St. Pierre, Kimble, & Associates CPA, PC

02/26/2026

🎲 Important Tax Update for Gamblers (2026 & Beyond) 📄
Heads-up to everyone who gambles — whether you enjoy the lottery, casino games, sports betting, or poker — there’s a significant change in how you deduct gambling losses on your federal tax return starting with the 2026 tax year (returns filed in 2027).

➡️ What’s changing?
Under current law, you used to be able to deduct 100% of your gambling losses (up to the amount of your winnings) when you itemized deductions. That meant if you won $10,000 and lost $10,000 in the same year, you could offset your income so you owed no tax on your gambling activity.

Starting January 1, 2026, a new federal tax provision limits this deduction: you can now only deduct up to 90% of your gambling losses, and only up to the amount of your winnings. That means:
🎯 If you win $10,000 in a year but also lose $10,000 — even though you broke even — you’ll now owe tax on $1,000 of “phantom” income because only $9,000 of your losses are deductible.

➡️ What this means for you:
✅ You still have to report all gambling winnings as taxable income.
✅ To claim any loss deduction, you must itemize deductions on Schedule A — if you take the standard deduction, you can’t deduct gambling losses at all.
❌ Even if you break even or lose money overall, you may owe federal taxes on a portion of your reported winnings starting with 2026.

📌 This change was part of broader tax legislation passed in 2025, and there are ongoing efforts in Congress to reverse it, but as of now it’s the law that applies for the 2026 tax year.

If you gamble and plan to itemize, it’s a good idea to keep detailed records of all wins and losses and check with a tax professional so you’re prepared when filing next year. 📊

02/02/2026

💡 New in 2026 Tax Season: IRS Form 4547 — Trump Account Election 🇺🇸

Parents, guardians, and caregivers — there’s a new IRS form worth knowing this tax season! 📄 Form 4547 is the official way to elect to open a Trump Account for an eligible child and to request a one-time $1,000 federal pilot contribution from the U.S. Treasury.

➡️ What it does:
✔️ Establish a Trump Account — a new type of tax-favored IRA for children under age 18.
✔️ Optionally request a $1,000 seed contribution for kids born 2025–2028.

🕐 How to file:
You can include Form 4547 with your 2025 tax return (due April 15, 2026), or file it separately once the IRS online portal opens later this year.

👶 Who benefits:
Any eligible child under age 18 with a valid SSN — and if born between Jan 1 2025 and Dec 31 2028, you can opt in for the $1,000 contribution too.

📅 Important: Contributions to Trump Accounts don’t begin until July 4, 2026, and this election form is your gateway to establishing the account.

Want more details before filing? Visit irs.gov/Form4547 or talk to us at your tax appointment!

Information about Form 4547, Trump Account(s), including recent updates, related forms and instructions on how to file. Form 14547 is used for elections to open an initial Trump account and to elect to request a one-time $1,000 pilot program contribution.

01/12/2026

If you've been a client within the past 8 years, chances are you've had the pleasure of speaking or dealing with one of our accountants, Kasey Joseph. As of last week, we're excited to announce that she has officially passed the Enrolled Agent (EA) exam! This is a huge accomplishment that reflects Kasey's dedication, expertise, and commitment to serving our clients at the highest level. We’re grateful for everything she does and excited to see what this next chapter brings to her and the firm.

12/15/2025

If you’ve driven by the office lately, you may have noticed some big changes happening. After over 20 years, we’re getting a much needed facelift along with a few additional offices for our growing staff. Stay tuned for the finished product in 2026 as well a couple of other advancements happening within the firm!

06/24/2025

Congratulations to the firm’s founding partner, Robert St. Pierre, for being recognized by the Oklahoma Society of CPAs for 30 years of membership and practice! 🎉

05/16/2025

🎉 Exciting News! 🎉

We’re proud to announce that after 28 years, Robert St. Pierre CPA, PC is now St. Pierre, Kimble & Associates CPA, PC! You'll begin noticing our new logo on our signs and social media platforms.

This name change reflects the growth of our firm and the valuable contributions of our partner, Sydney Kimble, CPA, CFE whose expertise and dedication have helped shape the future of our practice.

While our name is changing, our commitment to providing trusted, personalized accounting and advisory services remains the same. We’re still the same team you know and trust—just with a new name that better reflects our evolving leadership and collaborative spirit.

Thank you for your continued support as we begin this exciting new chapter!

03/14/2025

Congratulations to Sydney Kimble for completing the Certified Fraud Examiners certification. Sydney is the first CPA in Adair County to receive the CFE designation - A great accomplishment.

01/02/2025

As we prepare for the 2024 tax return season, we wanted to make our clients aware of a new benefit our firm is offering through ProtectionPlus. This also goes hand-in-hand with our existing tax audit representation offer.

12/19/2024

We hope you and yours have a Merry Christmas and enjoy all the time spent with loved ones! 🎄

11/04/2024

Have you or a business you know of received letters, phone calls, or emails regarding the Beneficial Ownership Information (BOI) reporting? We've had several clients reach out to us letting us know that they have from "fly-by-night" companies charging large fees and providing misinformation.

The deadlines for BOI reporting are as follows:

Companies formed BEFORE January 1, 2024: By January 1, 2025

Companies formed AFTER January 1, 2024: Within 90 days of formation

Companies that are corporations, limited liability companies, or other entities created by filing a document with a secretary of state or similar office are required to file. Anyone willfully violating the reporting requirements could be liable for penalties of up to $500 for each day of continuing violation and criminal penalties include up to two years imprisonment and up to a $10,000 fine.

We are offering BOI filing services for $250. Please contact Stephanie here at the office if interested.

05/09/2024

Are you a business that pays contract labor (1099s)? Significant rule changes from the Department of Labor have now provided clearer guidance on Employee vs. Contractor Classification.

Under the new DOL final rule, the following factors are considered primary indicators of whether a worker is economically dependent on the employer and therefore should be classified as an employee:

• The extent to which the work performed is integral to the employer's business.
• The worker's opportunity for profit or loss based on their managerial skill.
• The extent of their investment in equipment or materials required for the task.

It is essential for businesses to review their classification of workers in light of the updated criteria and ensure compliance with the final rule. Misclassification can lead to costly legal consequences, including back wages, penalties, and potential lawsuits.

Failure to accurately classify workers can also expose businesses to risks associated with employment taxes, overtime pay, workers' compensation, and other benefits mandated for employees.

We urge all businesses to review their current practices, seek appropriate guidance, and take necessary steps to align with the updated criteria outlined in the final rule. By doing so, you can safeguard your business interests and maintain a compliant and productive workforce.