Newell & Newell, PC

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Newell & Newell, PC is a full-service accounting firm serving clients throughout the Columbus, GA area, dedicated to providing our clients with professional, personalized services and guidance in a wide range of financial and business needs.

Growing small businesses may trigger the ACA’s play-or-pay provisions. These rules apply to applicable large employers (...
04/10/2026

Growing small businesses may trigger the ACA’s play-or-pay provisions. These rules apply to applicable large employers (ALEs), which are those with 50 or more full-time employees, including full-time equivalents (FTEs).

ALEs must offer full-time employees and their dependents minimum essential coverage that’s affordable and provides certain minimum value. For 2026, the penalties for noncompliance generally are 1) $3,340 per full-time employee, excluding the first 30, for not offering coverage, and 2) $5,010 per full-time employee who receives a premium tax credit, for offering coverage that doesn’t meet the affordability and minimum value requirements.

Contact us to discuss your obligations.

Companies that engage in research and development activities may qualify for a federal tax credit for some of those expe...
04/10/2026

Companies that engage in research and development activities may qualify for a federal tax credit for some of those expenses. The research credit is complicated to calculate, and not all research activities are eligible. But the tax savings can be significant. Certain taxpayers may even be able to use the credit to offset employer-paid payroll taxes or the owners’ alternative minimum tax obligations.

We can help you navigate the complexities of claiming this credit, including how it works, which costs may qualify and how it interacts with the deduction for research and experimentation costs. Contact us to discuss your business’s eligibility and quantify the potential benefits.

If you’re not ready to file your 2025 federal individual income tax return by April 15, you can request an automatic ext...
04/10/2026

If you’re not ready to file your 2025 federal individual income tax return by April 15, you can request an automatic extension. Filing an extension (Form 4868) by April 15 can give you breathing room to file accurately and protect you from the failure-to-file penalty (assuming you file by the extended Oct. 15 deadline).

But it doesn’t extend your deadline for paying tax owed. So you should project and pay any amount due by April 15 to minimize interest and late payment penalties.

Have questions about your situation? Need assistance estimating your tax liability or filing an extension? Contact us. We can help you stay compliant and minimize penalties and interest.

Two trust types can be used together to meet your philanthropic goals and leave a legacy for your family: a charitable r...
04/10/2026

Two trust types can be used together to meet your philanthropic goals and leave a legacy for your family: a charitable remainder trust (CRT) and a wealth replacement trust (WRT). The strategy begins with contributing assets to a CRT. As the CRT’s income beneficiary, you use the regular income stream you receive to fund the WRT. The WRT then purchases a life insurance policy that will ultimately benefit the beneficiaries you name. When you die, the CRT’s assets pass to the charity you’ve selected. At the same time, the insurance proceeds (which are excluded from your taxable estate) are paid to your WRT, which distributes them to your beneficiaries based on the trust terms you established.

How you capitalize your C corporation isn’t just an accounting matter — it’s a tax-saving opportunity. You can set up fu...
04/03/2026

How you capitalize your C corporation isn’t just an accounting matter — it’s a tax-saving opportunity. You can set up funds supplied by shareholders as either capital contributions (equity) or loans (debt).

Future withdrawals by equity investors may result in double taxation. Conversely, repayments of shareholder loans are generally tax-free, while interest payments are taxable to the shareholder and deductible by the corporation. This setup provides a more tax-efficient way to get money out of your company. However, the IRS may reclassify shareholder loans as equity if not properly structured and documented. Contact us to evaluate your options and determine what’s right for your situation.

