William M. Kellert, CPA, P.C.

08/12/2021

Let's hope a correction is made. This is a very strange development.

In a tremendously unpleasant surprise for owners of S-corporations and C-Corporations and their tax advisors, the IRS issued Notice 2021-49 on August 4th which states that the Employee Retention Credit (ERC), made available for businesses suffering from the COVID-19 crisis, will not be available ...

12/23/2020

New tax bill (still not signed into law) has several key provisions. Among those are:
-Expenses used to qualify for PPP loan forgiveness will be deductible
-Certain businesses will qualify to apply for a second PPP draw
-PPP loans under $150,000 will have a simple application for foregiveness
-For 2021 and 2022, qualifying business meals will be 100% deductible rather than 50%. Documentation of business purpose, etc will, of course, still be required.

05/13/2020

http://www.gscpa.org/content/Home/News/Professional-News/Necessity-Certification-for-PPP-Loan/SBA-Issues--2-0-Million-Safe-Harbor.aspx?utm_source=Master&utm_campaign=144f38608a-1017_Taxation_Community1_COPY_01&utm_medium=email&utm_term=0_ac80b8a671-144f38608a-39892697&goal=0_ac80b8a671-144f38608a-39892697

The SBA has just issued an additional FAQ ( #46) providing a safe harbor for smaller borrowers so far as the “necessity” certification.  Borrowers with loans less than $2.0 million (including affiliates) will automatically be deemed to have made the “necessity” certification ...

04/02/2020

http://www.gscpa.org/content/Home/News/Professional-News/Paycheck-Protection-Act.aspx

Loans would be initiated through your company's lender

The AICPA has released an update concerning recommendations for the Paycheck Protection Program. The Department of Treasury has released the Paycheck Protection Program application and supplemental information, all available on their website. We strongly recommend that CPA firms immediately: Review....

03/19/2020

UPDATE: Tax day for federal purposes has been automatically extended until July 15.

As of now - tax returns are still due on April 15th. However - extensions are still able to be prepared AND any balances due with your returns will be accepted through July 15th without incurring any additional interest or penalties.

Georgia has not confirmed similar treatment as of yet - however there are indications that they will.

01/13/2020

https://www.kiplinger.com/article/retirement/T021-C032-S014-moving-forward-financially-after-a-loss.html

Even as you work through your grief, there are some important financial tasks to take care of along the way. Here is a framework to use as a starting point.

11/27/2019

Thoughtful article on meetings

Let the briefing document be your ally. By Rick Richardson

10/03/2019

https://money.usnews.com/money/retirement/medicare/articles/health-insurance-options-when-retiring-early

Be prepared for these health insurance costs if you stop working before turning 65.

07/31/2019

Dony - come see me. I can help!

Posted in r/Accounting by u/mglemer15 • 173 points and 39 comments

07/02/2019

https://www.forbes.com/sites/ryanguina/2019/06/28/dont-make-retirement-savings-mistakes/

Some basic ideas, but still worthy of remembering.

We all know it’s important to save for retirement. Even if you’re saving for retirement, some common mistakes might cause you to run out of money in retirement. Avoiding these 7 retirement savings mistakes can increase the chances that you’ll be able to grow your portfolio and outlive your mon...

11/06/2018

https://www.marketwatch.com/story/7-year-end-tax-planning-strategies-for-small-business-owners-2018-10-22
Some timely information

There’s still time to cut your tax bill.

06/08/2018

Perfectionism is one of the biggest obstacles to taking action and we forget that in the end, any progress is better than 0%.