Capstone Financial Consultants CPAs

Happy Independence Day! Enjoy your holiday cookouts, parades, and fireworks!

Our offices are closed today and tomorrow as we celebrate the holiday with our families and friends.

Are you still waiting on a refund or having a difficult time navigating the IRS identity verification program? You are not alone. Check out this article for more details and the latest IRS processing updates.

IRS criticized for taking nearly 2 years to help ID theft victims get their refunds The IRS had been taking about 19 months to identify legitimate taxpayers and issue refunds, but now it's taking even longer, according to a new report.

HAPPY SUMMER! Effective this week our traditional summer office hours of 8:00 am - 5:00 pm Monday through Thursday begin. We will be closed on Fridays for the months of June, July and August to rest, recharge and catch up on family time after the 6 day a week pace of tax season.

While debt is necessary, it’s important that it’s carefully managed with the help of a financial professional. In this article, we’ll cover different types of business debt, how to effectively reduce and stop accumulating debt, when it’s wise to file bankruptcy, and your options if this happens.

Debt management for business owners Learn what you need to know to manage your business debt effectively.

There’s a very slim chance you haven’t heard about artificial intelligence (AI) yet. And if that’s the case, your business may be missing out. In fact, a report from the Small Business and Entrepreneurship Council (SBEC) found that 75% of the surveyed small businesses use AI in their operations.

Maybe you’re one of the 75%, or perhaps you’re on the fence about incorporating AI into your business. And you may be wondering, “Why do I even need to know about AI? I don’t plan on using it anytime soon.” It’s a great question. And we have some answers for you. (Click through to read more.)

The why for AI We take a look at why you should know about AI for your business.

Passive income may appear to be the new these days, but you may be surprised to learn that passive income earners have been around for quite some time. However, only 20% of American households earn passive income, and of that 20%, the median amount earned is about $4,200. Click through to learn more.

Passive income 101 We have everything you need to know about passive income, including ideas on how to build your own.

That's a wrap on Tax Season 2024! Thanks to all our valued clients who we had the joy to reconnect with and serve over the past few months.  Thanks for your continued trust and support in the midst of the ups and downs of this crazy world in which we live.

Though we return to normal business hours, know that we are always here for you, to assist and support you throughout the year for all your tax, accounting, and business advisory matters. 

We hope everyone local enjoyed the amazing spectacle of today's Total Eclipse. 🌞🌚 Our team enjoyed greatly the opportunity to take a break from numbers and gaze at the wonder in the sky. The fresh air and beautiful weather was a nice treat too after a few months of long hours and late nights! And now, energized and inspired, we return to wrap up the final week of Tax Season 2024! Things are definitely looking up!

The original photo has been discovered! Thanks Princess Kate, we couldn't have said it better ourselves. 😀

Our tax organizer packets are out and we are off and running - full speed ahead to April 15th. ⏳ 🧮🗂 We look forward to seeing and serving you again in 2024! 🙂

After two years of continually telling clients who feared they were missing out on something big based on a mailing or phone call they received from a third party Employee Retention Credit "expert", we are pleased to see the IRS has finally intervened to stop the insanity.

At the time the Employee Retention Credit (ERC) first came out wr evaluated all clients to see who might be eligible. The few who were eligible received a nice refund to help sustain their business during the pandemic (as was its intended purpose). However most, especially if they had received PPP money, were not able to benefit. In the past two years, there has been an insane amout of misinformation spread by these fraudulent third party "experts" seeking to profit by exploiting small business owners. Those who fell victim to believing third party claims and applying to the ERC before checking in with us assumed they got a great deal we had failed to tell them about - only to learn they had become victim to fraud and needed our help to get their tax filings corrected. For those who truly qualified for the ERC, and needed the money to stay in business during the pandemic, it was an excellent program - but in the past year it has become more of a liability than a solution. Thank you IRS for taking action!

In addition to shutting down the program, the IRS has begun audits of those receiving the credits through these abusive third parties. If you responded to one of these advertisers and received money through the ERC, we encourage you to reach out to your CPA to confirm that the funds you received were legitimate and that no additional tax filings are required.

