Blog
Samuel Latimer named partner at Rushton
GAINESVILLE, Ga. (Jan. 2021) — Rushton, one of the region’s largest business accounting and consulting firms, is proud to announce Samuel Latimer as a partner with the firm. Latimer joined Rushton in 2012. Prior to being...
Read MoreTax Tip Tuesday: Tip #61, Recovery Rebate Credit
Didn’t receive your Economic Impact Payments? You may be eligible to claim the Recovery Rebate Credit on your 2020 1040 or 1040-SR return, even if you are not required to file, and receive up to the full amount of each EIP. For...
Read MoreTax Tip Tuesday: Tip #60, New e-file tax returns
The IRS has historically required hand-to-paper signatures ("wet signatures") for tax returns, election statements, and other IRS documents. With technology advances and a need to modernize interactions with the IRS, now e-file...
Read MoreTax Tip Tuesday: Tip #59, Where you can confirm Stimulus Payments
Once the 2nd Economic Impact Payments (Stimulus) are posted, IRS says you can go to https://www.irs.gov/coronavirus/get-my-payment to confirm both 1st and 2nd EIP. For more information, contact Gail Iverson at (770) 287-7800 or...
Read MoreTax Tip Tuesday: Tip #11, Home Office Deduction
If I work at home occasionally, am I entitled to a home office deduction? To qualify for an income tax deduction for home office expenses, the IRS requires that you meet two tests--the place of business test and the exclusive and...
Read MoreShow All
Tax Tip Tuesday: Tip #58, Standard Mileage Rate Decrease Again in 2021
The optional standard mileage rate for business use of a vehicle will decrease once again in 2021 after increasing significantly in 2019, the IRS announced in Notice 2021-02. For business use of a car, van, pickup truck, or panel truck...
Read MoreNick Bruner to Present PPP/EIDL Funding Update to Local Business Community
Rushton partner Nick Bruner will be participating in an upcoming panel discussion about the next round of the federal Paycheck Protection Program and Economic Injury Disaster Loan funding. The webinar is being hosted by the Greater...
Read MoreTax Tip Tuesday: Tip #57, Taxable Income for Head of Household
An updated Form W-4 that helps taxpayers estimate their withholding was rolling out by the IRS in 2019. Completing the new form could help taxpayers ensure their withholding is more accurate, preventing a larger tax bill than expected....
Read MoreTax Tip Tuesday: Tip #56, Taxable Income Rates for Sales of Securities
If taxable income is up to $40,125 as a single individual, $80,250 if you are married, and $53,700 if you file as head of household, you may not owe any taxes on your sales of securities. Read more here. For more information, contact...
Read MoreRound 2 of Relief
The Emergency Coronavirus Relief Act of 2020 is in the final stages of being passed and although all details are yet to be finalized, there is a general framework that warrants consideration and planning. One of the main focuses is...
Read MoreTax Tip Tuesday: Tip #55, IRS has Tax Exempt Organization Search Tool
As the year comes to an end, people often think about donating to charities. The IRS has a tool, Tax Exempt Organization Search (TEOS), giving taxpayers the ability to search for organizations that are tax-deductible charities. This...
Read MoreTax Tip Tuesday: Tip #54, Be Aware of New Text Message Scam
The IRS, state tax agencies and the tax industry are warning of a new text scam created by thieves that trick people into disclosing bank account information under the guise of receiving the $1,200 Economic Impact Payment. The IRS,...
Read MoreTax Tip Tuesday: Tip #53, IRS PPP Loan Guidance for Deductibility
The IRS, state tax agencies and the tax industry are warning of a new text scam created by thieves that trick people into disclosing bank account information under the guise of receiving the $1,200 Economic Impact Payment. The IRS,...
Read MoreTax Tip Tuesday: Tip #52, The Taxpayer Relief Initiative
The Taxpayer Relief Initiative is a new program to help taxpayers who are unable to pay their taxes because of the pandemic. Taxpayers who owe taxes now have more options. For more information, please contact Perry Barnett at (770)...
Read MoreTax Tip Tuesday: Tip #51, CARES Act – Cash Contributions are Deductible 100%
For individuals who itemize their deductions, the CARES Act allows cash contributions to qualifying charities to be deductible up to 100% of AGI for 2020. The law prior to the CARES Act limited deductions to 60% of AGI. For more...
Read MoreTax Tip Tuesday: Tip #50, SSA Announced 2021 OASDI Tax Increase
The Social Security Administration (SSA) announced that the maximum amount of wages subject to the old age, survivors, and disability insurance (OASDI) tax will increase to $142,800 in 2021 from $137,700 in 2020. The OASDI tax rate is...
Read MoreTax Tip Tuesday: Tip #49, New for 2020 - Form 1099-NEC replaces box 7 on 1099-MISC
If you pay a non-employee over $600 in 2020, this is no longer reported to the recipient and IRS on Form 1099-MISC. New for 2020, all non-employee compensation will be reported on Form 1099-NEC. For more information, contact Erin Pitts...
Read More2020 Chamber Chase 5k at Lake Lanier Islands
Some of our employees attended the 2020 Chamber Chase 5k at Lake Lanier Islands. We also had a group of Rushton employees and family members who participated virtually.
