Blog

Inflation Reduction Act

The Inflation Reduction Act was recently passed by Congress and signed into law by President Biden. There is no shortage of tax implications in the bill, so I thought we would reach out with an overview of some of the main tax changes.  This pro…

Read More
Advanced Child Care Tax Credit Payments

Expanded Child Tax Credit for 2021 As part of the recent COVID-19 stimulus package, the child tax credit was expanded to $3,000 from $2,000 per child ages 6 – 17 and increases to $3,600 from $2,000 per child ages 5 and under.  The full amo…

Read More
Expanded Employee Retention Credit

Expanded Employee Retention Credit The COVID-19 stimulus package signed into law by the President on December 27 contains significant enhancements to the Employee Retention Credit (ERC) enacted under the CARES Act in April 2020. Previously …

Read More
Get Your Stimulus Check – Direct Deposit Deadline

On Friday, May 8th, the IRS announced that time is running out to submit direct deposit information in order to receive your economic impact payment (stimulus check) electronically. If a taxpayer has not had a tax refund direct deposited from the IRS…

Read More
Economic Impact Payment to Deceased Taxpayer

In response to the COVID-19 pandemic and the economic fall out, the federal government enacted the CARES Act in March 2020. A major provision of this law was the disbursement of stimulus checks to individuals ($1,200 per individual and $500 per child…

Read More
CARES Act – Retirement Accounts and Help for Individuals

The CARES Act temporarily loosens rules on retirement accounts On March 27, 2020 the President signed the CARES Act to provide immediate financial relief for businesses and individuals during the COVID-19 pandemic. While we have previously discussed …

Read More
CARES Act Passes Senate and Tentative SBA Loans

On March 25th, the US Senate passed the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). As soon as this bill passes through the House and is signed by the President, it will increase the Small Business Administration’s 7(a) loan …

Read More
Coronavirus Sick Leave and Employer Tax Credit

Please see this overview from the House of Representatives for the Families First Coronavirus Response Act Emergency Paid Sick Leave. As a part of the federal government’s response to the coronavirus’ effect on the working lives of Americans, the Pre…

Read More
Employers Filing Partial Claims due to Company Shutdown

Coronavirus has hit businesses hard over the past few weeks and rules and regulations related to employees are adjusting at a rapid pace. The Georgia Department of Labor (GDOL) has adopted an emergency Rule 300-2-4-0.5 Partial Claims, effective March…

Read More
Doing business online in Georgia? New sales tax law may impact you

The governor of Georgia recently signed into law a bill that will make Georgia the tenth state in the country to charge sales or use tax on online purchases. Currently Georgia does not require most vendors to collect sales tax on tangible personal pr…

Read More
What’s in the Trump Tax Proposal

This week President Trump released a framework for potential tax reform with three general goals in mind: lower tax rates, simplify the tax code and create a more competitive business environment in the United States. The specific changes are all sub…

Read More
Make Your Contribution Count

By Mike Geeslin, CPA This week the city of Houston and surrounding areas suffered a tremendous tragedy. Hurricane Harvey dumped up to 50 inches of rain in some areas, with damage estimates as high as $190 billion. The recovery process will not be com…

Read More
The Potential Flops of House Flipping

By Mike Geeslin, CPA The rise of HGTV has given us many things – subway tile, tiny houses, 1,000 shades of gray and hearing “open concept” mentioned every twelve seconds. The most recent trend to move from television to the real world is house flippi…

Read More
What you can learn from Bill Gates – Maximizing your charitable contribution

By Will Geeslin, CPA Bill Gates made news this week by making one of the largest charitable donation of the 21st century. This donation, made to the Bill & Melinda Gates Foundation, consists of 64 million shares of Microsoft stock value…

Read More
Combined Business and Vacation Travel Can Be Cost Effective

By Dale K. Geeslin, CPA, CFE Technology has reduced the need for business travel but sometimes a face to face meeting is best. Business travelers may be able to add on a short vacation to a business trip and make part of the travel expenses deductibl…

Read More
How Private Foundations Work

By Dale K. Geeslin, CPA, CFE Many have heard of private foundations in the context of rich people coming up with an elaborate scheme used to shelter millions from taxes. Private foundations are covered in the Internal Revenue Code and are essentially…

Read More
Making a Roth IRA Contribution When You Do Not Qualify

By Dale K. Geeslin, CPA, CFE Individual retirement accounts (IRA) were started in 1975 as a way to save for retirement on a tax deferred basis. There are now two types of IRA’s, traditional and Roth. Traditional IRA’s can be either deductible, pre-ta…

Read More
Providing Information to the Bank May Not Be So Easy

By Dale K. Geeslin, CPA, CFE You are applying for a loan and the banker requests some financial information which includes tax returns and personal financial statements. What if you are self-employed or part owner of a business that produces the majo…

Read More
Modern Age Tax Scams

By Dale K. Geeslin, CPA, CFE The IRS recently released what it considers the top tax scams of 2014. Identity theft and telephone scams top this year’s list. The annual list contains various common scams that taxpayers may be subjected to at any time,…

Read More
Tax Reporting of an LLC

By Dale K. Geeslin, CPA, CFE Limited liability company, or LLC, was first approved in Georgia as a form of business in 1994. Since then there has been a proliferation of LLC’s established in Georgia due mainly to the ease of organization and the flex…

Read More