"Georgia Heart 180 update"

  • Category: Blog
  • Published: Friday, 08 December 2017 15:50
  • Written by Super User
  • Hits: 283
Hello again, Janet Killingsworth here. I want to THANK YOU ALL so much for the overwhelming response to my blog earlier this week. Our client, Drew Owen has expressed his gratitude of our willingness to help the rural hospitals in our growing state. Drew has been kind enough to put together some "talking points" to make it easier to explain how we as citizens of Georgia can do our part to help through our GA income tax payments. It takes less than 3 minutes to sign up at: https://www.georgiaheart.org/my_georgia_heart/tax_contribution_type. 
There are ZERO service fees or charges to go through this site.
 
Here are the "talking points:"

Rural Healthcare nationally is in a major state of undeniable crisis
  • o   Nationally, 1 in 3 rural hospitals are "at risk" or "at high risk" of closing
  • o   In Georgia, that number is 2 out of 3...Georgia's healthcare is the 2nd worst in the entire country!
  •   When a rural hospital closes the impact is devastating
    • o   Thousands of people are often left without basic and emergency care
      •   The next closest hospital is usually 30-50 miles away
  • o   The economic implications are severe
    •   Rural hospitals are typically the largest and highest dollar employer in a community
    •   When the hospital closes, the doctors leave as do nurses who are not imbedded in the community creating a brain and economic drain on top of the financial impact of all those other lost salaries.
    •   Businesses like hotels, pharmacies and florists are all materially impacted
    •   Insurance premiums will go up for local businesses...especially ones that have higher risks associated with their employees.
    •   Companies will struggle to attract and retain talent in the absences of reasonable healthcare.
  • o   Since 2010, more than half of all hospitals that closed nationally have been in the South.
  •   Reasons for much of the problem
    • o   The people who have remained in rural communities tend to be older, are unhealthier, are poorer/high poverty instances and are less insured than ever before. Rural populations are in decline. 
      •   Treatment for very sick people is more expense
      •   Bad/uncollectable debt is increasing
      •   Reimbursement rates are lower
  • o   The PPS (payment system) that was implemented was built on a high-volume metric that works for the urban settings but not for the low population rural settings.
  • o   Privately insured patients are opting to go elsewhere further hurting the hospital payer mix and hurting "perception"
  •   The solution
    • o   At the hospital level:
      •   Finding hospitals and administrators who recognize the problem for what it is and who are willing to explore innovative and structural changes that have a greater chance of generating sustainable revenue for the long term.
      •   Finding hospitals that don't merely use money and donations to fund ongoing operating losses
      •   Finding hospitals and administrators who recognize the answer to their problem is not a brand new $450,000 piece of medical equipment that they will never get enough use out of to justify the cost or a "cancer wing" that will never house enough patients to pay for itself  
      •   Finding administrators willing to share their successes and collaborate to solve the challenges they face.
      •   If merely throwing money at the problem was going to work, it would have worked a LONG time ago. 
  • o   At the State/donor level
    •   Georgia's political leadership has recognized the crisis the state is in and the potentially devastating impact on surrounding communities.  They passed the GA Rural Healthcare 180 bill which allocates 60mm for 3 years to be used as tax credits to help the 50 most in need or at-risk rural hospitals in the state.
      •       I spoke to the Senate Majority Leader's chief of staff today and he informed me only $8,061,804 of the $60mm has been allocated for this year!
      •   This is a major priority for the Governor and Lt Governor.
      •   The bill effectively allows money to be redirected from the DOR General Fund directly to these needy hospitals.
      •   A jointly filing couple can apply to give up to $11,111 to a designated hospital for which they will receive (90%) a $10,000 GA tax credit good for 5 years.  A single filer can do half of this. 
        •       The out of pocket cost is approximately $700 to give $11,111!!
          • o   The $1,111 difference (b/w $11,111 gift and $10,000 credit) is Federally deductible
          •       Under full AMT, the donor actually makes ~$2,600!
      •   The donor must apply through the DOR (GA Tax Center) to first get approval (for which the only denial can come if the hospital has reached its annual $4mm limit (which none have)) which can take "up to" 30 days but we are hopeful applications will be processed much faster which would allow an opportunity to get money and credit in place for 2017.
 
