Deduction – New 20% Pass-Through Tax Break

New Tax Laws for 2018
New Tax Deduction

We are reaching out to you to let you know about one of the many changes in 2018 due to the new tax law.  If you own a business, this deduction will more than likely apply to you.

Bottom Line:  Because of the new tax law, tax planning for business owners will be especially crucial this year.  We are still expecting regulations from the IRS regarding the new pass-through business deduction (hopefully by the end of the summer), but we wanted to notify you of what’s coming.

We also understand that taxes – especially business taxes – can be confusing.  Please feel free to contact us at 770-478-7424 or at info@logginscpa.com to setup a consultation with a CPA.


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QuickBooks Webinar Training in August

Loggins Kern & McCombs will begin offering webinar training for QuickBooks in August!  As we strive to meet the needs of clients across the country, we will begin offering training via webinar to enable attendees to sign in from virtually anywhere. 

We are offering beginning classes in two QuickBooks formats:  Desktop version and Online version. Desktop is the version that has been around for years; software is loaded onto your computer or server.  The online version takes everything into the “cloud” to enable access from anywhere using your computer, tablet or even phone. 

Space is limited, so call and register today. 

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New Form W-4 Delayed

The IRS issued a notice on Monday, January 29, 2018, to provide more guidance on the withholding rules that resulted from the recent legislation known as the Tax Cuts and Jobs Act.  As part of that new legislation, the IRS issued new withholding tables with a promise of a new Form W-4.  The IRS has been in the process of revising Form W-4, but now feel that the new version may not be finished until after February 15, 2018.  [Read more…]

Tax Season Hours

It’s that time again – Tax Filing Season! 

That means you need to start gathering your important tax documents for this year’s return preparation.  For Loggins Kern & McCombs employees, [Read more…]

New Withholding Tables Issued

The IRS has issued new income tax withholding tables for 2018 due to major changes in the new tax law.  Everyone should take a look at your withholding to make sure you’re deducting the correct amount of taxes under the new legislation. [Read more…]

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!

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