IRS, Citing Rampant Fraud, Stops Processing Covid Era Employment Tax Credit The idea of the Employee Retention Credit was to get money into the hands of employers during the pandemic. Now, the IRS worries it's become a money grab.

Our very own Capstone Barbies enjoyed a group outing to the theater last night. As Sterotypical Barbie says, "Every Night is Girls Night."

Now Hiring: Staff Bookkeeper / Junior Accountant. Click through to apply.

Staff Bookkeeper/Junior Accountant - Capstone CPAs An innovative, local CPA firm seeks another dynamic team member eager to grow in their career and deliver outstanding client service in a relaxed, family-friendly environment. Our office is located in Westerville, Ohio, a northern suburb of Columbus, ...

Now Hiring: Staff Accountant. Click through to apply.

Staff Accountant - Capstone CPAs An innovative, local CPA firm seeks another dynamic team member eager to grow in their career and deliver outstanding client service in a relaxed, family-friendly environment. Our office is located in Westerville, Ohio, a northern suburb of Columbus, ...

The Employee Retention Credit encouraged employers to keep employees on the payroll despite COVID-related economic hardships. Beware of ERC or ERTC offers beyond guidelines, as they could come at a high price. See: www.irs.gov/erc

CLIENTS AND FRIENDS: We continue to encourage you to reach out to us FIRST before responding to any third-party advertisement regarding a large Covid tax credit you might be missing out on. There is so much fraud and misinformation in the marketplace on the Employee Retention Credit. We are pleased to see the IRS beginning to step up their rhetoric to combat it.

IRS opens 2023 Dirty Dozen with warning about Employee Retention Credit claims; increased scrutiny follows aggressive promoters making offers too good to be true | Internal Revenue Service IR-2023-49, March 20, 2023 — In a further warning to people and businesses, the Internal Revenue Service added widely circulating promoter claims involving Employee Retention Credits as a new entry in the annual Dirty Dozen list of tax scams.

Although we are in the thick of tax season on the 2022 filing year, inflation is impacting tax matters for 2023. Here's a brief summary of some of the changes currently impacting business and personal taxes for 2023.

Income tax in the age of inflation Discover how inflation and changes to the tax code will affect both your personal and business taxes in 2023.

Merry Christmas! We wish you a time of joy and memory making with those you hold dear.

Our office will be closed Mondays December 26th and January 2nd in observance of the holidays.

Happy Thanksgiving! Our hearts overflow with appreciation for our talented team members and all the wonderful people and businesses we have the joy of working with throughout the year. We wish you all a restful and refreshing holiday weekend! 🦃🏈🎉🛍😇

In observance of the holiday, our offices will close at noon Wednesday 11/23 for the remainder of the week.

We have had many small business owners reaching out to inquire about enthusiastic claims of high dollar tax credits for which they have been told they are eligible. Please don't be fooled! Whether it be ambitious payroll companies or aggressive pop-up shop "tax experts," those who do not have understanding of your entire tax and financial profile are not able to properly determine your business' eligibilty or estimate the amount of tax credit for which you are actually eligible. Additionally, typical marketing of these companies omits disclosure of the business and personal tax implications for all periods for which any Employee Retention Credit is received. (Employee Retention Credit refunds DO have tax implications!)

Attached is an IRS news release highlighing the presence of inflated claims of ERC eligibility in the marketplace and the negative consequences associated with filing for a credit in excess of which your business is eligible to receive.

Should you have any questions regarding a third party who has contacted you or questions regarding your eligibility for the Employer Retention Credit please reach out!

Employers warned to beware of third parties promoting improper Employee Retention Credit claims | Internal Revenue Service IR-2022-183, October 19, 2022 — The Internal Revenue Service today warned employers to be wary of third parties who are advising them to claim the Employee Retention Credit (ERC) when they may not qualify. Some third parties are taking improper positions related to taxpayer eligibility for and com...

The 2023 Social Security Cost of Living Adjustment has been officially announced as 8.7%. The result will be an average monthly increase of around $150 to Social Security recipients effective in January.

Social Security recipients get 8.7% cost-of-living increase, the highest in more than 40 years | CNN Social Security recipients will receive an annual cost-of-living adjustment of 8.7% next year, the largest increase since 1981, the Social Security Administration announced Thursday.