Hubbs & Whitehead CPAs

09/09/2023

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Today we have our first Sponsor Spotlight for Hubbs & Whitehead CPAs who have graciously sponsored the LIVE music for the Spaghetti Dinner!

"With your support, nothing is impastable!"

For information on how to become a sponsor (or other opportunities to support the Shelter and our cause), please send us a DM or reach out to [email protected]!

We'll see you on October 20th!

01/04/2022

At H&W, we're always here to help and look forward to assisting all of our clients and their businesses in navigating another year! As we come into a new tax season, there are a few keys to making sure your annual individual tax preparation goes as smoothly as possible:

The first key is including Letter 6419 regarding Child Tax Credit advance payments. If you receive this letter, please do not throw it away! It should be given to your tax preparer along with the rest of your information. The details in this document will not only help you report your advance payments correctly, it will also help you claim the other half of your Child Tax Credit! For a married couple, there will be two separate letters; please provide BOTH letters. The IRS split these payments 50/50 between spouses. If you can't find your Letter 6419, create an "ID.me" account under the IRS Child Tax Credit portal to verify the details from the letter. Once again, for married couples, you'll have to create 2 accounts to verify amounts received.

The second key is Letter 6475. Same as above, please do not throw this letter away. It details your third stimulus payment and how much money you and your family received (or didn't receive) .. This information is essential to completing your return.

Remember, the IRS is still experiencing significant delays in processing tax returns. As of December 2021, there are still almost 10 million unprocessed individual income tax returns on paper and another 6 million e-filed returns that have yet to be processed. The sooner your tax professional receives your information, the sooner it can be processed. You'll receive your refund, but it may take an extra couple weeks or, in some cases, months longer than typical years in the past.

11/20/2021

We’re beyond thankful for an office full of fantastic staff. We may be a bit biased, but we think our team is second to none! Thank you to everyone that contributed to our annual Thanksgiving lunch and made it a great afternoon!

05/17/2021

Huge thank you to Generations Bank in Van Buren for stopping by the office this morning to drop off coffee and muffins for our staff on tax day!! Brenda is one of the best in the business and we truly appreciate it!

03/10/2021

The House and Senate have each now passed the American Rescue Plan (ARP) that has a HUGE affect on almost all of us. See attached a letter to clients and colleagues written by Member Kenny Whitehead that details what's included in this bill and how it affects you. As always, we're here to help.

12/31/2020

Only about 11 hours left in a year that has been full of hurdles and learning experiences for all of us. When the clock strikes midnight, we get a chance to start back fresh - both as individuals and, of course, for tax purposes (for most of us). We hope that everyone has made it through the year happily and healthily.

Happy New Year's (Eve) from H&W CPAs!! Get with us and let's come up with a tax strategy for 2021. Don't let the lemonade stand owner be you again next year. 😉

12/24/2020

The bill isn't finalized and signed in yet, but we have a pretty good idea of the perks for small businesses and individuals that will be included in the newest stimulus bill that has passed the House and Senate.

One of the biggest questions answered is that PPP loans forgiven will not be taxed in any way, including a reduction of wages deductible on the company's tax return. This contradicts prior IRS revenue rulings.

Additional perks include a second round of PPP funds if your business meets the requirements, direct stimulus payments made to individuals (amount TBD), increased deductibility of meals for 2021 and 2022 if they're eaten at a restaurant, and more!

If you have questions on how any of this effects your family or your business, please don't hesitate to call or email us any time. At Hubbs & Whitehead CPAs, we're always here to help!

The $900 billion COVID-19 relief package passed Monday provides $284 billion for a revised Paycheck Protection Program (PPP) and clarifies that businesses can claim tax deductions for expenses paid for with forgiven PPP loans.

11/02/2020

Thankful to be able to sponsor wonderful local organizations like JLFS!

JLFS would like to give a special thanks to The Cassie Elwonger Team-Keller Williams Platinum Realty 479.434.3000 Hubbs & Whitehead CPAs and Seubold Chiropractic Clinic for sponsoring the 2020 Holiday Home Tour brunch! THANK YOU for supporting Junior League of Fort Smith combat the foster care crisis in our community!! 🎄❤️

09/26/2020

Getting anxious about filing for PPP loan forgiveness? There's still a lot to sort out and it's a fluid situation, but we're here to help!

This article released by the Journal of Accountancy is a very good summary of some of the challenges CPAs and our clients alike are facing when it comes to forgiveness of the PPP loans issued in the spring and summer months. It is a good read for anyone that received PPP funds and is preparing themselves to apply for forgiveness. We're urging clients to make sure they've maintained tedious records in relation to expenses that used PPP funds while we give the Congress, the SBA and the Department of Treasury time to pass final regulations. These final regulations could include blanket forgiveness for loans under a certain $ threshold and a final decision on the deductibility of expenses using PPP funds.

The forgiveness aspect of the Paycheck Protection Program remains a source of uncertainty for CPAs. This collection of facts and frequently asked questions can help CPAs understand what to do amid the confusion.

08/15/2020

Hubbs & Whitehead, CPAs wants to thank Misty Christian, Chris Nolen and the rest of the volunteers that put together the Danny Cochran Memorial Golf Tournament for a wonderful tournament that supports a great cause. We look forward to supporting again next year! Also big thanks to Tim and Kathy, as always, for keeping Winn Mountain Golf Course looking great for the tournament!

07/06/2020

We got an extra 3 months this year, but time is almost up! Did you know that taxes filed after July 15th may be subject to certain penalties and interest, even if we've filed an extension for you? If you have questions but no one can seem to give you answers, give us a call. We're here to help.

06/04/2020

Big changes are coming for the Paycheck Protection Program that initially opened in April. This should help many business owners on getting full or almost full forgiveness of their loans.

The Senate passed a House bill that gives small businesses and other entities that received loans from the Paycheck Protection Program 16 additional weeks to spend the funds and qualify for full forgiveness of the loans.