Cecily Welch CPA

Thank you for the great interview Tompor of the Detroit Free Press https://www.msn.com/en-us/money/personalfinance/irs-flagged-these-tax-returns-for-id-theft-and-2-5-million-people-just-didn-t-respond/ar-AA1fZ6vp

Such an honor to be at the 20th anniversary celebration for Ethics at the City of Atlanta. Atlanta has been a pioneer for the ever evolving definition and enforcement procedures for ethics. As part of the Governing Board of the Inspector General it was great to spend time with colleagues and here both the Honorable Mayor Andre Dickens and Kedric Payne at the Campaign Legal Center speak.
# Honorable Doug Shipman City Council President
# Nichola Hines Chair Governing Board of the Office of the Inspector General and Ethics Office

Buyer Beware! Employee Retention Credit (ERC). If you’re a business owner, I’m sure you’re getting bombarded with solicitations regarding the ERC. Letters in the mail, all the commercials, and unsolicited calls and emails. But, does your fact pattern qualify? No ‘everyone’ doesn’t qualify for the ERC. Did you have employees – not contractors, but employees? A lot of businesses call them employees, but they’re contractors. These companies never explain that there are rules and qualifications. I've been on calls with the IRS and they're so frustrated because business owners are going to be the ones to pay for this. These companies do these quick generic forms, send them in, and then disappear. Since the IRS is auditing 100% of all ERCs, it will be 2-3 years later when that company gets audited, the fly-by-night company is long gone. See https://www.irs.gov/newsroom/irs-issues-renewed-warning-on-employee-retention-credit-claims-false-claims-generate-compliance-risk-for-people-and-businesses-claiming-credit-improperly and https://www.irs.gov/newsroom/irs-opens-2023-dirty-dozen-with-warning-about-employee-retention-credit-claims-increased-scrutiny-follows-aggressive-promoters-making-offers-too-good-to-be-true

Had a great interview yesterday on behalf of the AICPA regarding the blog from the IRS Taxpayer Advocates office regarding Identity Theft.
https://www.taxpayeradvocate.irs.gov/news/nta-blog-wheres-my-refund-has-your-tax-return-been-flagged-for-possible-identity-theft/ There are still millions of unclaimed refunds because taxpayer’s haven’t verified their identity. Sure, there are hoops to jump through to get it done, and it’s not easy to block out time and resources to do it, but at least there are now tools to do this. And the best option is to prevent it on the front end by requesting an IPPIN https://www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin

Under my continued “estate planning is for everyone” theme I’m helping a client manage the process of cleaning out their parent’s home and sometimes I hate to say, I just don’t have an answer. Any input on what I should advise them to do with these piece of history? 😊

Always a great experience at the GSCPA meeting with Georgia Dept of Revenue. Was able to discuss systemic issues, learn about the application of new tax bills, had a colleague share a bit of humor and was able to introduce WFA’s team to GA DOR representatives. Fun had by all!

I always tell my clients assume a 50% haircut from any withdrawals. It’s a double negative impact – 1) current taxation and 2) loss of tax deferred savings vehicle. People forget there’s no ‘I’ll make it up later”. Please think of the long-term consequences of taking out retirement funds. Yes, sometimes it’s necessary, but not nearly as often as people think. https://www.msn.com/en-us/money/news/back-at-square-one-research-shows-the-folly-of-cashing-out-of-401-k-when-leaving-a-job/ar-AA1fdEsY?ocid=hpmsn&cvid=70b224beb17f471fbe4f8b599aaf8c2c&ei=21

Love this. I’m a firm believer when it comes to financial planning – the key is to keep moving forward with a plan – not being perfect. When it comes to your financial life, being perfect is overrated and really, not possible. But that doesn’t mean don’t do anything https://www.msn.com/en-us/money/personalfinance/once-you-hit-this-credit-score-there-s-no-benefit-to-scoring-higher-says-expert-it-s-just-bragging-rights/ar-AA1ffVfj?ocid=hpmsn&cvid=7a683d378d7440f4bca303a278198049&ei=21