Read MoreTax Tip Tuesday: Tip #48, Tax Filing Status Affects Deductions
Your tax filing status affects your standard deduction amounts and the amount of tax you should pay. Understanding your status and any possible changes that may occur through out your life can help you save money on your tax return....
Read MoreTax Tip Tuesday: Tip #47, Unemployment Payments are Taxable
Did you know that unemployment payments you receive are taxable and that you can choose to have federal income tax withheld? Unemployment is taxable and should be included as income for the year. Taxpayers should receive form 1099-G,...
Read MoreRushton Earns ‘Best Accounting Firms to Work For’ Honor for Fourth Time
Gainesville firm also honored in 2009, 2012 and 2013 GAINESVILLE, Ga. (Sept. 2020) — Rushton has been selected by Accounting Today magazine as one of the Best Accounting Firms to Work For. Rushton was ranked 11th out of 40 in the...
Read MoreTax Tip Tuesday: Tip #46, IRS Tax Withholding Tool
All taxpayers should review their withholding annually. They can use the IRS Tax Withholding Estimator to check and make sure they're not having too little or too much federal tax withheld. This tool offers workers, retirees, and...
Read MoreRushton Volunters at Boys and Girls Club
On Sept. 25th, 10 members of the Rushton team volunteered their time to paint at the Boys and Girls Club through United Way.
Read MoreTax Tip Tuesday: Tip #45, IRS Suspended Three Notices
The IRS has suspended the mailing of three notices – the CP501, the CP503 and the CP504 – that go to taxpayers who have a balance due on their taxes. Although the IRS continues to make significant reductions in the backlog...
Read MoreTax Tip Tuesday: Tip #44, Renew Expiring ITINs Early To Avoid A Refund Delay Next Year
Individual taxpayer identification numbers (ITIN) are used by taxpayers who have tax filing or payment obligations under U.S. law but who are not eligible for a Social Security number. People with expiring individual taxpayer...
Read MoreTax Tip Tuesday: Tip #43, Taxpayers can NOW e-file
The IRS has announced that taxpayers will now be able to e-file Form 1040-X, Amended U.S. Individual Income Tax Return, using commercial tax-filing software. For now, only tax year 2019 Forms 1040 and 1040-SR returns can be amended...
Read MoreTax Tip Tuesday: Tip #42, Credit on Employee Tips
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...
Read MoreTax Tip Tuesday: Tip #41, Stock Options from Compensation
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...
Read MoreTax Tip Tuesday: Tip #40, PPP Expenses Not Deductible
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...
Read More2020 Georgia Accounting Food Fight
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...
Read MoreJoin Rushton as a 'Serious Business
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.
Read MoreImportant Changes to PPP Loan Forgiveness
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...
Read MoreWilliam Harris Joins Rushton's Audit Division
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...
Read MoreTax Tip #31, Georgia Property Tax Freeport Exemption
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...
Read MoreRushton's Tax Division Welcomes Noah Evans
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...
Read MoreTax Tip #30, Taxable or Deductible Alimony
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...
Read MoreChristina Page Joins Rushton's Tax Division
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...
Read MoreTax Tip #29, Passport Restrictions
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...
Read MoreClarity Regarding PPP Loans & Good Faith Certification
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...
Read MoreTax Tip #28, Economic Impact Payment
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....
Read MoreImportant PPP Loan Clarification from SBA
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...
Read MoreSBA PPP Use of Proceeds and Loan Forgiveness
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...
Read MoreRushton Announces Kerry Edwards as Audit Senior
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...
Read MoreTax Tip #27, At Risk and Basis Limitation
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...
Read MoreTax Tip #26, Cafeteria Health Care Plan
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...
Read MoreIRS Expands Additional Tax Deadlines
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...
Read MoreTax Tip #25, FBAR Penalties
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...
Read MoreRushton Office Update April 3, 2020
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...
Read MoreTax Tip #24, Federal Income Tax on SS Benefits
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...
Read MoreSBA 7(a) Loan & Forgiveness Program
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...
Read MoreFour University of North Georgia Students Serving Internships at Rushton
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...
Read MoreTax Filing Deadline Extended in Response to COVID-19
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...
Read MoreTax Payment Deferral and Relief Legislation
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...
Read MoreRushton Office Update
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...
Read MorePending Relief Legislation
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...
Read MoreManaging through Coronavirus (COVID-19)
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...
Read MoreTax Tip #22, Business Travel Expenses
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...
Read MoreTax Tip #21, Extended Sales Tax
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...
Read MoreTax Tip #20, Secure Act
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...
Read MoreTax Tip #19, RO Unannounced Visits
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...
Read MoreTax Tip #18, Withholding Estimator
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...
Read MoreTax Tip #17, New Gig Work Website
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...
Read MoreTax Tip #16, GGA Lower Interest Rates
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...
Read MoreTax Tip #15, Texas adopts Economic Nexus for Franchise Tax
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...
Read MoreTax Tip #14, Receive 1099 Electronically
***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...
Read MoreTax Tip Tip #10, Child Employment Deduction
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...
Read MoreTax Tip #9, Back-door ROTH
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...
Read MoreTax Tip #8, FBAR
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...
Read MoreTax Tip #7, Georgia Business Tax Credits
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...
Read More