CSH&G

Certified Public Accountants and Consultants
3049 Massey Road
Vestavia Hills, AL 35216
Phone : 205-871-121

With over 100 years of combined experience in public accounting and business consulting, the stockholders of Culotta, Scroggins, Hendricks & Gillespie, P.C. have responded to the demands of an ever-changing business environment, by striving to develop innovative solutions and services. Our commitment to work together to serve our clients by building trust through insight and involvement have made us who we are today.

03/29/2022

Here are some key tax deadlines for businesses during the second quarter of 2022.
APRIL 18: If you’re a calendar-year corporation, file a 2021 income tax return (Form 1120) or file for a six-month extension (Form 7004) and pay any tax due.
APRIL 18: Corporations pay the first installment of 2022 estimated income taxes.
MAY 2: Employers report income tax withholding and F**A taxes for Q1 2022 (Form 941) and pay any tax due.
JUNE 15: Corporations pay the second installment of 2022 estimated income taxes.
Contact us to learn more about filing requirements and ensure you meet all applicable deadlines.

02/09/2022

Ideal candidate will be a highly organized, friendly, multi-tasking individual. Candidate should have high energy for our fast paced environment and have strong computer, technical and speaking skills. Someone with a background in Accounting would be ideal but not required. Experience in office administration is required with Salary commensurate with experience. Excellent benefits available.
Please send responses to [email protected] and include "Office Assistant" in the subject line.

01/19/2022

The IRS is opening the 2021 individual income tax return filing season on Jan. 24. Even if you usually don’t file until closer to the April deadline (or you file an extension), consider filing early. It can potentially protect you from tax identity theft. In these scams, a thief uses another person’s personal information to file a fraudulent return early in the filing season and claim a bogus refund. Another benefit of early filing is that if you’re getting a refund, you’ll get it faster. And if you were eligible for an Economic Impact Payment or advance Child Tax Credit payments last year and didn’t receive them, you can claim them on your 2021 return.

12/07/2021

Awards and settlements are paid for many reasons. For example, a person could receive payments for personal injury or discrimination. By law, individuals can exclude from gross income damages that are received on account of personal physical injury or physical sickness. For purposes of this exclusion, emotional distress isn’t considered physical injury or sickness. So, for example, an award under state law that’s meant to compensate for emotional distress caused by age discrimination would have to be included in gross income. However, if you require medical care for treating the consequences of emotional distress, the amount of damages not exceeding those expenses would be excludable.

10/06/2021

If you own a valuable piece of art, you may wonder how much of a tax deduction you can get by donating it to charity. Several different tax rules may apply with such contributions. A charitable contribution of a work of art is subject to reduction if the charity’s use of the work of art is unrelated to the purpose that’s the basis for its qualification as a tax-exempt organization. The reduction equals the amount of capital gain you’d realize if you sold the property instead of giving it to charity. In addition, your deduction may be limited to 20%, 30%, 50%, or 60% of your contribution base, which usually is your adjusted gross income. Other rules may apply. Contact us to discuss the rules.

06/30/2021

The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA). Originally, the ERTC applied to wages paid after March 12, 2020, and before Jan. 1, 2021. Congress later modified and extended the ERTC to apply to wages paid before July 1, 2021. The ARPA again extended and modified the ERTC to apply to wages paid after June 30, 2021, and before Jan. 1, 2022. The maximum ERTC available is generally $7,000 per employee per calendar quarter or $28,000 per employee in 2021. Other modifications have also been made that may be beneficial to your business.
Contact us if you have questions about your business claiming the ERTC.

04/27/2021

The May 17 deadline for filing your 2020 individual tax return is coming up. It’s important to file and pay your tax return on time to avoid penalties imposed by the IRS. Here are the basic rules. Separate penalties apply for failing to pay and failing to file. The failure-to-pay penalty is 1/2% for each month (or partial month) the payment is late. The maximum penalty is 25%. The failure-to-file penalty is a more severe rate of 5% per month (or partial month) to a maximum of 25%. If you obtain an extension to file (until Oct. 15), you’re not filing late unless you miss the extended due date. However, a filing extension doesn’t apply to your responsibility to pay.
Contact us with questions.

01/05/2021

The COVID-19 relief law that was signed recently contains many provisions that may affect you. The law provides for direct payments of $600 per eligible individual ($1,200 for a married couple filing jointly), plus $600 per qualifying child. The government has already started making bank direct deposits or mailing checks. Another provision extends a charitable donation tax deduction for individuals who don’t itemize deductions. For 2020, they can take up to a $300 deduction per tax return and for 2021, married joint filers can claim up to $600. These are only a few provisions in the new law. We’ll make sure that you get all the tax breaks you’re entitled to when we prepare your tax return.

12/28/2020

If you’re self-employed and don’t have paycheck withholding, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The 4th 2020 estimated tax payment deadline for individuals is Friday, Jan. 15. Even if you do have some withholding from paychecks or other payments, you may still have to make estimated payments if you receive income such as Social Security, prizes, rent, interest and dividends. Generally, taxpayers send four equal installments. But people who earn income unevenly during the year (for example, from a seasonal business) may be able to send smaller payments. Contact us if you have questions about the estimated tax rules.

Address

3049 Massey Road
Vestavia Hills, AL
35216

Website

http://www.cshgcpa.com/

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