taxes Archives - Page 3 of 7 - Killingsworth Spencer, LLC

Beneficial Owner Information – BOI

kwscpa2024-03-25T16:51:08+00:00

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 – BOIkwscpa2024-03-25T16:51:08+00:00

Important information about PTE for business owners

kwscpa2024-03-05T22:35:23+00:00

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 ownerskwscpa2024-03-05T22:35:23+00:00

The April 15th tax filing deadline is fast approaching

kwscpa2024-03-05T18:54:02+00:00

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 approachingkwscpa2024-03-05T18:54:02+00:00

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

kwscpa2023-11-06T21:11:19+00:00

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, CPAkwscpa2023-11-06T21:11:19+00:00

New Corporate Transparency Act January 2024

kwscpa2023-10-20T12:01:43+00:00

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 2024kwscpa2023-10-20T12:01:43+00:00

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

kwscpa2023-09-12T17:23:16+00:00

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)?kwscpa2023-09-12T17:23:16+00:00

Loans to and from your business

kwscpa2023-08-30T13:49:14+00:00

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 businesskwscpa2023-08-30T13:49:14+00:00

Take hold of the 4th quarter now and make the year all come together before it’s too late

kwscpa2022-10-04T18:05:38+00:00

Business owners are pulled in many different directions each day. The business must be nurtured for it to grow and remain strong and healthy. Successful business owners also realize they cannot take this journey alone. They must surround themselves with a great team where everyone is aligned for success. One of the greatest challenges business owners must face is to have access to critical financial information in real time to make good decisions. This information comes from having a talented team of advisors who work in concert to help the owner gain access to knowledge. Killingsworth Spencer CPAs sees its role [...]

Take hold of the 4th quarter now and make the year all come together before it’s too latekwscpa2022-10-04T18:05:38+00:00

Work Opportunity Tax Credit

kwscpa2022-09-28T16:46:50+00:00

Recently, the IRS released updated information on the Work Opportunity Tax Credit. This federal tax credit is equal to 40% of up to $6,000 in wages paid, or a maximum of $2,400 to targeted groups of individuals who have faced significant barriers to employment. The Tax Credit includes ten categories of workers to hire: Qualified Needy Families Certain Veterans Ex-felons Designated Community Residents Vocational rehabilitation referrals Summer youth employment Food stamp recipients Supplemental Security Income recipients Long-term family assistance recipients, & Qualified unemployment recipients Most employers have had a difficult time hiring employees in this Covid economy. Killingsworth Spencer CPAs can [...]

Work Opportunity Tax Creditkwscpa2022-09-28T16:46:50+00:00

Credit Shelter Trusts

kwscpa2022-08-16T01:16:25+00:00

Janet & Dan just prepared a Credit Shelter Trust Tax Return for the surviving spouse, Stella, of our deceased client, John (her husband). This Credit Shelter Trust was created through John’s estate plan via his will. Lynn Spencer here from Killingsworth Spencer CPAs with another important tax tip. A Credit Shelter Trust is sometimes referred to as a By-Pass Trust because it is set aside to make use of the estate tax exemption available to a decedent and bypasses being included in the estate of the surviving spouse. The surviving spouse and/or others can receive income from the assets in the [...]

Credit Shelter Trustskwscpa2022-08-16T01:16:25+00:00