Wilson Toellner CPA

By now, you have probably heard about the Paycheck Protection Program (PPP), which was created by Congress under the CARES Act and provides businesses with a forgivable loan (one that potentially does not have to be paid back) equal to ten weeks of average payroll expenses. Initially, Congress funded the PPP with $349 billion dollars, which had all been loaned to businesses in about two weeks and was gone by April 16th. In the coming days (maybe even by the time you read this), Congress is expected to add roughly $300 billion more to the program. There is speculation that this additional $300 billion will be loaned very quickly, and perhaps may already be gone, based on applications already on file with banks. Our advice has been, and continues to be for clients to reach out to their lender to discuss participation in the PPP, and to let us know if you’d like help with your application. Over the last several weeks, our Mid-MO CPA firm has been working closely with our clients a...

Many of you likely have questions about stimulus checks. If you are unsure on: How to get your stimulus check How to check the status of your stimulus check How long it will take approximately to get your stimulus check ...this is the blog for you. Keep reading this week's blog for some important information from the IRS regarding stimulus checks, otherwise known as economic impact payments. Have any questions? Please feel free to call our Mid-MO CPA firm today. Our Central Missouri CPA firm can be reached via phone and all of our phone numbers can be found on our website at www.WTCPA.com . Wilson Toellner CPA is here for you. Source:  https://www.irs.gov/coronavirus/economic-impact-payments The IRS is committed to helping you get your Economic Impact Payment as soon as possible. The payments also referred to by some as stimulus payments, are automatic for most taxpayers. No further action is needed by taxpayers who filed tax returns in 2018 and 2019 and most s...

Dear Clients, With the coronavirus pandemic continuously changing, the Wilson Toellner CPA leadership team wants to assure you that we are closely monitoring the situation. We have the utmost concern for the safety and well-being of our clients and our team. Our firm has been at the forefront of technology and our proven business continuity plan is readily implemented. We believe it is critical for us all to do our part to curb the spread of the coronavirus. Through careful consideration, we have made the decision to work with our clients through phone, email, mail and drop off of information only.  Our offices will be closed to the public.  Members of our team will be in our offices from 8:00 – 5:00 Monday through Friday to collect items that have been dropped off. We urge you to use our secure SafeSend Portal whenever possible. If you need assistance, we are here to walk you through step-by-step, email us at covid19@wtcpa.com or call us at our offices listed...

Many may not realize this, but our Mid-MO CPA firm is SO much more than accounting. As a new client, you likely aren't aware yet of the many services we can offer you that are more than just accounting. To understand all that we do here at our CPA firm in Mid-MO , keep reading this week's blog for the many services we can offer you at  Wilson Toellner CPA . Throughout this blog, you will learn about the vast variety of services offered here. If you have any questions, please give us a call today. We have four locations throughout Mid-MO, all phone numbers can be found on our website at www.WTCPA.com . CONSULTANT  Business Owners Toolkit  Walk through your business structure and common business practices to help ensure you’re not leaving money on the table through missed deductions, misunderstood rules, improper business structure, etc. Succession Planning  Identify and develop your successors so you know that your business will continue into the next gen...

One of the key components of the landmark tax overhaul passed in 2017, called the Tax Cuts and Jobs Act (TCJA), was a new provision that allows taxpayers to deduct 20% of “qualified” business profits from their income, subject to certain limitations. In a simplified example, if a married couple has $200,000 of taxable income and $75,000 of that is from a pet grooming business they own, they would be entitled to deduct $15,000 (20% of $75,000) from their income, reducing their taxable income to $185,000 and reducing their federal tax liability by over $3,500. In order for a business activity to qualify for the full version of this 20% “Qualified Business Income” (QBI) deduction, the activity must be a qualified “trade or business” as defined by the tax code. It also must not be what is considered a “specified service trade or business,” which is a category not explained in depth here—but one that includes businesses in the legal, accounting, financial services, medical, consultin...

When should individuals expect to receive their W-2's from their employers and other tax documents from banks, investments, etc. What should someone do if they do not receive these documents? These are questions you should be thinking about. Our Mid-MO CPA firm is here to answer these questions and more in Part 2 of this 2 Part blog series: Helpful Tax Tips. If you have any questions, please call our Central MO accounting firm today. All locations and phone numbers can be found on our website at www.WTCPA.com . Most individuals should expect to receive their Form W-2 from employers by January 31, 2020. If your employer does not mail or hand-deliver yours to you by the end of the month, check any online employee portals or contact your HR department. If you performed any freelance work during 2019 and received compensation of at least $600, you should receive a Form 1099-MISC by January 31, 2020. Investment statements are typically issued in “waves” depending on the underlyin...

