Blog

Do you receive stock options as part of your compensation? The current market and tax rates may mean it’s a good time to exercise those options. If you have any questions, please contact Amanda Fricton at (770) 287-7800 or...

Do you receive stock options as part of your compensation? The current market and tax rates may mean it’s a good time to exercise those options. If you have any questions, please contact Amanda Fricton at (770) 287-7800 or...

Currently deductions are not allowed for PPP loan expenditures that result in forgiveness of a PPP loan. The IRS has stated that since PPP loan funds are not includible in taxable income, this lack of a tax deduction prevents a double...

Rushton will be participating in the Georgia Accounting Food Fight again this year. However, this year we will not be able to accept food donations due to the Coronavirus Pandemic. Georgia’s food banks have been responding to a...

Let’s keep our local businesses and Gainesville-Hall community safe. Please join Rushton as a ‘Serious Business’ in the fight against COVID-19. Featuring Chris Hollifield, Managing Partner at Rushton.

The Paycheck Protection Flexibility Act with key provision changes including tripling the time allocated for small businesses and other PPP loan recipients to spend the funds and still qualify for forgiveness of the loans has been...

GAINESVILLE, Ga. (June 2020) — William Harris recently joined the team at Rushton, a business planning and accounting firm, as an Audit Associate. Harris graduated in May 2020 with a Bachelor of Business Administration in...

In a recent Georgia Court of Appeals case, Walmart was successful in arguing that self-checkout parts held in a warehouse in Georgia qualified for the Category 3 Freeport Exemption from business personal property tax. Walmart’s...

GAINESVILLE, Ga. (May 2020) — Rushton, a business planning and accounting firm, recently announced the addition of Noah Evans as Tax Associate. Evans completed an internship with Rushton’s Tax Division in the spring of...

Whether Alimony is taxable or deductible depends on when the divorce decree of separation agreement was effective. After 2018, alimony is no longer taxable by the recipient nor deductible by the payor. If you have questions please...

We're working in the office and remotely.

GAINESVILLE, Ga. (May 2020) — Rushton, a business planning and accounting firm, recently welcomed Christina Page as a Tax Associate. A graduate of the University of Georgia, Page is pursuing a Master of Accountancy degree from...

Did you know that if taxpayer has a seriously delinquent tax debt over $50,000, their U.S. passport could be denied, revoked or limited? If you are planning to travel abroad and have unresolved tax issues, please contact Liza Vasyliv...

Today the SBA provided some clarity regarding PPP loans and the good faith certification requirement for this loan program. The SBA stated that any borrower, together with its affiliates, that received PPP loans with an original...

If you have not received your federal stimulus check please see https://www.irs.gov/coronavirus/get-my-payment. The IRS has a few tools to check on your stimulus payment along with some FAQs to assist you with your stimulus payment....

The Covid-19 pandemic has affected many organizations, resulting in uncertainty, anxiety and difficult business decisions. For those businesses affected, the Federal PPP loan has been a lifeline. However, with all of the PPP loan's...

The Covid-19 pandemic has affected many organizations, resulting in uncertainty, anxiety and difficult business decisions. For those businesses affected, the Federal PPP loan has been a lifeline. However, with all of the PPP loan's...

GAINESVILLE, Ga. (April 2020) — Rushton, a business planning and accounting firm, recently announced the addition of Kerry Edwards as an Audit Senior. With a specialty in government and non-profit organizations, Edwards has...

If you have an investment in an entity taxed as a partnership, your losses may be limited by the "at-risk" and "basis-limitation" rules. In order to maximize loss deductions from this flow-thru entity, it is better to review your...

Is your cafeteria health care plan in compliance? Employers are required to have a written Sec. 125 plan document in order to offer employees nontaxable benefits. For more information, contact Perry Barnett, CPA, at (770) 287-7800 or...

To further assist taxpayers, the Department of Treasury and the Internal Revenue Service recently announced additional tax extensions for key tax deadlines for individuals and businesses. A previous announcement extended the federal...

If you have bank accounts, securities or other financial accounts in a foreign country, you could be assessed an inflation-adjusted penalty for failure to file a Report of Foreign Bank and Financial Accounts (FBAR). For more...