I’ve been posting a lot about estate management. I spend a lot of time with clients encouraging them to not make it hard on their heirs by sharing their wishes (their ‘baby’ who they don’t want to share details with is actually 55, married with 2 children of their own) and with clients managing their parent’s estate and helping them take care of all the necessary steps. This includes looking in the sofa! https://www.washingtonpost.com/home/2023/08/01/what-people-hide-in-sofas/ and https://www.npr.org/2023/07/11/1187145704/aretha-franklin-will-estate-sons-inheritance

Loving being on the AICPA IRS Advocacy & Relations Committee. Today had a call to discuss a tax bill getting introduced to Congress. Real time questions with real time impact. Loving advocating for taxpayers! I’m such a tax nerd.

Learned a lot about a non-profit today. . This non-profit works to explain the ‘black box’ of running for office (any office). Just like I help people understand accounting and taxed, they help people learn the ins and outs of governing. So if anyone has ever been curious about being a candidate or helping a candidate – check them out. https://www.repga.org/

The firm is excited to participate in the Feed the Hungry campaign once again this year. Join us in our Food Fight! https://give.acfb.org/team/519731

With everyone going to paperless billing, etc this advice is becoming less useful. Even though it violates privacy rules, for estate and financial management rules – be sure to have the passwords for your parent’s computer and email. Also, we tell our clients to keep paper bills, even if they do automatic payments, they should still receive a hardcopy bill in the mail. https://www.msn.com/en-us/money/personalfinance/i-thought-my-mom-had-done-all-the-right-estate-planning-before-she-died-but-i-missed-some-important-things/ar-AA1ek4rj?ocid=hpmsn&cvid=95bc01da5b084661806b86e10fe9ad6d&ei=42

Estate Planning - not just for the wealthy. Everyone dies. Everyone has ideas about what should/shouldn’t happen to their things when they die (or their spouse dies). Does the law align with your expectations?

Probably not……
https://www.msn.com/en-us/money/realestate/who-inherits-a-house-if-the-surviving-spouse-is-not-on-the-deed/ar-AA1dsQ64?ocid=hpmsn&cvid=81bdca50c6f445e8989759aec7027382&ei=26.

Everyone should please think about death and taxes, then contact a professional to make plans.
www.welchfinancialadvisors.com

This is why I cringe when I see the commercials for ‘do it yourself’ wills and trusts. Estate planning is complicated tax law combined with ‘regular’ law. It differs by state, it has many nuances, and your fact pattern is unique. Do you think the do it yourself websites understand these nuances?

https://www.msn.com/en-us/money/taxes/irs-quietly-changed-the-rules-on-your-children-s-inheritance/ar-AA1dshUV?ocid=hpmsn&cvid=55a63071deae40528ae200dbb914f928&ei=17

Can the site explain it in a way that makes sense to you so you know what you’re doing? If the answer is no, then please – seek out a professional when considering something as important as how your assets pass at death.

This isn’t something only reserved for the wealthy. Everyone dies, so everyone needs an estate plan.

Cecily

https://www.welchfinancialadvisors.com/

We had a full-on accounting nerding out with the AICPA and the IRS.

I’m a new member of the AICPA’s IRS Advocacy and Relations Committee and we had 2 days of meetings.

Other people would probably pull their hair out, but I’m enjoying this problem solving and talking to the IRS about taxpayer service.

https://us.aicpa.org/advocacy/tax

Wishing you joy at Christmas and prosperity in the coming year!

Great Tax Nerd Day for me!

GSCPA Tax Task Force meeting where we discussed the application of several new GA and IRS laws, what’s not working at GADOR, what’s not working at the IRS, when’s our next meeting with the leadership of the GADOR and IRS, etc.