Please have anyone email me at This email address is being protected from spambots. You need JavaScript enabled to view it. or call or text me at 404-441-8823 with any questions!  Thanks, Drew
 
Have a great week

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HOW WE MIGHT BE ABLE TO HELP YOU

 

 

 

 

 

TO SCHEDULE AN IN-PERSON MEETING 

 

 

 

 

CALL Lynn Spencer

 

(770) 552-8286

 

email @ This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

 

TO RECEIVE YOUR NO OBLIGATION 

 

30 MINUTE HOUR CONSULTATION, 

 

 

 

We can schedule Saturday appointments if necessary

 

Appointments available between 1pm and 4pm

 

 

 

(For more details see the following link)

 

 

 

 

The most Wonderful Time of the Year

  • Category: Blog
  • Published: Wednesday, 15 November 2017 15:05
  • Written by Super User
  • Hits: 324


 

Introduction to Killingsworth Spencer
Introduction to Killingsworth Spencer

... for family and tax planning too! Hello everyone, Lynn Spencer here. Today I want to give you all encouragement to begin preparing for your 2017 federal and state income tax returns.  As we begin the final six weeks of 2017, most of us are focusing on the upcoming Thanksgiving and Christmas holidays. However, while you are busy with menu planning, travel itineraries, and gift buying, you should invest some critical time to make certain you take full advantage of tax deductions. Today's post will be the first of a series helping you to not lose out on important tax deductions and opportunities for 2017.
 
The fourth quarter is the time of year we typically meet with our business owner clients to review their situation to determine the best way to handle the current year's tax liabilities and the new year's strategies, including purchase or lease a new business vehicle, whether or not you should incorporate your business, change the format, set up a retirement plan, etc. Actually, the checklist we go over if you are a business owner is quite detailed.
 
Taxpayers who do not own businesses, but do itemize and own assets, should also use tax planning as a tool. The stock market continues to reach record highs, and one of the most frequently missed opportunities is a failure to match up losses and gains to reduce your taxes. However, you must go over your portfolio to find and sell poorly performing securities to zero out the gains as much as possible. The IRS allows $3,000 net capital losses to reduce your overall taxable income. Are you considering giving away an auto, boat, or a piece of real estate to a qualifying 501c(3) charity? If so, view our YouTube® channel for this topic about what happened to a client of ours who gave his boat away.
 
Next time I will continue a list of things you should be looking out for to maximize your 2017 tax deductions. A little effort now can pay HUGE dividends to you and your family in the form of tax savings and peace of mind.
 
HAVE A WONDERFUL AND SAFE THANKSGIVING HOLIDAY
 
ALLOW US TO DEMONSTRATE
HOW WE MIGHT BE ABLE TO HELP
YOU
 
IF YOU LIKE WHAT YOU HEAR
WE WILL REVIEW YOUR DOCUMENTS
WITHOUT COST OR OBLIGATION
AND THEN PROVIDE YOU WITH
A WRITTEN OVERVIEW OF OUR FINDINGS
 
TO SCHEDULE AN IN-PERSON MEETING OR WEBINAR
 
 
CALL Lynn Spencer
(770) 552-8286
email @ This email address is being protected from spambots. You need JavaScript enabled to view it.
 
TO RECEIVE YOUR NO OBLIGATION 
30 MINUTE CONSULTATION, 
 
We can schedule Saturday appointments if necessary
Appointments available between 1pm and 4pm
 
(For more details see the following link)
 

EQUIFAX DATA BREACH Part 2

  • Category: Blog
  • Published: Friday, 27 October 2017 16:06
  • Written by Super User
  • Hits: 332

"We have beefed up our security protocols"

 

Hello again, Lynn Spencer here. I have bad news to share AGAIN with you all this week. Because of the Equifax Data Breach earlier this year, the IRS stated this week that the individual IP PIN numbers will be discontinued immediately. What this means is that their experiment to add an additional layer of security protection did not work as intended. 

Many people do not realize that tax preparation professionals have more information on their clients than do other professionals such as your physician or attorney. Just like you, we hear all of the terrible news concerning hackers and data breaches nearly every day now. It does seem impossible to safeguard against determined identity thieves. And while that may be true I want to know that behind payroll, IT and Security of our clients financial information is our largest financial expenditure each month! We use Terry Gilbreath of Personal Systems Services, Inc. as our IT professional. He monitors our Servers and email accounts continuously for Phishing threats. He continues to teach us how to protect our data and the information of our clients. For obvious reasons, I cannot reveal all the ways we do our best to protect your information, but rest assured we are doing everything we can to keep our client's data protected.

We will soon be letting you all know of a new encrypted email service platform we are going to that many of the largest CPA and law firms in the United States use when sending sensitive information back and forth to clients. Yes, I know it's somewhat of a pain, but this is the age we all live in today.

Have a safe week

ALLOW US TO DEMONSTRATE
HOW WE MIGHT BE ABLE TO HELP 
YOU GET THE MOST OUT OF YOUR CPA RELATIONSHIP
 
TO SCHEDULE AN IN-PERSON MEETING 
 
CALL Lynn Spencer
(770) 552-8286
email - This email address is being protected from spambots. You need JavaScript enabled to view it.
 