The holiday season is in full effect! Our CPA firm in Central Missouri hopes you enjoyed your Christmas and that you have a Happy New Year! That being said, this time of year can tend to bring out the best in people. You may feel urged to donate money to your favorite charity this time of year or donate your time volunteering somewhere for the less fortunate. Have you ever wondered whether or not you can deduct those donations on your taxes? This Mid-MO CPA firm is here to give you three tips for making holiday charitable donation deductions in this week's blog. If you have any questions about your tax planning, please call the nearest Wilson Toellner CPA office you. We have four locations throughout Mid-Missouri, one office in Sedalia, one office in Marshall, one office in Lake Ozark, and one office in Camdenton. You can also visit our website at www.WTCPA.com for more information on tax planning and you can follow our social media channels listed at the end of this blog for t...

Inspiration can be found in so many unexpected places.  Not too long ago I found transformation inspiration as it relates to Robotic Process Automation (RPA) and Human Intelligence. My kids were watching Strawberry Shortcake.  I was sitting with them, but not paying too much attention.  Until, for some reason, I caught on to what was happening.  It went like this . . . Lemon was super busy doing hair and nails and wished she had a way to do more.  So she purchased a salonomatic, which was a robot that worked so fast her clients were in and out faster than you could say hi and bye.  Lemon soon had a lot of extra time on her hands since the salonomatic did all the work.  Lemon wanted to be useful, but just could not find the right job to fit her.  She really wanted to do hair and nails.  So, she decided to move back to the Very Bitty City.  But her friends wanted her to stay.  They realized the salonomatic could not have a conversat...

As a new business owner, you likely have a ton of questions. Starting out, it's a good idea to take the help where you need it. You may need someone to run your bookkeeping for you so you can focus on what you know best, your business. That's where our accountants in Mid-MO come in. Wilson Toellner CPA specializes in helping new businesses thrive, whether that means assisting with your back-office needs or helping with your tax preparations, we are here for you. For more information on our services, please visit our website at www.WTCPA.com . You can also call us for a consultation. We have four offices, all phone numbers and locations can be found on our website. In the meantime, keep reading for a few tips for starting a new business in 2020. Tips for Starting a New Business in 2020 Be a problem solver. Don't go through life wishing instead of doing.  There may be several people out there with great business ideas that could amount to a home run if they'...

The holidays are upon us! What a magical time of year for everyone - especially in the communities we serve. One of the areas we service happens to be Sedalia, Missouri. Our Mid-Missouri CPA firm truly appreciates how our communities come together around the holidays to put on so many festive events for everyone to enjoy. This accounting firm in Central Missouri truly values our clients and they aren't just numbers on a spreadsheet to us, they're people who we have a true valued working relationship with. That being said, community is everything to us. Keep reading to learn about a few of the holiday-themed community events happening in Sedalia this year, in this week's blog. Holiday Events in Sedalia Source:  https://www.facebook.com/events/hotel-bothwell-sedalia-central-district-ascend-hotel-collection/2019-holiday-thanksgiving-lighting-firework-extravaganza/2371543789728068/ Date: Thursday, November 28, 2019  Event: Holiday Thanksgiving Lighting & Firewo...

I feel like I am in a constant state of transformation, personally and professionally at the Mid-Missouri accounting firm I work at.  I love it and would not have it any other way!  One of my favorite times of the year is when I get to travel to our Central Missouri accounting firm 's bi-annual Business Transformation Circle with Boomer Consulting, Inc. At our meeting last week, we heard Tom Hood, CEO of Maryland Society of CPAs, speak about change and transformation.  He enlightened us with an equation about transformation. D  X  V  X  F  >  R D = Dissatisfaction with Status Quo V = Vision for the future F = First steps R = Resistance In order for transformation to happen, you must be dissatisfied with the status quo, you must have a vision for what you want the future to be, and you must be taking steps toward that future.  These three variables together must be greater than the resistance, either within or outside yo...

Most people know that our CPA firm in Mid-Missouri specializes in accounting and tax preparation. That's pretty clear, but what some people may not realize is that we are so much more than that. In this week's blog, our accounting firm in Central Missouri is here to give you an overview of the other services we provide, OUTSIDE of accounting. If by the end of this blog, you realize you may need assistance with one of these services you may not have realized we offer, please do not hesitate to give our Central MO CPA firm a call today. We have four locations throughout Mid-Missouri, two offices are located at the Lake of the Ozarks, one is located in Marshall, MO and the other is located in Sedalia, MO. All of our phone numbers and office addresses can be found on our website at www.WTCPA.com . Wilson Toellner CPA: More Than Just Accounting We also offer: Business Consulting We can help your business identify areas negatively affecting profitability and growth and...