Kerr Business Services

12/06/2024

Over the past several months Cortney Branco has put in tremendous effort in studying for the Enrolled Agent exam and yesterday she passed the final part to become an Enrolled Agent.

Enrolled agent status is the highest credential the IRS awards. An enrolled agent is a person who has earned the privilege of representing taxpayers before the Internal Revenue Service by passing a three-part comprehensive IRS test covering individual and business tax returns.

All of us at KBS would like to congratulate Cortney on earning the status of Enrolled Agent.

04/08/2024

02/21/2024

Enrolled agent status is the highest credential the IRS awards.

An enrolled agent is a person who has earned the privilege of representing taxpayers before the Internal Revenue Service by passing a three-part comprehensive IRS test covering individual and business tax returns.

All of us at KBS would like to congratulate Traci Sheets Moeller on earning the status of Enrolled Agent. Everyone who has dealt with Traci over the years has known that she is one of the best and most dedicated tax preparers anywhere. Now she has the certification to confirm it.

11/28/2023

Small business owners - we want to bring to your attention the recent regulatory changes concerning the Financial Crimes Enforcement Network (FinCEN) Beneficial Ownership Information (BOI) reporting requirement.

(1) Starting January 1, 2024, a significant number of businesses will be required to comply with the Corporate Transparency Act (“CTA” or “the Act”) by filing information on their “beneficial owners” with FinCEN. Existing LLC’s, Corporations and Partnership that are not exempted from filing will have until January 1, 2025 to submit their filing. LLCs, Corporations or Partnerships formed after January 1, 2024 will have 90 days from the date of formation to make their initial filing. .

(2) After the initial filing, any time there is a change to the “beneficial owners” an updated filing must be made within the defined time period.

(3) The penalties for failure to comply, missing deadlines or providing incorrect information are significant. There is a $500 per day penalty, up to $10,000, and imprisonment of up to two years for the failure to timely file initial or updated reports.

For more information on this law please visit the FinCEN website and if you have specific questions on this law you should consult with an attorney.

It is important that owners/partners of LLC’s, corporations and partnerships not assume that they are not subject to this law or that your CPA, tax preparer, bookkeeper or other third party will automatically file for you.

At KBS we will assist existing clients with the administrative function of electronically filing the client provided information after receiving a signed engagement letter specific to this task.

Starting January 1, 2024, many companies will be required to report information to the U.S. government about who ultimately owns and controls them.

03/17/2023

Here is another good explanation by Kelly Phillips Erb on a subject we get asked about a lot.

Over the past few years, there has been an uptick in the number of taxpayers asking about married filing separately as a tax status. Here’s what you need to know.

08/18/2022

A good explanation on the actual hiring plans by the IRS as there is a lot of misinformation being spread.

As the author concludes - You don’t have to be a fan of the IRS. And you don’t have to be in favor of giving them more money. But when you’re talking about what it is the IRS does—and what it doesn’t do—you should arm yourself, but with the facts.

Is the IRS raising an army? Are armed IRS agents heading your way?Like all rumors, these started with a grain of truth. Here’s what you need to know about IRS funding, criminal investigations, and who, exactly, will be carrying a gun.

08/01/2022

We have about 15 file cabinets available for free if anyone is interested. Some are in better shape than others. You just need to pick them up a 924 Jefferson St. Call 830-257-7733 if interested.

07/27/2022

IRS STATEMENT ON BALANCE DUE NOTICES (CP-14)
July 27, 2022

The IRS is aware that some payments made for 2021 tax returns have not been correctly applied to joint taxpayer accounts, and these taxpayers are receiving erroneous balance due notices (CP-14 notices) or notices showing the incorrect amount.

Who is affected: Generally, these are payments made by the spouse (second taxpayer listed) on a married filed joint return submitted through their Online Account. Some other taxpayers may also be affected outside of this group.

No immediate action or phone call needed: Taxpayers who receive a notice but paid the tax they owed in full and on time, electronically or by check, should not respond to the notice at this time. The IRS is researching the matter and will provide an update as soon as possible. Taxpayers who paid only part of the tax reported due on their 2021 joint return, should pay the remaining balance or follow instructions on the notice to enter into an installment agreement or request additional collection alternatives. Taxpayers can ensure that their payment is on their account by checking Online Account under the SSN that made the payment. Note that any assessed penalties and interest will be automatically adjusted when the payment(s) are applied correctly.

07/08/2022

Another reason to stay current on your payroll tax liabilities.

"Starting in June, the IRS has made it clear that its revenue officers will now be tracing where the unpaid payroll tax money actually went during their “trust fund investigation.” If it is determined that money went either to the owner or was spent for the owner’s benefit, the owner will now be facing a double whammy of the unpaid income taxes on those funds. In other words, if a business owner is pocketing payroll tax remittances to maintain a luxury lifestyle, it will more likely lead to prosecution."

Seemingly routine payroll tax debt might turn a civil obligation into a criminal tax nightmare in waiting, so tax professionals need to advise their clients properly before the IRS shows up, says Green and Sklarz LLC’s Eric Green.

03/04/2022

Our office will be closing today March 4, 2022 at 3:00 PM. If you have work to pick up please do so prior to 3.