Campbell & Sherbondy, CPAs

03/20/2020

Friends & Clients,

Due to the COVID-19 outbreak and in respect of the govenor's decree, our office is closed until further notice.

Please use the box in the foyer to drop off documents if you need to. We anticipate leaving the foyer unlocked from 8AM-5PM Monday through Friday.

There are several initiatives that we want to make you aware of as you or your business navigate the impacts of this pandemic. First, Secretary of the Treasury Steven Mnuchin announced that taxpayers can delay paying and filing their income tax for up to 90 days. This applies to individual tax payments up to $1M and corporate tax payments up to $10M. Second, the PA Department of Labor will not penalize employers for lay-offs due to COVID-19. In addition, the Small Business Administration is offering up to $2 million in working capital to small businesses during this time of revenue loss. Perhaps most importantly, the federal and state governments will most likely be putting over a trillion dollars into the economy to help individual taxpayers as well as small and large businesses over the coming months.

03/19/2020

As a result of the COVID-19 outbreak, Campbell & Sherbondy, CPAs are taking steps to protect our clients and personnel.

The following precautions are in effect immediately:
- We will no longer meet with clients in person. We welcome our clients to drop off their documents and call in with questions or concerns.
- The United States Treasury has extended the deadline to make 2019 tax payments until July 15, 2020. We are filing extensions for ALL of the returns that have not been completed. We will now have until October 15, 2020 to complete and file the individual returns and until September 15, 2020 to file business tax returns.
- We intend to keep the office open from 8am to 5pm, as long as we can safely do so. Please check our website for updates.

We ask for your patience and understanding during this crisis and we pray that our clients, staff and their families and loved ones will all come through this crisis unharmed.

11/28/2019

Happy Thanksgiving! Enjoy the day with family and friends!

11/26/2019

Small Business Saturday! You can shop small in Greenville Saturday, November 30th. You can see a list of participating businesses on the Greenville Chamber of Commerce website. A few of participating businesses are: Fresh Grounds, Greenville Tool Co., Hurlbert Hardware, Kidds Jewelry, Custom Corner, and Daffins.

11/20/2019

The CPAs at the firm are attending the Financial Reporting Update for Tax Practitioners in Cranberry today.

11/20/2019

Think about planning for your retirement and consider contributing to a Traditional or Roth IRA.

11/19/2019

Traditional IRA Contributions:
For 2019, if you are covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced if your AGI is:
1. More than $103,000 but less than $123,000 for a married couple filing a joint return or a qualifying widow(er).
2. More than $64,000 but less than $74,000 for a sing individual or head of household.
3. Less than $10,000 for a married individual filing a separate return.

Roth IRA Contirbutions:
For 2019, your Roth IRA contribution limit is reduced in the following situations:
1. Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $193,000. You cannot make a Roth IRA contribution if your modified AGI is $203,000 or more.
2. Your filing status is single, head of household, or married filing separate and you didn't live with your spouse at any time in 2019 and your modified AGI is at least $122,000. You cannot make a Roth IRA contribution if you modified AGI is $137,000 or more.
3. Your filing status is married filing separately, you lived with your spouse at any time during the year, and your modified AGI is more than zero. You cannot make a Roth IRA contribution if your modified AGI is $10,000 or more.
2

11/19/2019

Consider whether you will be claiming the standard deduction for 2018 or itemizing your deductions.

Standard Deduction:
Filing Status --> Standard Deduction
Single --> $12,200
Head of Household --> $18,350
Married Filing Separately --> $12,200
Married Filing Jointly --> $24,400
Qualifying Widow(er) --> $24,400

Itemized Deductions:
1. Medical & Dental Expenses (7.5%)
2. Deductible Taxes
3. Home Mortgage Points
4. Interest Expense
5. Charitable Contributions
6. Casualty & Theft Losses

11/18/2019

Keeping track of your mileage may increase your deductions on your tax return. The 2019 Standard Mileage rates are listed below.

1. Business - 58 cents per mile
2. Medical - 20 cents per mile
3. Charitable - 14 cents per mile

11/15/2019

Most people don't usually start thinking about their taxes until January. However, it's not too early to start now. In fact, taxpayers can get ready for the upcoming tax filing season by doing a few simple things.

First things first… they can visit the newly updated Get Ready page on IRS.gov. It highlights the steps taxpayers can take before they file their 2019 tax return in 2020.

These steps include:

Organizing tax records
Checking withholding and making adjustments or tax payments
Renewing an expired individual taxpayer identification number
IRS.gov tools and resources help taxpayers understand their tax obligations and filing options. Aside from English, taxpayers will find info in several other languages on IRS.gov. They will find it under the language drop-down menu at the top of each page.

11/14/2019

11/14/2019

Members of the Greenville Area Chamber of Commerce celebrated our partner, Bob Sherbondy, at the Annual Chamber Dinner last night. He was recognized for his impeccable service as the Chamber treasurer for 29 years. He is an outstanding leader, mentor, and asset to the Greenville community. If you see Bob, please thank him for the time he has given to the community.