Unlimited Representation Before the IRS

IRS Auditor - SliderIf you receive an IRS notice or are selected for an audit, then one of your rights as a taxpayer is to have unlimited representation by a credentialed tax practitioner to act on your behalf.   New for 2016 is the addition of the word “unlimited“.  This means that professionals who fall under this category can represent you regardless of whether or not they prepared your tax return.  A Certified Public Accountant (CPA) is an example of one of those tax practitioners.  Loggins Kern & McCombs has been a certified tax practitioner for over thirty years and represented many clients before the Internal Revenue Service.  [Read more…]

Georgia Unclaimed Property Laws

sidebar_UnclaimedPropertyAre you aware that the State of Georgia requires unclaimed property to be reported and remitted to the Georgia Department of Revenue?  Failure to do so can result in the assessment of penalties, fines and even imprisonment.

What makes up “unclaimed property”?  Unclaimed property includes outstanding paychecks and other checks, such as payments to vendors that have never been cashed, balances in abandoned bank accounts, accounts receivable that have been overpaid by customers, credit memos that have not been redeemed, unused gift certificates, security deposits and numerous other types of property. [Read more…]

S Corporation Prohibition Against More Than One Class of Stock

AAEAAQAAAAAAAAlCAAAAJDc5NWUwNzZjLTk1NDUtNGUwYi05YjZiLTM1YjlkNmM3MDQ1OQDo you own an LLC that elected to be treated as an S Corporation?

If so, please review your minute books and organizational documents to check for multiple classes of stock.  The tax law prohibits S Corporations from issuing more than one class of stock.  Special arrangements such as are frequently typical in LLCs, partnerships and C Corporations that provide non-proportional allocation of income, losses and distributions are prohibited.

If your minutes or organizational documents provide for multiple classes of stock, you must eliminate any additional classes of stock if you want to be treated as an S Corporation for tax purposes.  Maintaining more than one class of stock causes a technical termination of S Corporation status.

QuickBooks Class at Fayette Chamber

QB LogoLoggins Kern & McCombs is happy to announce that we are now offering QuickBooks classes at the Fayette County Chamber in Fayetteville.  QuickBooks software helps small business owners save time and money by organizing all business finances in one place. The course covers the basics of the desktop version of QuickBooks such as creating a new company file, accounts payable, accounts receivable, banking and reconciliation.  This class is taught by a Certified QuickBooks ProAdvisor with over 18 years teaching experience.

QuickBooks-ClassPricing:

Fayette County Chamber Members
$150 / $75 each additional from the same company

Non-Members
$200 / $100 each additional from the same company

Next Class:

Date:  August 26, 2015.
Time:  10:00 a.m. until 2:30 p.m.
Includes 30 minutes with box lunch included.

Location:

Fayette County Chamber of Commerce
600 West Lanier Avenue, Suite 205
Fayetteville, Georgia  30214

To Register:

Call Pam Burnett at 770-478-7424

 

 

 

 

 

5 Tips to Help You Pay Your Tax Bill

If you get a tax bill from the IRS, don’t ignore it. A delay may cost you more in the long run. The longer you wait the more interest and penalties you may have to pay. Here are five tips to help you avoid those extra charges: [Read more…]

New IRS Regulations – Required Form 3115

Form-3115-ThumbnailIn September of 2013, the IRS issued final regulations that help to distinguish capital expenditures from supplies, repairs, maintenance, and other deductible expenses.  Although the final regulations are more taxpayer-favorable than the temporary regulations, they still require a significant investment in time and talent to assure compliance. Virtually every business must comply with these new rules for its first tax year beginning on or after January 1, 2014, but they may be applied to tax years beginning on or after January 1, 2012. [Read more…]

Employee or Contractor?

Contractor Employee or Contractor?  1099 or W-2?  Not sure?  The deadline for these forms is at the end of the month, and you don’t want a penalty for classifying a worker incorrectly.  Here’s a neat wizard from Intuit that guides you through ten short questions to help you decide. [Read more…]

Form 1099 FAQ

Form 1099Form 1099 is something that most people have heard of, seen or even received.  Even those people are not 100% sure about what are they, who gets them, who needs to send them, and why? [Read more…]

Tax Season Hours Begin at LKM

IRS - It's Tax SeasonLoggins Kern & McCombs began extended tax season hours today. [Read more…]

Congress Passes Extender Package

Flag-&-Gavel-ThumbnailCongress has approved the Tax Increase Prevention Act of 2014.  This new law retroactively extends “tax extenders” which had expired at the end of 2013.  This allows taxpayers to claim the popular but temporary incentives on their 2014 returns which will be filed in 2015.  These incentives affect individual and business returns in the following areas: [Read more…]