Kris Keiser, CPA, PC

We are continuing to grow and expand our team. We are hiring for multiple internships, part-time positions and tax season internships. Tax internships run January-April. If you have had at least 2 semesters of accounting and pursuing an accounting career then you qualify. Contact me for more details or email at [email protected]. Feel free to share/forward this to anyone that might be interested.

Kris Keiser, CPA / MBA - Oklahoma City Bookkeeping and Accounting Outsource your accounting and CFO role to an experienced profession, saving you and your team hundreds of hours that translates to making much more profit while minimizing your tax liabilities and giving you the tools to leverage your costs to maximum efficiency

How do you know how to choose the right tax preparer? The IRS actually has suggestions for those of you looking and how to avoid scammers or risky choices. Use the link provided below. As always, feel free to contact us if you have any questions or if we can help in any way.

Some highlights:
- check their qualifications
- be cautious of those that promise "bigger returns than anybody else", especially if that's their main marketing message
- never sign a blank or incomplete return

Choosing a Tax Professional | Internal Revenue Service Learn how to choose a qualified tax return preparer and access the IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications.

Did you know the 2022 tax filing season has already started? Personal returns are due by 4/18 unless an extension is filed. C-Corp and Estate/Trust returns are also due 4/18. S-Corp and Partnership returns are due 3/15 (only 1.5 months away!). Reach out to us if you have any questions or need help for any of this. Our slots for returns that can be done before the deadlines are filling up fast. See below for some useful items and common misconceptions for 2022.

Phone: 405-355-2723
website: www.kriskcpa.com
email: [email protected]
make an appointment: calendly.com/kriskcpa

Useful items/Common misconceptions:
1. Child tax credit is back to $2,000 per child age 16 and younger. There were no advanced child tax credit payments for 2022.
2. Non-reimbursed employee expenses are not deductible as an employee.
3. If you owe taxes they are still due by 4/18, even if you file an extension. Interest starts accruing the very next day.
4. Extensions must be filed before the original deadline. You cannot file an extension once the original deadline has passed.
5. If your fiscal year is not on a calendar year, your return is due on the 15th day of the 4th month after then end of your fiscal year unless you file an extension before then.
6. Legitimate meal expenses for your business/self-employment is deductible at 100% for 2022 (normally 50%).
7. IRA and HSA contributions for 2022 can still be made until 4/18.

Final estimated tax payments for 2022 are due by Tuesday, 1/17. Did you know the IRS will penalize you if you did not pay enough taxes throughout the year, even if you file and pay your tax return by 4/15? They don't like people keeping money owed to them all year. Imagine that. This is on top of late filing penalties and late payment penalties. See below for more technical details. Contact us if you have questions. It's too late for us to do any detailed tax estimates but we can definitely give you some guidance on this if you are concerned. 405-355-2723, [email protected]

General rules:
Who has to pay this?
- Anyone who owes more than a $1,000 on their tax return could possibly have an underpayment penalty
How much is the penalty?
- It starts at .5%, not to exceed 25% of the unpaid taxes
Is there a way to avoid this penalty (safe harbor)
- Depending on your AGI and status, if you paid 100-110% (through withholdings/payments) of the amount of your taxes for 2021 (this is total tax liability, not just what you owed at the end of the year) or if you paid 90% of the taxes owed this year then you could avoid this. There are other uncommon exceptions as well.

Send a message to learn more

1099’s must be filed and sent out by January 31st. Not sure if this is you? If you are self-employed (full-time or part-time) or a business then you are required to send 1099’s to any individuals (even if the individual is not a business) or businesses that you paid a total of over $600 for the year for any kind of services, including rent, attorneys, contractors that you paid for both goods and services if the service portion of the payments was over $600 for the year, and prizes. The IRS will ask you if you filed any required 1099’s on tax returns, including on the business portion of the personal return and these must be answered truthfully. You also want to ensure you issued 1099’s for any deductions you take for your business that would have required 1099’s to be issued.
The following are some additional questions you might consider:
-Do you know if you should file a 1099-MISC or 1099-NEC?
-Do you know these also have to be filed with the IRS?
-Did you know the IRS assesses steep penalties for 1099’s filed and sent out after the 1/31 deadline?
-Is someone telling you not to give them a 1099 and you don’t know why or if you should listen?
Contact us if you are not sure or have questions so we can help or file these for you. See contact information below.
[email protected] | (405) 355-2723

Currently taking new tax clients!
We have significantly increased our staff in preparation for this tax season but we expect a very busy season so it's never too early to contact us to save a spot for you.