Dear Valued Client, In light of Governor Kemp's order for Georgians to shelter in place, we have put in place measures to protect the health of our clients and employees. Rest assured that we will continue to provide the same high...

Do you pay federal income taxes on your Social Security benefits? That may depend on the total of all your income sources including Social Security benefits. There are strategies for decreasing the amount of tax your will have to pay...

Paycheck Protection Loans During February 15, 2020 through June 30, 2020 SBA loans may be available for eligible businesses and nonprofits with 500 or less employees. The loan amount can be the lessor of: $10,000,000, or 2.5 times the...

GAINESVILLE, Ga. (March 2020) — Rushton, a business planning and accounting firm, has four University of North Georgia students serving internships. Victor Adame, William Harris, Christina Page and Noah Evans were chosen from a...

Tax Payment Deferral and Relief Legislation Today Treasury Secretary Mnuchin stated that he is moving the April 15, 2020 tax filing date to July 15, 2020. Secretary Mnuchin indicated further that all taxpayers and businesses will have...

Much has changed in the last few days and we would like to provide you with some final results information regarding relief efforts from Federal Government. Tax Payment Deferral The Treasury Secretary announced that the U.S. government...

Dear Valued Client, As we all work together to maneuver the uncertainty around the COVID-19 pandemic, we wanted to let you know that the firm will be operating with limited staff in the office. Our staff will be moving to a remote work...

The U.S. House of Representatives passed a multi-billion dollar relief bill on March 14. This week, the Senate is expected to take up the proposed law, called the "Families First Coronavirus Response Act" after the House finalizes some...

Dear Valued Client: With the uncertainty around the Coronavirus (COVID-19), we wanted to reach out to you with our current plan. Our office is currently open during normal business hours, Monday-Friday, 8:00 a.m. to 5:30 p.m., but we...

Are your business travel expenses deductible? Taxpayers must maintain supporting documents proving that their travel expenses are for business purposes, especially when trips include family members or other personal purposes. The...

Georgia Governor Brian Kemp signed a law that will extend sales and use tax to internet marketplace facilitators with at least $100,000 in taxable sales in Georgia beginning April 1, 2020. If you have questions or would like to...

The new SECURE Act no longer allows many stretch IRAs upon the death of a retirement plan participant or an IRA owner. Generally, distributions to non-spouse beneficiaries are required to be distributed within 10 years following the...

The IRS is sending Revenue Officers to make unannounced visits to taxpayers that have a previously known tax compliance issues, especially a payroll tax issue, that wasn’t resolved through mail contact. Confirm the identity of a...

The IRS has revised its online Tax Withholding Estimator. See the new at this website: https://www.irs.gov/individuals/tax-withholding-estimator If you have questions about the tax requirements of Gig work, please contact Perry...

The IRS has a new website with some high-level information for people that work in the Gig economy (Manage Taxes for Your Gig Work). If you have questions about the tax requirements of Gig work, please contact Perry Barnett at...

If you live in the state of Georgia, there is some good news if you have past due taxes for the 2020 calendar year. The Georgia Department of Revenue has lowered the interest rate for interest bearing refunds and past due taxes to 7...

Texas has responded to the South Dakota v. Wayfair Supreme Court Case by adopting an amended regulation that is effective December 29, 2019. This regulation now requires foreign entities to file Texas Franchise Tax Reports beginning...

***NOTICE: Important news regarding 1099-G’s and 1099- INT’s *** Say goodbye to waiting by your mailbox! New in 2020, the 1099- G and 1099-INT’s will only be available electronically on our Georgia Tax Center Website...

Have you wondered how you can employ your children and get a deduction for this? Payments for the services of a child under age 18 aren't subject to Social Security and Medicare taxes, if the business is a sole proprietorship or a...

Is your income too high to contribute to a ROTH IRA? If so, you may consider a “back-door” ROTH contribution. By making a traditional non-deductible IRA contribution you may be able to roll this into a ROTH IRA and...

Did you know if you have a foreign bank account that exceeds $10,000 at any time during the calendar year you must file an FBAR with your tax return? The penalties for not filing can exceed $10,000! If you want to file or are uncertain...

Many Georgia businesses may experience cash strains while investing in expansion and growth opportunities. The State of Georgia offers many tax credits to help these businesses. These tax credits can include credits for creating new...