Are you eligible for mileage deductions? Whether you’re filing your 2025 individual income tax return or planning for 20...
04/03/2026

Are you eligible for mileage deductions? Whether you’re filing your 2025 individual income tax return or planning for 2026, it’s important to know. Employees can’t deduct business mileage, but the self-employed can. And vehicle expense deductions may also be available to individuals who drive for medical, moving or charitable purposes. But many rules and limits apply. The standard business mileage rate is 70 cents for 2025 and 72.5 cents for 2026. The rate for medical or moving mileage is 21 cents for 2025 and 20.5 cents for 2026. The charitable mileage rate is 14 cents for both 2025 and 2026. Or you can claim certain actual expenses. If you’re not sure whether you’re eligible, contact us.

Life insurance can provide peace of mind. But if your estate is large enough that estate taxes are a concern, it’s impor...
04/03/2026

Life insurance can provide peace of mind. But if your estate is large enough that estate taxes are a concern, it’s important not to own the policy at death. The policy’s proceeds will be included in your taxable estate. To avoid this result, you can create an irrevocable life insurance trust (ILIT) to hold the policy. But a time may come when you no longer need the ILIT. Does its irrevocable nature mean you’re stuck with it forever? Maybe not. Depending on the ILIT’s terms and applicable state law, you might be able to pull a life insurance policy out of an ILIT or even unwind the ILIT entirely. Options may include allowing the policy to lapse or swapping the policy for cash or other assets.

Most businesses close their books on December 31 because it aligns with the calendar year. And it may seem easier for ta...
03/27/2026

Most businesses close their books on December 31 because it aligns with the calendar year. And it may seem easier for tax filing purposes.

But this approach isn’t right for every business. Some entities — such as construction companies, accounting firms and snowplowing operations — may have valid reasons for adopting fiscal year ends. Aligning a company’s tax year with its operating cycle can streamline reporting and support better planning.

If you’re thinking about changing your business’s year end, contact us to discuss your options. We can also guide you through the IRS approval process.

Some businesses may claim tax deductions for animals that perform a legitimate business function. Guard dogs that protec...
03/27/2026

Some businesses may claim tax deductions for animals that perform a legitimate business function. Guard dogs that protect property or cats that control rodents in warehouses are common examples of “working animals.” If an animal provides a clear and direct business benefit, certain expenses (such as food, veterinary care, training and supplies) may qualify as ordinary and necessary business expense deductions. However, the IRS draws a clear line between bona fide working animals and household pets. Contact us to discuss your situation. We can explain the tax rules and documentation needed to support animal-related business deductions.

Each year, you may be able to contribute up to the annual limit to a traditional or Roth IRA (or a combination of the tw...
03/27/2026

Each year, you may be able to contribute up to the annual limit to a traditional or Roth IRA (or a combination of the two). The deadline for 2025 IRA contributions is April 15, 2026 — even if you file for an extension on your 2025 return.

You may be eligible to deduct all or part of your traditional IRA contribution and save taxes on your 2025 return. Roth IRA contributions aren’t deductible, but qualified withdrawals are tax-free. If you’re ineligible to make Roth IRA contributions or deduct traditional ones due to income-based phaseouts, a nondeductible traditional IRA contribution can be beneficial.

Have questions about making 2025 IRA contributions? Contact us.

Last year’s One Big Beautiful Bill Act (OBBBA) terminated several clean energy tax incentives earlier than previously sc...
03/27/2026

Last year’s One Big Beautiful Bill Act (OBBBA) terminated several clean energy tax incentives earlier than previously scheduled. But if you bought an electric vehicle or made certain green home improvements last year, you might be eligible for a tax credit on your 2025 individual income tax return. Possible credits include ones for purchasing a new or used clean vehicle (if done by Sept. 30, 2025), making energy-efficient home improvements, or installing renewable energy systems or electric vehicle charging ports at your home. But various rules and limits apply. If you’re wondering whether you might qualify for one or more of these credits, contact us.

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400 Brookstone Centre Parkway Suite 450
Columbus, GA
31904

Opening Hours

Monday 8am - 5pm
Tuesday 8am - 5pm
Wednesday 8am - 5pm
Thursday 8am - 5pm
Friday 8am - 5pm

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