TO RECEIVE A NO OBLIGATION 
30 MINUTE CONSULTATION, 
 
We can schedule Saturday appointments if necessary
Appointments available between 11am and 3pm
 
(For more details see the following link)
 
http://www.killingsworthcpa.com/svcs_real.htm
 

"You Have Until November 17th To Avoid Extra Hassle"

  • Category: Blog
  • Published: Thursday, 02 November 2017 14:36
  • Written by Super User
  • Hits: 332
Using your retirement account to fund a new business
Using your retirement account to fund a new business

 

Hello again, Lynn Spencer here, and today I want to inform you that as of Saturday November 18th, the IRS is shutting down its Electronic Tax Filing Portal until the early part of January 2018 for annual maintenance. What this means to those taxpayers who have not yet filed their 2016 personal and or business returns is that they will need to be filed the "old fashioned" way. Extra time and expense on everyone's part required for administrative tasks, including securing original signatures.  Printing and extra postage will also be necessary and because some tax returns will weigh more than 13 ounces, a trip to the Post Office for taxpayers without a postage meter. This will most certainly slow the process of getting into a Holiday mood.
 
I also want to remind you of two additional pieces of important information:
  • Please get with your tax advisor to adjust your federal and state withholding for the rest of the year if you are anticipating a large tax refund next year. The IRS has said that because of the Equifax Data Breach earlier this year, refunds could take up to 14 months to get processed
  • The 4th quarter of the year is the time you should be sitting down with both your financial advisor and your tax professional to see if there are some ways to get rid of the underperforming stocks in your portfolio to offset and capital gains with your unearned income for 2017
Have a safe week

ALLOW US TO DEMONSTRATE
HOW WE MIGHT BE ABLE TO HELP YOU
 
TO SCHEDULE AN IN-PERSON MEETING 
 
 
CALL Lynn Spencer
(770) 552-8286
email @ This email address is being protected from spambots. You need JavaScript enabled to view it.
 
TO RECEIVE YOUR NO OBLIGATION 
30 MINUTE CONSULTATION, 
 
We can schedule Saturday appointments if necessary
Appointments available between 1pm and 4pm
 
(For more details see the following link)
 

"You now have until January 31, 2018 to file and pay your 2016 taxes"

  • Category: Blog
  • Published: Wednesday, 11 October 2017 21:49
  • Written by Super User
  • Hits: 322

 

 
Killingsworth Spencer Lunch & Learn workshops
Killingsworth Spencer Lunch & Learn workshops
Hello Everyone, Lynne Spencer here. Today I have good news for all procrastinators. Because Hurricane Irma did extensive damage to parts of south Georgia and many areas were without power for several days, both Governor Deal and President Trump have declared Georgia a state of emergency. The IRS and the GA Department of Revenue has provided the same extensions to file tax returns as the states of TX and FL as of September 19, 2017 (IR-2017-156).

Tax returns that were on extension for S-Corp's, C-Corp's and personal tax returns are now due (including any payments) by midnight January 31, 2018. The extension order also includes quarterly payroll reports.
 
At Killingsworth Spencer, LLC we are continuing to work at a fast pace to complete tax returns so that they may be filed by the original deadlines. Many clients have other deadlines that must be met due to banking covenants, loan closings, etc., so we are making certain these deadlines are kept intact for the benefit of our clients.
 
Killingsworth Spencer must also get our clients ready for the "2017" tax season that starts in earnest after Thanksgiving. However, if you or someone you know needs to get their 2016 taxes prepared, they have and extra three months to get them filed and paid. If you have any questions, please feel free to give us a call.


Have a great weekend

ALLOW US TO DEMONSTRATE
HOW WE MIGHT BE ABLE TO HELP
YOU
 
IF YOU LIKE WHAT YOU HEAR
WE WILL REVIEW YOUR DOCUMENTS
WITHOUT COST OR OBLIGATION
AND THEN PROVIDE YOU WITH
A WRITTEN OVERVIEW OF OUR FINDINGS
 
TO SCHEDULE AN IN-PERSON MEETING OR WEBINAR
 
 
CALL Lynn Spencer
(770) 552-8286
email @ lynn@killingsworthspencerllc.com
 
TO RECEIVE YOUR NO OBLIGATION 
ONE HOUR CONSULTATION, 
 
We can schedule Saturday appointments if necessary
Appointments available between 1pm and 4pm
 
(For more details see the following link)
 
11115 Houze Rd., Suite 100
Roswell, GA 30076
(770) 552-8286
www.killingsworthcpa.com

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