We have 2-3 tax internships we are filling for the tax season on a part-time basis. This will run from about mid-January to mid-April. This has flexible hours to help work around school. The role would focus on tax work but may get exposed to some accounting work as well. Feel free to share/forward this to anyone that might be interested and/or contact me for more details or to set up an interview.

This week we heard from awesome gentlemen in the financial services industry. Thanks to Byron Carman - FirstTrust Home Loans, Inc. for bringing bagels, and Edward Jones-Financial Advisor: Josh Roche, AAMS & Kris Keiser, CPA, PC for educating us! Our heads are still spinning from all of the great information.

Ed & Brenda Damron Real Estate Diane Sells Oklahoma Richie Bean - Realtor Seth Selby Realtor Michael S. Ray Real Estate - EPIC Real Estate Laci Bond and Shari Brunt Epic Real Estate

We currently have another opening for a part-time internship. This is perfect for someone working towards their accounting degree and super flexible hours to work around their school schedule. The internship would be exposed to all aspects of this rapidly growing business. I am passionate about teaching and training which is why I've been teaching college classes for so many years. Feel free to share/forward this to anyone that might be interested and for more details or to set up an interview.

Just a reminder that we will have an info booth tomorrow (Sept 11th) at the Mustang Western Days from 9am-5pm. This will be a fun event with food trucks, car shows, and much more. Stop by our booth to enter our drawing for a $50 Visa Gift Card and to qualify for 25% off your 2021 tax services or 25% off your first month of monthly services. We can help you with taxes, side hustles, accounting, and business services. Check out their website for more information. We hope to see you there! https://www.mustangwesterndays.com/

On Saturday, September 11th, from 9-5pm, we will have an info booth at the Mustang Western Days. Come out and enter our drawing for a $50 Visa Gift Card. We will also give 25% off your 2021 tax services or 25% off your first month of monthly services. We can help you with taxes, side hustles, accounting, and business services. Come by and say "hi" and look around. This classic event will have food trucks, numerous contests, a parade and many more attractions. Check out their website for more information. We hope to see you there!
https://www.mustangwesterndays.com/

We currently have another opening part-time internships to start. This is perfect for someone working towards their accounting degree and super flexible hours to work around their school schedule. The internship would be exposed to all aspects of this rapidly growing business. I am passionate about teaching and training which is why I've been teaching college classes for so many years. Feel free to share/forward this to anyone that might be interested and for more details or to set up an interview.

OKLAHOMA RESIDENTS: Deadline for tax returns is Tuesday, 6/15. Avoid the late filing penalty and contact us to file an extension. Just a 5 minute phone call and an email is all we need. Late filing penalty is 5% of unpaid taxes each month. Note: extensions do not extend the tax payment deadline (6/15) and does not avoid other penalties and interest such as underpayment and late payments.

We can help with personal and business tax returns, including LLC's, partnerships, Corps (S and C), contract and other self-employment. We can also help clean the books up for the year to prepare for taxes if necessary. Contact for a free consultation.

The IRS recently announced that the due date for federal income tax filing has been extended to May 17th, 2021. Individuals can file and pay with no penalties or interest until May 17th. Oklahoma residents still have until June 15th for federal and state returns and their payments. Taxpayers are still encouraged to file as soon as possible but now have extra time to do so. If you have any questions, feel free to reach out to us or your tax provider.

https://www.irs.gov/newsroom/tax-day-for-individuals-extended-to-may-17-treasury-irs-extend-filing-and-payment-deadline

Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline | Internal Revenue Service IR-2021-59, March 17, 2021 — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.

The IRS recently announced that the first $10,200 of unemployment income from 2020 will not be taxed. For married couples, that's $10,200 for each, as long as your adjusted gross income is less than $150,000. If you already filed you do NOT need to file an amendment. The IRS will automatically refund. Click on the link below for more details. If you have any questions, feel free to reach out to us or your tax provider.
https://www.irs.gov/forms-pubs/new-exclusion-of-up-to-10200-of-unemployment-compensation

New Exclusion of up to $10,200 of Unemployment Compensation | Internal Revenue Service If your modified adjusted gross income (AGI) is less than $150,000, the American Rescue Plan enacted on March 11, 2021, excludes from income up to $10,200 of unemployment compensation paid in 2020, which means you don’t have to pay tax on unemployment compensation of up to $10,200.

