Krehbiel & Associates, LLC

Krehbiel & Associates, LLC Krehbiel & Associates, LLC is a full-service Accounting firm licensed in IL..

We offer a broad range of services for business owners, executives and independent professionals.

Growing small businesses may trigger the ACA’s play-or-pay provisions. These rules apply to applicable large employers (...
05/07/2026

Growing small businesses may trigger the ACA’s play-or-pay provisions. These rules apply to applicable large employers (ALEs), which are those with 50 or more full-time employees, including full-time equivalents (FTEs).

ALEs must offer full-time employees and their dependents minimum essential coverage that’s affordable and provides certain minimum value. For 2026, the penalties for noncompliance generally are 1) $3,340 per full-time employee, excluding the first 30, for not offering coverage, and 2) $5,010 per full-time employee who receives a premium tax credit, for offering coverage that doesn’t meet the affordability and minimum value requirements.

Call us at (618) 244-2666 to discuss your obligations.

When you’re busy running a business, it’s easy to overlook or dismiss the warning signs of financial distress. Rising em...
05/06/2026

When you’re busy running a business, it’s easy to overlook or dismiss the warning signs of financial distress. Rising employee turnover can signal internal strain. Cash flow issues may indicate slow collections or weak working capital practices. And sudden external shifts — such as interest rate volatility, cost increases or supply chain disruptions — can take a toll on otherwise healthy businesses. Supplementing your company’s year-end financial statements with interim reports or targeted agreed-upon procedures can help you spot problems early and take prompt corrective action. Contact us at (618) 244-2666 to learn more.

With your 2025 tax return filing behind you, what’s next? Here are a few to-dos: 1) If you forgot to report some deducti...
05/05/2026

With your 2025 tax return filing behind you, what’s next? Here are a few to-dos: 1) If you forgot to report some deductible 2025 expenses (or anything else), file an amended tax return to claim those deductions and potentially increase your refund. 2) Store your return and supporting documents in a secure place where you’ll easily be able to find them if needed. 3) Turn your tax focus to 2026 planning. We can help project your income, deductions and credits for the year and propose strategies you can implement in the coming months to reduce your taxes. Contact us at (618) 244-2666 to get started.

If the IRS audits your income tax return, you may need to produce documentation. In general, the IRS has three years to ...
05/04/2026

If the IRS audits your income tax return, you may need to produce documentation. In general, the IRS has three years to assess additional tax, starting from the date the return was filed or due, whichever is later. For example, if you filed your 2022 return by the April 18 deadline in 2023, the IRS generally has until April 18, 2026, to assess a tax deficiency. So you potentially can discard records related to that return after April 2026. But records should be held longer in certain situations. And you should keep copies of your returns forever. Call us at (618) 244-2666 with questions.

Companies that engage in research and development activities may qualify for a federal tax credit for some of those expe...
05/01/2026

Companies that engage in research and development activities may qualify for a federal tax credit for some of those expenses. The research credit is complicated to calculate, and not all research activities are eligible. But the tax savings can be significant. Certain taxpayers may even be able to use the credit to offset employer-paid payroll taxes or the owners’ alternative minimum tax obligations.

We can help you navigate the complexities of claiming this credit, including how it works, which costs may qualify and how it interacts with the deduction for research and experimentation costs. Call us at (618) 244-2666 to discuss your business’s eligibility and quantify the potential benefits.

Two federal tax breaks can help offset the cost of accessibility improvements. In 2026, qualifying small businesses (wit...
04/29/2026

Two federal tax breaks can help offset the cost of accessibility improvements. In 2026, qualifying small businesses (with $1 million or less in gross receipts or no more than 30 full-time employees in 2025) may claim the Disabled Access Credit. It’s generally worth 50% of eligible accessibility costs (up to a $5,000 maximum). Businesses of any size may also deduct up to $15,000 per year for qualified architectural and transportation barrier removal. You can claim both benefits in the same year, but not for the same expense. New construction isn’t eligible for either break. If you’re planning upgrades, call us at (618) 244-2666 to help you make the most of these incentives.

Filing an extension (Form 4868) for your 2025 federal income tax return can provide breathing room to file accurately an...
04/28/2026

Filing an extension (Form 4868) for your 2025 federal income tax return can provide breathing room to file accurately and protect you from the failure-to-file penalty (assuming you file by the extended Oct. 15 deadline). But it doesn’t extend your deadline for paying tax owed. So you should project and pay any amount due as soon as possible to minimize interest and late payment penalties. Have questions about your situation? Need help estimating your tax liability? Call us at (618) 244-2666. We can help you stay compliant and minimize penalties and interest.

F**A taxes on W-2 wages are split equally between employee and employer. For self-employment income, you pay both halves...
04/27/2026

F**A taxes on W-2 wages are split equally between employee and employer. For self-employment income, you pay both halves, but the “employer” half is deductible. If you own and work in a business structured as a partnership, the income passing through to you for income tax purposes generally is also subject to self-employment taxes, even if it isn’t distributed to you. If your income exceeds certain levels, you also could be subject to the 0.9% additional Medicare tax. Call us at (618) 244-2666 to review your situation.

How you capitalize your C corporation isn’t just an accounting matter — it’s a tax-saving opportunity. You can set up fu...
04/23/2026

How you capitalize your C corporation isn’t just an accounting matter — it’s a tax-saving opportunity. You can set up funds supplied by shareholders as either capital contributions (equity) or loans (debt). Future withdrawals by equity investors may result in double taxation. Conversely, repayments of shareholder loans are generally tax-free, while interest payments are taxable to the shareholder and deductible by the corporation. This setup provides a more tax-efficient way to get money out of your company. However, the IRS may reclassify shareholder loans as equity if not properly structured and documented. Contact us at (618) 244-2666 to evaluate your options and determine what’s right for your situation.

In strategic planning, it can be hard for business owners to step back and evaluate opportunities objectively. An extern...
04/22/2026

In strategic planning, it can be hard for business owners to step back and evaluate opportunities objectively. An external advisory board can offer fresh, independent perspectives and seasoned guidance, especially when handling high-stakes, complex transactions. A board’s involvement can elevate professionalism, strengthen credibility with stakeholders and support smarter long-term decisions. Contact us at (618) 244-2666 to explore how creating an advisory board, or optimizing your current one, can help your business grow.

Address

125 N 11th Street Post Office Box 846
Mount Vernon, IL
62864

Opening Hours

Monday 9am - 5pm
Tuesday 8am - 5pm
Wednesday 8am - 5pm
Thursday 8am - 5pm
Friday 8am - 5pm

Telephone

(618) 244-2666

Website

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