Loggins Kern & McCombs

09/02/2022

LKM Partner Kimberly Gurry Fourman will be the featured presenter at the Business Women of Fayette and Coweta Spotlight on September 27 from 5:30 - 7:00 at the SummerGrove Town Hall in Newnan. If you would like more information and you'd like to attend, please click the link here: https://bwfcc.org/events/spotlight-2022-09-27/

08/01/2022

Michel and Steve from our office had a great time supporting Arthur Plater's 80th Birthday Golf Tournament at Eagles Landing on July 26. We love our community and celebrating milestones!

05/17/2022

The Department of Revenue announced recently that it will begin issuing special, one-time tax refunds this week. This initiative is a result of House Bill 1302, which the Georgia General Assembly recently passed, and Governor Kemp signed into law. This legislation allows for an additional refund of income taxes from 2020, due to the state experiencing a revenue surplus.

Single filers and married individuals who file separately could receive a maximum refund of $250. Head of household filers could receive a maximum refund of $375. Married individuals who file joint returns could receive a maximum refund of $500. The refund amount will be based on an individual’s tax liability.

You will need to review your Georgia Form 500 for 2020 and your tax liability on line 16 to determine if you are eligible for these refunds. Based on your filing status for that year, if your liability falls below these amounts you will not receive a refund, but if they are these amounts or more, you will.

Due to the volume of refunds, it may take some time for all refunds to be processed. The Department anticipates issuing substantially all the refunds by early August for returns filed by April 18, 2022. Your H.B. 1302 refund will not be issued until your 2021 tax return has been processed.

10/25/2021

It is tax planning time! From now until the end of the year, our CPAs will be meeting with clients to map out their 2021 taxes and implement strategies to reduce their tax liability. If you are interested in scheduling an appointment, please make sure to contact us today!

04/28/2021

The American Rescue Plan Act of 2021 allows small and midsized employers to get a payroll tax credit for wages paid to employees who are not able to work due to COVID-19. This act includes leave taken to get the COVID vaccine or to recover from symptoms related to the vaccine.

These credits are available through 9/30/2021.

For more information, please see the IRS fact sheet here:

FS-2021-09, April 2021 — The American Rescue Plan Act of 2021 allows small and midsize employers, and certain governmental employers, to claim refundable tax credits that reimburse them for the cost of providing paid sick and family leave to their employees due to COVID-19, including leave taken b...

03/18/2021

The IRS has pushed back the 4/15 deadline to 5/17. This is an automatic extension of both the filing and the payment requirement for 2020 tax returns. The State of Georgia has determined the deadline for filing state taxes will be changed to match federal requirements for 2020.

As of today, March 18, 2021, this does not apply to quarterly estimates for 2021 due 4/15.

03/11/2021

The Paycheck Protection Program (PPP) ends on March 31, 2021. Eligible businesses can apply through their bank until that point. If you have any questions about the PPP, please give your CPA a call as soon as possible.

An SBA-backed loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.

01/04/2021

The Georgia Department of Labor has announced that the 2021 tax rate notices will be delayed and will not come out until February 2021. Please make sure to check your employer portal at the DOL site, or give us a call if you need assistance.

12/03/2020

11/30/2020

See below for a link to our blog regarding PPP expenses.

The IRS has come out with Revenue Ruling 2020-27, which gives us some direction on how to treat the PPP loan and the related expenses. Lets look at each separately. If your business received the PPP loan and it is forgiven, that money is considered non-taxable income. However, the expenses that your...

11/19/2020

We're offering a webinar on the desktop version of Quickbooks on Tuesday, December 15 from 10am - 2:30pm. See flyer below for details and registration info!

11/02/2020