Kimberly Galland, CPA

Kimberly Galland, CPA CPA offering customized professional services to individuals and business owners for accounting, tax

I will not be using AI to replace my 30+ years of experience preparing tax returns and you should be suspicious of any f...
08/01/2023

I will not be using AI to replace my 30+ years of experience preparing tax returns and you should be suspicious of any firm that supports this. AI is known for its "hallucinations" which means it uses fake information and research. It might benefit those who like to "make up" tax deductions!

Technology has disrupted many workplaces. Artificial intelligence like ChatGPT may have an outsized impact on higher-paid office jobs, experts said.

Be aware of IRS scams and phishing.
09/17/2022

Be aware of IRS scams and phishing.

FS-2022-33, July 2022 — With continuing phone and in-person scams taking place across the country, the IRS wants to help taxpayers understand how and why agency representatives may contact taxpayers.

The IRS definitely needs to grant penalty relief after all the delays the past 2 years. If you have been affected, reach...
01/28/2022

The IRS definitely needs to grant penalty relief after all the delays the past 2 years. If you have been affected, reach out to your representatives and voice your opinion.

The mountainous paperwork problem has been compounded by underlying troubles plaguing the IRS for years.

If you own a vacation home, be sure you meet the requirements to take deductions.
07/27/2021

If you own a vacation home, be sure you meet the requirements to take deductions.

The income you realize from a vacation home rental is subject to tax, but you can offset it by deducting expenses attributable to rentals, including mortgage interest, property taxes, insurance, repairs, utilities and depreciation.

You may qualify for monthly payments if you have children under 17 and meet the requirements.
06/03/2021

You may qualify for monthly payments if you have children under 17 and meet the requirements.

A summer perk is coming to millions of American families. Under the American Rescue Plan Act that passed in March of 2021, the Child Tax Credit (CTC) amount has increased. Additionally, the federal government will be prepaying a portion of this credit in 2021. The IRS

You may begin receiving these automatically if you qualify.
05/31/2021

You may begin receiving these automatically if you qualify.

Information for taxpayers who may receive advance Child Tax Credit payments in 2021.

Please warn your students to beware!
04/02/2021

Please warn your students to beware!

IR-2021-68, March 30, 2021 — The Internal Revenue Service today warned of an ongoing IRS-impersonation scam that appears to primarily target educational institutions, including students and staff who have “.edu” email addresses.

If you have employees out with Covid or caring for family members you may benefit from these payroll tax credits.
02/18/2021

If you have employees out with Covid or caring for family members you may benefit from these payroll tax credits.

The FFCRA credit offsets the Social Security tax component of federal payroll taxes. Eligible employers could claim the credits on their employment tax returns or benefit faster by reducing their federal payroll tax deposits.

More employers will qualify for tax credits based on the changes and extension of the Employee Retention Tax Credit.
01/26/2021

More employers will qualify for tax credits based on the changes and extension of the Employee Retention Tax Credit.

House and Senate leaders unveiled a massive bill on December 21 that would provide tax and direct spending relief for businesses and individuals affected by the coronavirus pandemic; extend dozens of expiring tax deductions, credits, and incentives; provide tax relief for victims of recent natural d...

Be watching the mail for your stimulus check.
01/15/2021

Be watching the mail for your stimulus check.

The form of payment for the 2nd Economic Impact Payments may be different than for the 1st. Some people who got a check last time might get a prepaid debit card now. IRS urges you to check your mail: EIPcard.com

Community banks are taking selected applications for first time PPP starting today. Other applicants should be able to a...
01/11/2021

Community banks are taking selected applications for first time PPP starting today. Other applicants should be able to apply on Wednesday for PPP2 loans. PPP2 will be open to all lenders shortly.

The US SBA and Treasury announced that community financial institutions that serve minority- and women-owned businesses exclusively will be able to make first-draw PPP loans starting Monday and second-draw PPP loans starting Wednesday.

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