Ron Lykins, Inc. CPAs

Congratulazioni Olin Melaragno on your retirement! Wishing many hole-in-ones in your spare time! We will miss you!! Cheers!

Ron Lykins, Inc. CPAs updated their business hours.

2022 Year-End Tax Planning Ideas from Ron

https://docs.google.com/document/d/1kpU6Rh_iHXXIhICr14-YyCpk5n0SSB62QEU06kqms9g/edit?usp=sharing

Multi-generation Bobcat family shares OHIO tradition through new Appalachian Scholarship Ronald Lykins, MBA ’67, PHD ’71, is sharing his family’s Bobcat tradition with the OHIO community and Appalachia through a generous gift in honor of his late wife Ruth Wilson Lykins, BSHSS ’69.

Our staff gathered at Cardone's Restaurant & Bar to celebrate the holiday season. We wish you and yours a very Merry Christmas and prosperous, Happy New Year 2023!

We all want to get a good night's sleep, but there's a lot of debate out there about how that actually happens.

This sleep study has our interest piqued.

Want to get a good night’s sleep? First of all, stop trying Seven expert and unexpected tips for people who have already tried everything. By Camilla Stoddart

A lot of people with unpaid taxes have flown under the IRS's radar the past few years due to the effects of the pandemic on an already burdened government agency. But with new technology and increased manpower, the IRS is already planning to increase collection efforts and audits are over the next five years.

What does that mean for you?

NOW is the time to get things in order. Don't wait until the IRS finds you.

We can help you get things on track, set up payment plans, and get in good standing.

Tax Preparer needed for upcoming tax season to work closely with senior staff preparing tax returns. CPA (Certified Public Accountant) or EA (Enrolled Agent) Certification and/or two to three years of experience is preferred. This position is in uptown Westerville, offering a flexible full-time schedule during tax season and flexible part-time schedule off-season. Training provided and continued employee growth and advancement available.
Responsibilities include:
• Tax return preparation and review
• Ability to work within a team environment
• Communicate with clients via phone, electronically and in-person to review results, answer client questions and discuss tax planning

• Benefits available:
• Flexible schedule
• 401k matching retirement plan
• Year-end bonus
• Flexible spending account
• Paid training and CE (continued education) reimbursement
• Aflac insurance options

For consideration, please send resume to Amy Marie, [email protected].

Many, many Americans are facing this predicament.

If you are, you're not alone.

Dallas Fed says inflation surge badly eroding many American's wage gains Americans' wages are losing ground to inflation at a steep rate, a report on Tuesday from the Federal Reserve Bank of Dallas said, a finding that offers some support for the central bank's super-charged campaign to lower price pressures.

You can take hundreds (even thousands) off of your overdue tax bill with the right negotiation strategy.

And we have negotiation know-how with the IRS and are ready to employ it on your behalf right now.

If you own a home but have unsettled tax debt, you may be more likely to catch the IRS's attention as your mortgage lender will be submitting records on their customers, and owning a home implies that you probably have money with which you could repay what's past due.

One of the brighter sides of getting older is the plethora of discounts that become available when you reach your golden years -- and the list of discounts seems to be getting longer.

A great site to find a good list is the American Association of Retired Persons Member Benefits (AARP). Offers are broken down alphabetically and by topic and run a pretty complete gamut.

Also worth a look: Senior Citizen Discount List and Senior Strong.

AARP® Member Benefits: Browse All Discounts & Programs Explore all the benefits that come with AARP membership. From travel and insurance to fraud protection, AARP has you covered. See a full list here.

Making the right decisions for your business is wholly dependent on having the right information, whether big or small. Sometimes, that information takes time to curate because you have to update things in your “ledger” to make sure you know exactly where things stand.

While some delay in updating records is pretty common for business owners, the reality is, there are times you need to make quick decisions (both operationally and investment-wise).

If you don’t have the most updated bookkeeping that could mean missed opportunities, or even worse, lost money from making decisions based on incorrect information.

While taxes are probably the last thing on the mind of Florida residents right now, the IRS has pushed back tax deadlines until February 15, 2023 to help bring some relief to all.

Tax Deadlines Extended for Hurricane Ian Victims in Florida Certain tax filing and payment deadlines are extended for residents and businesses in Florida impacted by Hurricane Ian.

Why do you need an advocate when you have a tax problem or major tax debt?

