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

  • Category: Blog
  • Published: Thursday, 02 November 2017 14:36
  • Written by Super User
  • Hits: 172
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)
 

EQUIFAX DATA BREACH Part 2

  • Category: Blog
  • Published: Friday, 27 October 2017 16:06
  • Written by Super User
  • Hits: 187

"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
 

EQUIFAX DATA BREACH

  • Category: Blog
  • Published: Wednesday, 11 October 2017 21:42
  • Written by Super User
  • Hits: 213
 
 
 

 

"What you need to know about the Equifax data breach"
 
Hello again, Lynn Spencer here. I have bad news to share with you all this week. Because of the Equifax Data Breach earlier this year, the IRS has put out a notice that if you are anticipating a tax refund for your soon to be filed 2017 taxes, do not expect a quick turnaround. Estimates on delays could run 2 months according to the IRS, to as long as 14 months according to consumer expert, Clark Howard. YES, that's correct. This means that you may wait until the spring of 2019 to receive a refund of taxes you began paying two years before!

There are two ways you can avoid or reduce a delay in receiving your tax refund:
  • Adjust your withholding NOW so that you will either receive or pay a few hundred dollars
  • Residents of FL, GA and the District of Columbia, you may request a six-digit Identity Protection Pin or IP PIN for short. This will make it more difficult, but not impossible for Hackers to gain access to your tax refund
Several consumer experts agree that even with the IP PIN safeguard in place, the IRS and the state governments are likely to err on the side of caution and make taxpayers wait months for their refund. Most of these experts are saying for you to prepare now to file your 2017 taxes as soon as you receive your W-2's and other forms such mortgage interest. However, this may not be relevant due to the fact that professional Hackers can create a fake tax return in your name in a matter of seconds with the information that was stolen from Equifax; their computer programs are working 24-7.
 
Our advice is for you to sit down with a professional tax advisor like Killingsworth Spencer to evaluate your withholding status, especially if you nearly always get a refund. You will be far better off waiting for a refund under $200 vs. one for several thousand dollars; would you agree? Unfortunately, most Americans are going to be affected by this data breach, and we can only imagine how long it will take to repair the damage.

Have a great week

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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"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: 185

 

 
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

"Eleven Questions"

  • Category: Blog
  • Published: Wednesday, 11 October 2017 21:31
  • Written by Super User
  • Hits: 221

 

 
Introduction to Killingsworth Spencer
Introduction to Killingsworth Spencer

Hello everyone. Janet Killingsworth here. Today I wanted to share with you all a list of questions we either get asked or ones that we raise during the interview process when someone new comes to our office. In fact, you can use these questions as a guideline for most any professional you are looking to enter into a long term relationship.

ELEVEN Questions you should be asking when you interview your next tax preparer or CPA

     
1. What is your educational background?
2. How long have you been preparing tax returns
3. Any certificates or special designations
Do you work alone or do you have a staff?
Who checks your work for accuracy
Who steps in for you in an emergency
4. Do you carry Errors and Omissions insurance?
5. What happens to my information if you die?
6  How secure is my information with your firm?
Background checks on your staff
Type of security do you have in your office
7.  Will I be assigned to one individual in the firm or will I get changed up every year or two?
8.  How long does it take to get my taxes prepared?
  What if I have questions or concerns outside of the tax season?
9.  Does your firm do more than tax returns?
Ways you help business owners stay on track
Budgeting/forecasting/looking for anomalies
Help business owners grow their enterprise
Help with compensation and HR issues
10.  Do you have other professionals you work with that you can refer me to such as financial advisors, attorneys/etc.
11.  What is the most complicated type of client you have?

Have a safe week

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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Roswell GA CPA

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