As frustrating as it is to deal with problems, these meetings aren’t about venting, they’re about finding the solutions and escalating to the right people at the GADOR and the IRS. I love being part of finding solutions…..

My 1st retreat for the City of Atlanta Office of the Inspector General Governing Board.

Case studies, an overview of processes, and discussing prudent, reasonable, and legal stewardship of city resources vs expecting perfection. What a great day!
https://www.welchfinancialadvisors.com/

Trump fan/not a Trump fan – doesn’t matter!

I appreciate this type of news because I can FINALLY show an ‘English’ explanation that supports my discussions with business owners “No, a company can’t just give perks to executives with no tax consequences.

True, there are some specific planning strategies to add compensation legally, but there aren’t tricks to getting or giving more perks with no tax consequences.”

https://www.msn.com/en-us/news/politics/prosecutor-says-evidence-shows-trump-explicitly-okd-tax-fraud/ar-AA14S5bj?cvid=530dce2c70814ef0b479380ab4137aab

For today’s episode of weird things in the news that makes you go “WOW!”.

Read Full Article➡️ https://www.msn.com/en-us/health/medical/hospital-patient-72-who-switched-off-her-roommate-s-ventilator-because-the-sound-annoyed-her/ar-AA14OXfW?cvid=8a58906c6cf948fdad6f7a987beb7c11

Dave Ramsey and I don’t always see eye to eye, but I have to agree with his point here.

College students and gambling – bad idea.
https://www.msn.com/en-us/money/personalfinance/you-freakin-idiots-dave-ramsey-just-blasted-us-universities-for-promoting-online-gambling-to-students-and-reaping-millions-in-fees-why-young-people-are-the-perfect-prey/ar-AA14SXMN?cvid=71e0b8819d794bcfbdfc7c3a6bb6af16

Living in means taking care of business….frequently 😊

Our ‘must win 50% of the vote” rule means we seem to always have a runoff.

I agree with the complaints that never ends, but it’s the system we have so, I have to do my part and vote.

Excellent explanation – employees rarely understand the complexity of employment law and tax laws. Most things that seem simple, and straightforward, are not.

https://www.msn.com/en-us/lifestyle/career/i-m-working-remotely-but-my-company-won-t-let-me-move-out-of-state/ar-AA148Lwt?cvid=717caa7d0432423d87e302a1b0cca89a
www.welchfinancialadvisors.com

As part of the GSCPA Rising Professionals program, Welch Financial Advisors gave a scholarship to a deserving student, congrats to Alexis Hernandez Celles!

welchfinancialadvisors.com

So excited to speak on the panel for the GSCPA Rising Professionals program , where we educate high school students on the rewards of a career as a CPA.
https://www.welchfinancialadvisors.com/

Excited to be appointed by the Atlanta City Council to the Governing Board of the Office of the Inspector General.

After speaking at the Atlanta City Council meeting yesterday, my appointment was approved. Should be a fulfilling 3 years!

https://www.atlantaethics.org/about-us-2/board-of-ethics

5 days before the Individual Extended Tax Deadline…..
https://www.welchfinancialadvisors.com/

What an honor to speak at .
Participating with West Edwards and Rebecca Powell on the panel “Protecting Your Legacy: Building & Planning Your Estate at Every Age” we received the highest compliment, from a participant, “I’ve been to at least 5 of these types of programs, and this is the first time I actually understood anything. Thank you”.

An interesting development in tax law. Entertainers, athletes, etc. have always had complicated tax returns because they have to report income in every state, even if they are only there for a day.

This might be changing….https://www.msn.com/en-us/sports/mlb/judge-rules-pittsburgh-must-abandon-its-jock-tax-on-visiting-players/ar-AA12ad7t?cvid=ab9f6ee107e8464ab9f7d0c902a8c503

Excited to speak at the 2022 Power Rising conference this weekend.


https://powerrising.org/

Let’s get real….of course, it’s important for little Black girls to see themselves as princesses and heroine mermaids.
But you know who else it’s important for? EVERYONE.

