month extension to October 15th, 2024, you have until midnight, Monday, April 15th, 2024, to do so. This is also the final day to file your taxes if you are due a refund from your 2020 income taxes and you failed to file for an extension to October 15th, 2021. Otherwise, the refund is lost forever. April 15th is also [...]

Two weeks to go until April 15th tax filing deadline2024-04-01T14:20:49+00:00

Beneficial Owner Information – BOI


What is Beneficial Ownership Information? WHAT YOU NEED TO KNOW IN UNDER 3 MINUTES [Latest News – A federal district judge, Lyles C. Burke, ruled on March 1st, 2024, in favor of the plaintiffs’ motion for summary judgment in the case of National Small United v. Yellen. The court stated in its opinion that “while the legislation (below) may have sensible and praiseworthy ends.” The government’s argument that Congress has the power to regulate millions of entities and their stakeholders the moment they obtain a formal corporate status from a state are not supported by precedent.” The opinion further stated the [...]

Beneficial Owner Information – BOI2024-03-25T16:51:08+00:00

Important information about PTE for business owners


The March 15 deadline is quickly approaching. We wanted to remind you that if you have not paid your Pass-Through Entity (PTE) tax for Georgia for the 2023 tax year, it should be paid as soon as possible to stop additional interest and penalties from accruing. These payments were due throughout the 2023 tax year. Also note, this election is voluntary and not required for Partnerships and S-Corporations. You can still pay the Georgia tax generated from your company at the individual level. If you are unsure if you were supposed to be paying PTE tax, please refer to your 2022 [...]

Important information about PTE for business owners2024-03-05T22:35:23+00:00

The April 15th tax filing deadline is fast approaching


Hello everyone, The tax filing deadline for 2024 is Monday, April 15th. Killingsworth Spencer CPAs will need 100% of your tax information to us by Friday, March 15th, to avoid a tax filing extension by April 15th. Please also note that if you think you owe any federal and or state income tax for earnings in 2023, the taxes must be paid by April 15th to avoid interest and penalty charges. “An extension to file is not an extension to pay 2023 taxes owed for federal or state.”

The April 15th tax filing deadline is fast approaching2024-03-05T18:54:02+00:00

501c (3) Foundation for Janet L. Killingsworth, CPA


Greetings everyone, Lynn Spencer here. November 7, 2023, would have been Janet’s 62nd birthday. We now have a 501c (3) Foundation for Janet Killingsworth, CPA established. With the efforts of Janet’s husband, John McAlister, and her therapist, Elaine Smith, any donation using the QR code below will be made in Janet’s honor and stay in Newnan, GA at City of Hope, formerly, Cancer Treatment Center of America, to help the cancer patients there who are in need of extra help. It turns out Janet was one of the “lucky” ones in that she had excellent insurance and the ability to pay [...]

501c (3) Foundation for Janet L. Killingsworth, CPA2023-11-06T21:11:19+00:00

New Corporate Transparency Act January 2024


On January 1st, 2021, Congress passed the Corporate Transparency Act (CTA) to help put an end to tax evasion by those who use a maze of small companies in numerous states to make it difficult to discover the beneficial owner(s). A beneficial owner is defined as an individual who exercises substantial control over the entity or owns 25% or more of the entity. The last time American citizens saw this level of financial reform was in 2001 after the September 11th terrorist attacks. What happens on January 1, 2024? Lynn Spencer here with Killingsworth Spencer CPAs. Beginning January 1, 2024, the [...]

New Corporate Transparency Act January 20242023-10-20T12:01:43+00:00

Is a Roth IRA better than a traditional IRA or 401(k)?


Have you ever heard of the expression, “Would you rather pay taxes on your seeds or your crops?” Let’s put it another way, would you rather pay taxes at the beginning of your retirement plan investment or the end of a twenty-to-forty-year investment cycle? My name is Rebekah Littleton, MAcc a Senior Staff Accountant at Killingsworth Spencer CPAs. In this article, I want to point out the key differences between a Roth IRA account and a traditional IRA, or 401(k) retirement plan. In a Roth plan, there is no tax savings with your contribution; however, gains within the account are not [...]

Is a Roth IRA better than a traditional IRA or 401(k)?2023-09-12T17:23:16+00:00

Loans to and from your business


Due to our current economic climate, clients are asking our advice about the taxable consequences and best practices to borrow funds from their own companies. Shareholder loans “from” a corporation Loans “from” your business may not be the best way to distribute money to avoid paying income taxes.  The IRS has placed strict rules on this practice, in that the loan could be taxed as a capital gain to you personally. Judy Bernhard, CPA here, and I am the Resident Tax Manager with Killingsworth Spencer CPAs. The items to have in place in taking a shareholder loan include a loan document [...]

Loans to and from your business2023-08-30T13:49:14+00:00
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