Carolyn Payne CPA

02/02/2026

Happy Tax Season! Carolyn Payne CPA welcomes Brendan Chafin and Amber Hibbard to the team.
Call for your appointment today 6065466615

06/26/2024

There is a new government reporting requirement for corporations and limited liability companies. The report is called BOIR Beneficial Owner Information Reporting. It is due by June 30. The government promises huge penalties and possible jail time for failing to report. Call the office if you need assistance. 5466615

04/22/2024

It has been proved times too numerous to be mentioned, that people who have formed the habit of saving money are always given preference in positions of responsibility

~The Law of Success

06/22/2023

Thanks Knox County!!!

08/31/2020

The current law that takes affect 9/1 is a deferral not a forgiveness. This article says that the amount not withheld from employee's paychecks could be due in January. Other writers are speculating that employers will have to remit the withheld amounts next year and therefore may withhold the tax from employees but hold it rather than be responsible for it themselves. Can you imagine chasing your employees including ex-employees to recover the taxes that you now have to remit to the government? Sorry, Mr. President, this is not a good idea.

WASHINGTON — President Trump on Wednesday vowed to permanently abolish the payroll tax at the beginning of 2021 if he is re-elected in November. “On the assumption I win, we are going t…

08/15/2020

Thank you Knox County! I am humbled and honored.

07/15/2020

It's Tax Day! If you haven't filed yet, get your extension filed.

05/01/2020

The AICPA is soliciting guidance from SBA on how the PPP loan forgiveness will be done. They have not released an answer yet.
They (the AICPA) are suggesting that the 8 week period begin after the money is received or after the business is allowed to reopen. I like the latter.

04/22/2020

IR-2020-76, April 20, 2020 — The IRS today issued a special alert for several groups of federal benefit recipients to act by this Wednesday, April 22, if they didn’t file a tax return in 2018 or 2019 and have dependents so they can quickly receive the full amount of their Economic Impact Payment.

04/22/2020

The IRS is calling the individual stimulus an advance payment for a special 2020 tax credit. For most people the rebate will equal the credit, so no additional money due. If your dependents changed or your AGI, then there could be additional money available on that 2020 tax return. It isn't clear yet whether you will have to repay money if your dependents were reduced or your AGI increased to the level of not be allowed a credit. The feeling is that there won't be a payback for excess rebate received.

04/21/2020

Kentucky unemployment still has not gotten benefits in the hands of many of the unemployed. The plan for self employeds is for $789 per week but as far as I know none of those benefits have started coming yet. Many people are still getting denials. Ky UI says don't reapply, they are working on the problem.