Join the Rotary Club of Lake Spivey/Clayton County For A Day of Golf!

If you love beautiful weather, a great day of golf, and helping with a good cause then this is the event for you! Join the Rotary Club on October 20th, 2017 at 12:00pm for their annual Golf Tournament! We have had the pleasure of helping out with this tournament for several years now, and we always a great time!

Interested In Learning More About QuickBooks? Join Us In July or August!

We have two QuickBooks classes coming up!  Only four spaces available for our Tuesday, July 18th class.  If you can’t make the July class, the next class is scheduled for Thursday, August 3rd.

For more information, or to sign up, call our office and speak with Pam Burnett, 770-478-7424. We hope to see you in August!

Interested in Taking a QuickBooks class? Join us in June!

Our next QuickBooks class is Tuesday, June 20th, 2017!  For more information, or to reserve your spot, please call Pam Burnett at 770-478-7424.  

Going for the (Taxation) Gold

Rio 2016As we all sit back in our easy chair to enjoy the summer Olympics, Uncle Sam is getting ready to rake in the taxes.   That’s right, each Olympian is awarded a cash payout in addition to the medal.  Well, the Internal Revenue Service treats all the winnings the same way they do our paychecks, by taxing it as income.  The cash is considered “earned income abroad” equal to $25,000 for gold, $15,000 for silver and $10,000 for bronze plus the value of the medal itself. [Read more…]

Prevent Tax-Time Surprises

canstockphoto0201034No one usually wants to get a surprise when filing their tax return.  Summer is a good time to take a look at your withholding to make sure you don’t get blind-sided next tax season.  There are many life events that can have an impact on your taxes, meaning the amount you get back or worst, the amount you owe.   Loggins Kern & McCombs can assist you with making the right withholding decisions based on your specific tax situation.  If you have experienced or expect to experience any of the following events before the end of the year, contact our office to avoid any surprises.

  • Start a New Job
  • Become Self-Employed
  • Get Married
  • Birth of Child
  • Adoption
  • New Home

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.

October Deadline

Clock - Deadline 1For those you who filed an extension on your 2014 individual tax return, the deadline to file is right around the corner.  According to the IRS, about a quarter of the 13 million taxpayers who filed an extension have yet to file their return. The October 15th deadline is only a couple of weeks away so we encourage you to get your tax documents to us as soon as possible to allow adequate preparation time.

If you  need to make an appointment, call our office today at 770-478-7424.  You may not realize it, but you don’t “have” to come into the office for an appointment.  We have many clients who send their documents in the mail with a follow-up phone consultation if necessary.  When mailing tax-related documents to our office, it is best to do so in a way that can be tracked through the post office or other shipping service (UPS or FedEx).  We also have clients who scan and email their support documents which is a viable and time-saving option.  The countdown is on – We hope to hear from you soon!

 

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