Centennial Tax & Accounting

05/29/2026

You’ve seen the headlines about “no tax on tips” and “no tax on overtime” but the reality is more complicated. In our latest edition of The Ledger, we break down what the new law actually means, who may qualify for these temporary tax deductions, and why proper payroll reporting will be critical. Read the full article to understand the rules.

You’ve likely seen the headlines: “No tax on tips” and “No tax on overtime”. While those phrases sound appealing, they can be misleading. Tips and overtime are not tax-free. Instead, the One Big Beautiful Bill Act (“OBBBA”) created two temporary federal income tax deductions – not ex...

05/26/2026

The IRS is moving away from paper checks for both tax refunds and payments, making electronic banking information more important than ever. In the latest edition of The Ledger, Rick Oelerich explains what taxpayers need to know about direct deposits, IRS notices like CP53E, and how incorrect banking information could delay refunds for months.

Click to read the full article and stay ahead of these upcoming changes.

As a result of Executive Order 14247 the US Treasury is phasing out paper checks for tax refunds and tax payments. This will ultimately include payments made to the IRS for any amounts due.

05/20/2026

“Good enough” accounting can come with hidden costs - from missed deductions and cash flow surprises to delayed decisions and added stress for business owners and nonprofit leaders.

In the latest edition of The Ledger, Centennial Tax & Accounting explains why clear, timely financials matter more than ever and how stronger reporting can support smarter growth. Click to read the full article.

For many small businesses and nonprofits, the goal of accounting is simple: get the reports done, file the returns, move on. If the numbers are “mostly right” and no one is calling with urgent questions, it can feel like the system is working. The problem is that good enough financials often car...

05/15/2026

Is your HSA doing more than covering copays? In the latest edition of The Ledger, Jeanne Pyle Scott breaks down how an HSA’s unique “triple tax advantage” can make it a powerful long-term tool for healthcare and retirement planning. Click to read the full article and learn how to make your HSA work harder for your future.

An HSA (Health Savings Account) is a special type of savings account designed to help you pay for healthcare expenses. In its simplest form, it’s a personal account you can fund and use for qualified medical costs. The key eligibility requirement is that you’re covered by a high-deductible healt...

05/12/2026

Why are so many accounting firms struggling with communication, delays, and errors during tax season? In the latest edition of The Ledger, Centennial Tax & Accounting shares an inside look at the CPA shortage impacting the industry - and why we refuse to compromise on accuracy, communication, or client service.

Read the full article to see how we’re investing in our team, technology, and future to better serve our clients.

The tax and accounting profession is under real pressure right now. We feel it most during tax season, when there are simply not enough hours in the day to serve everyone as quickly as we would like. We read about it in industry publications, and we hear it directly from new clients who are moving t...

05/11/2026

No tax on tips and no tax on overtime has been a hot topic in the news, but do you really understand how it works? Check out Molly Shattuck's My Two Cents for more information.

You may have heard of the new "No Tax on Tips" and "No Tax on Overtime" stipulations under the One Big Beautiful Bill Act. It's important to distinguish between the headlines and reality when it comes to these new provisions - for both employers AND employees to whom it applies.

04/22/2026

Learn a little more about us!

04/16/2026

Our tax season hours end on April 16. Our office will be open Monday through Thursday, 8am - 5pm, for the remainder of the year.

04/08/2026

Balance sheets are important for business owners - and not just at tax time. Here's our Executive Director Doug Reiling's My Two Cents.

Having a balance sheet is something many business owners don't find that important - but here's why it's actually one of the most insightful ways to gain clarity and confidence about your business.

03/05/2026

Congratulations to our Executive Director, Doug Reiling, for being named among the Quad Cities Regional Business Journal's Iowa 500. We completely agree that Doug is a great leader and well deserving of being included with this group of outstanding business people