For information about the most recent Economic Impact Payment (stimulus) use the IRS "Get My Payment" link below. You can view whether you qualify, the status of your payment, and other useful answers to frequently asked questions as well as helpful links. Remember if you feel like you should have gotten a stimulus from the 1st 2 stimulus payments and you didn't receive anything you can receive a refundable credit for those amounts on your 2020 tax return, if you qualify. Contact me or your tax preparer if you have questions.
https://www.irs.gov/coronavirus/get-my-payment

Get My Payment | Internal Revenue Service Use Get My Payment to get information about your payment status and payment type.

Oklahoma residents: 2020 Tax return and tax payments extended to June 15th. This includes business and personal for Federal and State returns as well as payments. Both the IRS (announced in late Feb) and the OTC (announced this past week) due to the national emergency derived from the recent snow storms. This pertains to some other taxes as well (1st qtr 2021 estimated tax payments, etc.) Contact me if you have questions.

IRS: https://www.irs.gov/newsroom/irs-announces-tax-relief-for-oklahoma-severe-winter-storm-victims

OTC: https://www.ok.gov/tax/documents/2020_TaxPaymentDeadlineExtension_FINAL.pdf?fbclid=IwAR0BhKrTI-C-MhN_qoFd5AD9pPiLv4HKurlszsZr3XzBItsfH38dyaO-s2o

www.ok.gov

Key points from the latest IRS update:
- IRS will not start accepting returns until 2/12
- Earliest direct deposit refunds will be around first week of March
- If you did not receive a stimulus and you qualify, you can get that credit on
your return
- You do NOT have to pay taxes on any personal stimulus money you received
- This does NOT automatically mean the deadlines will be moved back also so
don't count on that

Even though the IRS won't accept filings will Feb 12th you should get your information, once you have it all, to your tax preparer as soon as you have it. They can still get everything ready and done so they can file your return that first week of tax season. If you wait until Feb 12th to see your tax preparer they most likely will already have a long line of returns to do and yours probably won't be filed right away.

We are still taking new tax clients for a limited time so contact us to reserve your spot. If you contact us before 1/31 to reserve a spot and you mention this post you will receive 10% off your tax preparation fees.

2021 tax filing season begins Feb. 12; IRS outlines steps to speed refunds during pandemic | Internal Revenue Service IR-2021-16, January 15, 2021 — The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

Whether we're ready or not tax season is upon us. I'm taking a limited amount of tax clients for this tax season so reach out to me now to reserve your spot. Taxes can't be filed until February but you can contact us to reserve your spot now and you'll get 10% off your tax preparation fees if you reserve before January 31st, 2021 and mention this post.

If you have any self-employment, contract or side income we can go ahead and get started on putting that 2020 data together now to have it ready for taxes.

Use the "Book Now" button on our page or call us at at 405-355-CPA3 (2723)

I am currently looking for 1-2 part-time interns to start in November/December for my accounting practice. This is perfect for someone working towards their accounting degree and super flexible hours to work around their school schedule. People who know me know I am deeply passionate about teaching and training which is why I've been teaching college classes for so many years. They would be exposed to all aspects of the business. Feel free to share/forward this to anyone that might be interested and for more details or to set up an interview.

As a reminder I will have an information booth at the "Fun Fall Finds" event at the Mustang United Methodist Church tomorrow (Oct 3rd) starting at 7:30 AM. This is a great cause raising money for youth scholarships. Anyone who comes out and signs up for my email list will qualify for 25% off their 2020 tax return fee or 50% off their first month of service for recurring monthly service. I will also be giving away a $25 gift card. I will be donating 50% of all the proceeds of any tax service or first month's fee of anyone I talk to at the event, to UMC's youth scholarship fund. If you can't make the event and still want to the discount sign up for my email list and receive useful tips, info and specials about your taxes and business, use the following link to sign up
https://kriscpa.activehosted.com/f/1
Hope to see you there!

KRISCPA Email Marketing -

https://go.kriskcpa.com/8-biggest-mistakes-restaurant-owners
I have written a book specifically for restaurant owners (very relevant to most other retailers and franchisees). Click the link for a free e-book version. Titled "The 8 Biggest Financial Mistakes Restaurant Owners Make" and how to fix them. Feel free to forward the link to anyone you know in the industry.

Kris Keiser, CPA, PC updated their business hours.

Kris Keiser, CPA, PC updated their website address.

Kris Keiser, CPA, PC now takes appointments on their Page.