Negotiating power.

The taxpayer has "wiggle room," and tax resolution experts know where to find it.

Fridays call for some uplifting news.

Dogs take the waves at Del Mar's Surf Dog Surf-A-Thon Canine surfers from across San Diego County and beyond hit the waves at Del Mar Dog Beach on Sunday during the annual Surf Dog Surf-A-Thon.

A word on success, for small business owners (which applies to most people who don't own their own business as well):

Many business owners hold themselves back through improper or insufficient delegation skills. Simply put: It's likely you spend too much time on activities easily handled by somebody else.

There's one major place small business owners get hung up that will keep you "running a business" instead of *owning* a business -- and that's investing in the support staff you need to take some of the heavy administrative and marketing burdens off your plate.

This concept trickles down to areas of your personal life as well.
Are you feeling pressed to find the time to play soccer with your kids, or spend time on the creative outlet that makes you feel alive? It very well may be worth it to hire out your lawn care, or house cleaning, and free up that precious space in your schedule.

The IRS never forgets.

They just keep adding penalties to what you owe each day until they find you, your money, or your income source.

Is there a way out? Yes, there are ways to end your IRS problems, but *you* must decide to end them, no one else can decide for you.

When you decide that enough is enough, there are options available to you.
We’re here to help.

A quick P/L analysis starting with these can help you see where you're at and where you're headed:

Projections: Are your income sources sustainable? Revenue - direct costs = gross margin
Examining where it’s gone over the past year can help you determine how your cash flow is likely to do near term.

Expenses: Are your biggest ones justified? Are there ways to reduce expenses overall?

The Federal Reserve's "tough love" message might hurt more than a little.

Federal Reserve raises key interest rate by 0.75% in inflation fight The Fed is trying to slow the economy to rein in galloping inflation, which has been sitting at 40-year highs since the beginning of the year.

The sales tax threshold is different from state to state.

If your business trips that nexus threshold in a certain state, you must register with the state and file a state sales tax return just like you file federal income tax returns during the calendar year.

You typically have to file monthly, quarterly, or annually – some tax jurisdictions want a return semi-annually or bi-monthly, and sometimes even if you didn’t make any sales in the state (a “zero return”) once you’ve registered.

Sales tax reporting and payment can be tricky. And something we're more than happy to sort out on your behalf.

The tax cost of entering the metaverse...

Tax Problems Become More Complex When Entering the Metaverse A growing number of companies are moving, or are considering moving, to the metaverse to create an immersive digital experience for users. But there are some high-level tax aspects to consider when doing business in this virtual environment, say Baker McKenzie’s Roger van de Berg and Henrik Stipdo...

When one window closes...
..it stays closed. For extended 2021 tax return filings, that is. That's why they call it a deadline. And it happens in just under THREE weeks.

What -- did you think we were going to be inspirational with a big tax deadline approaching?
We're in the FACTS business, you know, and for your sake.

If you have nexus, you charge the sales tax rate to customers, collect the money and send it to the tax jurisdiction when you file your sales/use tax return.

Send – it – in.

To collect the tax money but not remit it is about the worst problem of non-compliance you can have. You could be fined a big chunk of your outstanding taxes in addition to having to repay the tax itself – not to mention maybe face prison time.

"Great things in business are never done by one person. They're done by a team of people."
- Steve Jobs

We like to think we're part of your team, doing our part to help your business, your family, and your community become something great.

And it's a privilege to do so.

Did you know the average small business has to pay well into the five figures to recover from a cyberattack (if not more!)?

If you have a lot of customer data or other private data you handle in your business, you're gonna want to consider getting some cyber liability/data breach insurance. But not all providers will cover all things or all types of businesses.

So you'll want to start your shopping by assessing what the insurer's going to have to pay for if you're breached.

Consider these things:
- How is your data stored?
- If electronically, how’s the security of your system?
- Do you use a cloud provider?
- How do you back up your files?
- How often?
- Where are the backups kept?
- Do your employees take laptops out of the office? (That's a big one.)

10 years.

That's how long the IRS has to collect your unpaid tax debt.
Owing the IRS isn't a forever thing.

After 10 years, by law, your account should be credited and balanced to zero.

Note: The time to collect begins when the IRS first puts a balance due on its books and ends 10 years later. The end is known as the "IRS collection statute expiration date."