If non-Black people don’t ever see Blacks as protagonists and bosses, business owners, police officers, professors, and people with authority then THEY are missing out.

They are much less prepared for the world around them, they are ‘surprised’ when a Black teacher reprimands them, and they write articles stating that mermaids can’t be Black.

Diversity in entertainment impacts EVERYONE.

https://www.cbr.com/little-mermaid-freeform-slams-negative-comments-ariel-casting/

Financial life is hard to plan but still has to be done with the best information you have at the time. Yes, the hard part is that hindsight is 20/20.

I wish I could go back in time to buy low and sell high now that I know the dates of the market fluctuations. And there are many choices regarding student loans that people would like to revisit. https://slate.com/business/2022/09/federal-student-loans-personal-finance-advice.html.

But we must make choices with the information we have at the time – financial and tax law is constantly changing, so waiting to ‘know’ what’s going to happen means doing nothing.

The tax community is a buzz with the question ‘how are we going to do this?”

https://www.msn.com/en-us/news/us/federal-student-loan-forgiveness-could-be-taxed-as-income-in-some-states/ar-AA11vtag?cvid=88015448a15b4e968bd9340ff811ef85

Every time there’s new tax law, there’s added complexity as each state decides if they’re going to follow it or not. And once we know what the law is, we have to figure out how it’s actually done – what’s the calculation, what’s the form, what’s the math, etc. Always a fun and exciting challenge!

Everyone dies, so everyone needs an estate plan, my favorite sentence “Equal doesn’t necessarily mean fair, and unequal doesn’t necessarily mean unfair.”

For example, maybe the really young child gets more because college still hasn’t been paid for, etc.
Talk to your family about your plans.
https://www.welchfinancialadvisors.com/

https://www.msn.com/en-us/lifestyle/parenting/after-you-re-dead-you-can-t-explain-it-parents-usually-split-their-estate-evenly-among-their-kids-but-if-they-don-t-look-out/ar-AA11kzGu?cvid=c7c43475dab24a2d925fd385ac09d6b2

It’s true, taxpayers have ALWAYS been required to report and track income generating activities (yes, even if the income generating activity is a hobby).

But now the IRS is implementing rules to help them close the tax gap (how much tax is owned but doesn’t get paid) because people assumed if they don’t get a document it’s not reportable.

Well, now there will be a document https://www.msn.com/en-us/money/personalfinance/why-new-irs-rules-will-be-an-absolute-disaster-for-casual-ebay-users/ar-AA11jpLW?cvid=8ecc053102914a23b98f17346f78d9b8

Yes, I’m that annoying customer in line ahead of you who says “yes, I need a receipt please”. 😊
And this is why…. https://www.msn.com/en-us/news/world/error-sees-mom-charged-thousands-for-driving-22-369-miles-in-three-days/ar-AA118pQ8?cvid=d44eae11e5bd48a79b178a64169bf8ea

When errors happen, it’s so hard to resolve them after the fact now that everything is automated, and difficult to speak to experienced customer service people.

Check your receipts people!

Financial decisions and contracts matter. And as this report indicates, even what’s not legally allowed doesn’t necessarily stop meaning it won’t happen.

https://www.msn.com/en-us/money/other/nursing-homes-are-suing-friends-and-family-to-collect-on-patients-bills/vi-AA10yrE1?cvid=b91da8a1a4fb44eebb800e54f22600cf&category=foryou

Nursing homes are suing friends and family to collect on patients' bills In partnership with Kaiser Health News and NPR, CBS News takes a look at an alarming trend of nursing homes filing lawsuits against not only residents, but their friends and family to collect unpaid bills. Often the person being sued has no financial ties to the actual resident or legal responsibili...

How much do I love the ? This is my flight back from the annual convention! 😱