What are the opening hours?

Monday 9am - 5pm Tuesday 8am - 5pm Wednesday 8am - 5pm Thursday 8am - 5pm Friday 8am - 5pm

Krehbiel & Associates, LLC

Home
United States
Mount Vernon, IL
Krehbiel & Associates, LLC

Krehbiel & Associates, LLC is a full-service Accounting firm licensed in IL..

We offer a broad range of services for business owners, executives and independent professionals.

08/06/2026

IRS or state tax problems don’t have to derail your business. Many issues can be resolved when they’re addressed promptly and strategically. If you or your business receives a tax notice from the IRS or a state agency, don’t ignore it. Be mindful of the notice’s deadline and work with your tax advisor to prepare supporting documentation and an appropriate response. If you owe back taxes that you can’t pay in full, explore potential relief options, such as a temporary delay in collection due to hardship, an installment agreement or payment plan, or a settlement plan. We can help you communicate with tax authorities and create a plan to get your business back on track. Call us at (618) 244-2666 to learn more.

08/05/2026

How’s your business’s health now that we’re more than halfway through the year? If you’re not sure, it’s time for a checkup. We can help identify strengths, diagnose risks and prescribe the right moves to keep your business thriving. Contact us at (618) 244-2666 to schedule your business wellness check today!

08/04/2026

Midyear is a good time to see whether your income, deductions and investment activity are lining up as expected. Reviewing your tax picture now gives you more time to take steps to reduce or defer taxes. For example, if you expect this year’s income to be near the threshold for a higher bracket, consider strategies for reducing your taxable income to stay out of that bracket. If you’ve realized, or expect to realize, significant capital gains this year, consider selling some depreciated investments to generate losses you can use to offset those gains. And if you’d like help evaluating these and other midyear tax strategies, contact us at (618) 244-2666.

08/03/2026

The 40% generation-skipping transfer (GST) tax generally applies to transfers made to people two generations or more below you, like your grandchildren. And it applies on top of any gift or estate tax due. The good news is that a large GST tax exemption is available: $15 million for 2026. So most taxpayers don’t need to worry about the GST tax. But if you have a large estate, you can allocate your GST tax exemption to contributions to a dynasty trust and allow assets to skip several generations of taxation. Contact us at (618) 244-2666 to learn more.

07/30/2026

Certain “small” businesses have a choice of using cash or accrual accounting for tax purposes. If you’re one of them, which route should you take? Cash-basis businesses recognize income when received and deduct expenses when paid, providing greater flexibility in the timing of income and deductions. In contrast, accrual-basis businesses recognize income when earned and deduct expenses when incurred, regardless of the timing of cash receipts or payments. Even if you meet the eligibility requirements, the cash method isn’t right for every business. And switching methods adds administrative costs. Contact us at (618) 244-2666 to learn more about each option.

07/29/2026

As a small business owner, it’s easy to think of a succession plan as involving only two people: you and your successor. But a smooth transition may also require support from managers and other key employees. Communicating thoughtfully about your intentions and progress can help build confidence, reduce uncertainty and keep the business moving forward. Contact us at (618) 244-2666 for help addressing the tax, financial and strategic aspects of your plan.

07/28/2026

Will your Social Security benefits be taxable? A portion might be. How much depends on your provisional income, your overall income and IRS thresholds. Provisional income is your adjusted gross income with some additional calculations. You may have to report up to 85% of your Social Security benefits as taxable income if your provisional income is over $34,000 ($44,000 for joint filers). If you file separately from your spouse who lived with you at any time during the year, the threshold is $0. Smart tax planning can potentially reduce your liability. We can help project your provisional income and review your overall tax situation to identify strategies that make sense for you. Call us at (618) 244-2666.

07/27/2026

Are you paying yourself and family members who work in your business reasonable compensation? The IRS requires compensation (including salaries, bonuses and perks) to reflect services performed and be comparable to compensation for similar roles in similar organizations. This is especially important for owner-employees and related parties. Payments to relatives may be deductible, but only if they represent reasonable wages for bona fide services and are well documented. Excess compensation may be reclassified as nondeductible distributions of income, while underpaying may raise payroll tax issues. Regularly reviewing compensation practices can help reduce audit risk. Call us at (618) 244-2666 for guidance.

07/23/2026

What’s the right entity type for your new business? Two popular options for closely held businesses with multiple owners are LLCs taxed as partnerships and S corporations. Both offer pass-through taxation, meaning tax items pass through to the individual owners and are reported on their personal returns. But they differ in important ways, such as self-employment tax, loss deductions, ownership flexibility and eligibility requirements. Before making your decision, contact us at(618) 244-2666. Taxes play a pivotal role in this decision. We can work with you and your legal advisors to determine the optimal setup for your situation.

07/22/2026

Monthly financial statements are essential. But they often take weeks to prepare and may arrive after you’ve already made critical business decisions. Flash reports can help bridge that gap by providing real-time snapshots of critical metrics — such as cash balances, collections and payroll. These reports provide timely insight into financial performance, allowing you to identify emerging issues before they become major problems. Because flash reports are preliminary, you should use them as management tools, not formal financial statements. Call us at (618) 244-2666 to discuss how customized flash reports can help your business make faster, more informed financial decisions.

Address

125 N 11th Street Post Office Box 846
Mount Vernon, IL
62864

Opening Hours

Monday	9am - 5pm
Tuesday	8am - 5pm
Wednesday	8am - 5pm
Thursday	8am - 5pm
Friday	8am - 5pm

Telephone

(618) 244-2666

Website

http://www.krehbielcpa.com/

Alerts

Be the first to know and let us send you an email when Krehbiel & Associates, LLC posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Krehbiel & Associates, LLC: