10/3/2024
New FinCEN Beneficial Ownership Information reporting requirement for small businesses
A new FinCEN (Financial Crimes Enforcement Network) reporting requirement known as Beneficial Ownership Information (“BOI”) went into effect January 1, 2024. It was developed in an effort to create a national database for use by national security and law enforcement agencies to prevent the use of shell companies for criminal activity.
Next Steps
For additional information about BOI reporting, please see the toolkit here. It is your responsibility as company owners to determine if the BOI Reporting Requirement applies to your specific situation. Additional information regarding these requirements can be found at https://www.fincen.gov/boi.
Jones, Nale & Mattingly, PLC would like to clarify that assisting with the CTA and BOI reporting is generally outside the scope of services our firm offers. We recommend that you consider consulting with legal counsel if you have questions regarding the applicability of the BOI reporting requirements and any issues you may have with collecting the relevant ownership information.
Who Must File?
This reporting requirement applies only to small businesses. For this purpose, small businesses are defined as those that have both (a) 20 or fewer full-time US employees and (b) $5,000,000 or less of US-sourced gross receipts reported on its prior year federal income tax return.
Both domestic and foreign reporting companies are required to file reports. A company is considered a reporting company if a document was filed with the secretary of state (SOS) or similar office to create or register the entity. Corporations (including S corporations), LLCs, and other entities formed through the SOS are subject to the reporting requirements. But, because sole proprietorships, trusts, and general partnerships do not require the filing of a formal document with the SOS, they generally are not considered a reporting company and will not have a filing requirement.
Important Filing Dates
For existing reporting companies created or registered before 2024, the initial report is due by January 1, 2025. For reporting companies created or registered in 2024, the initial report is due 90 days after the entity’s creation or registration. For reporting companies created or registered after 2024, the initial report is due 30 days after the entity’s creation or registration.
The penalties for willfully failing to file both initial and updated reports are steep-$591 per day and up to $10,000 with up to two years of jail time.
1/20/2023
Larry J. Gumbel, CPA Named One of Louisville Business First's 20 People to Know in Accounting
Congratulations Larry Gumbel for being named one of Louisville Business First's 20 People to Know in Accounting!
We're proud to have you on our team!
People to Know in Accounting - Larry Gumbel
1/1/2023
Changes to Kentucky Sales Tax: Services Subject to Tax
Effective January 1, 2023, the Kentucky Department of Revenue has passed House Bill 8 which subjects several services to sales tax. Businesses providing these services must now collect 6% sales tax on the total sales price of the service beginning on or after January 1. Any business newly subject to sales tax that does not yet have a sales & use tax account through the KY OneStop Business Portal must apply for an account at Kentucky One Stop Portal.
To view a list of newly taxable services includes, please click here.
1/20/2022
Kortney W. Ryan, CPA Named One of Louisville Business First's 20 People to Know in Accounting
Congratulations Kortney Ryan for being named one of Louisville Business First's 20 People to Know in Accounting!
We're proud to have you on our team!
12/16/2021
IRS Relief for Kentucky Storm Victims
The IRS has announced tax relief for Kentucky victims of the severe storms last weekend. This is for individuals who live in and businesses (including tax-exempt organizations) whose principal place of business is located in Caldwell, Fulton, Graves, Hopkins, Marshall, Muhlenberg, Taylor, and Warren counties. Certain deadlines falling on or after December 10, 201 and before May 16, 2022 are postponed until May 16, 2022.
The May 16, 2022 deadline applies to the quarterly estimated tax payments normally due January 18 and April 18 and to the quarterly payroll and excise tax returns normally due January 18, 2022. This means that taxpayers can skip making their January 18 payment and instead include it with their 2021 return. In addition, the quarterly payroll and excise tax returns normally due on January 31, 2022 and May 2, 2022 are also now due on May 16, 2022. Penalties on deposits due on or after December 10, 2021, and before December 27, 2021, will be abated as long as the tax deposits were made by December 27, 2021.
Under section 7508A, the IRS gives affected taxpayers until May 16, 2022 to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; annual information returns of tax-exempt organizations; and employment and certain excise tax returns), that have either an original or extended due date occurring on or after December 10, 2021, and before May 16, 2022, are granted additional time to file through May 16, 2022.
This relief does NOT apply to information returns in the W-2, 1094, 1095, 1097, 1098, or 1099 series, nor does it apply to employment and excise tax deposits.
8/20/2021
IRS Releases Updated Guidance on Employee Retention Credit for 2021
By: Stephanie Smith
The Internal Revenue Service has issued updated guidance on the Employee Retention Credit which was first introduced in the CARES Act passed in March 2020. The credit for wages paid after March 13, 2020 and before January 1, 2021 is a refundable payroll tax credit of 50% of up to $10,000 in qualifying wages per employee paid by an eligible employer whose business had been impacted by COVID-19. The second time period, during which the credit is 70% of up to $10,000 in qualifying wages per employee, has been extended to include wages paid after June 30, 2021 and before January 1, 2022.*
To read more, please click here Employee Retention Credit for 2021 as of 8-20-2021
Please contact our office at (502) 583-0248 if you have any questions.
6/1/2021
Kathy K. Chlon, CPA Retirement
Please join us in wishing Kathy a happy retirement. We would all like to say thank you for all of your hard work and dedication to our team.
1/20/2021
We are proud to announce the promotion of Brandon Mayes, Larry Gumbel and Kortney Ryan to partner in our firm.
Brandon joined the JNM team in 2007 and has over 16 years of public accounting experience.
Larry joined the JNM team in 2016 and has over 20 years of public accounting experience.
Kortney joined the JNM team in 2017 and has over 17 years of public accounting experience.
Congratulations and we are proud to have you on our team!
To learn more about our new partners, visit Partner Bios
1/15/2021
The IRS has delayed the beginning of the tax filing season to February 12th in the wake of the December 27th tax law changes providing a second round of Economic Impact Payments and other benefits. Due to these tax law changes, the IRS needs extra time to program and test their systems to ensure return processing runs smoothly.
In light of the delay, the IRS intends to begin issuing refunds for electronically filed returns claiming Earning Income Tax Credit and Additional Child Tax Credit the first week of March. All others will follow.
For more information, visit the IRS website IRS Delays Beginning of 2021 Tax Filing Season
Please contact our office at (502) 583-0248 if you have any questions.
1/4/2021
We are very excited to announce that Jason Garman, CPA has joined our team as an audit manager. Jason has more than 13 years of public accounting experience. He is a graduate of Princeton University with a BA in History and from the University of Louisville with a Certificate of Accountancy.
Welcome to our team Jason!
10/2/2020
IRS releases final rules on business meals and entertainment
The IRS on Wednesday issued final regulations (T.D. 9925) implementing provisions of the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, that disallow a business deduction for most entertainment expenses. The regulations also clarify the treatment of business deductions for food and beverages that remain deductible, generally limited to 50% of qualifying expenditures, and how taxpayers may distinguish those expenditures from entertainment.
To read the full article, click here
IRS releases final rules on business meals and entertainment
Please contact our office at (502) 583-0248 if you have any questions.
9/20/2020
We are very excited to announce that Stephanie Smith, CPA has joined our team as a tax manager. Stephanie has more than 15 years of tax experience in public accounting. She graduated from the University of Kentucky with a BS in Accounting.
Welcome to our team Stephanie!
7/9/2020
We would like to congratuate Emily Slater on earing her CPA license!
We're happy you are part of our team!
5/16/2020
SBA PPP Loan Forgiveness
On Friday, May 15, 2020, the SBA released new guidance regarding PPP loan forgiveness. The SBA PPP Loan Forgiveness Application must be completed and provided to the lender who is servicing the loan.
To review the SBA PPP Loan Forgiveness Application, click this link
SBA PPP Loan Forgiveness Application.
Please contact our office at (502) 583-0248 if you have any questions.
5/15/2020
SBA Loan Programs for Not-For-Profits
In response to the COVID-19 pandemic, SBA PPP loans, administered under the 7(a) guaranty loan program, were provided to NFPs by financial institutions. While these loans have been made primarily to for-profit entities, some NFPs have also received PPP loans. One of the most common questions we have received is whether SBA PPP loans obtained by NFPs are subject to the Uniform Guidance single audit requirements. The good news is that we have recently received an answer to this question. Based on recent discussions with SBA staff, we have been informed that PPP loans made to NFPs will not be subject to single audit.
On the other hand, SBA informed us that loans made to NFPs under the EIDL program are considered a direct loan program disbursed from SBA to loan recipients. Therefore, these loans are considered federal financial assistance and are subject to the Uniform Guidance single audit requirements.
5/13/2020
Congratulations to Abraham Buelt, CPA and Emily Slater
We would like to recognize two of our team members on their professional achievements this year.
5/13/2020
Additional Guidance for PPP Loans Under $2 Million
We have had several questions over the past few weeks about the Payroll Protection Program (PPP) and whether a corporation, not-for-profit, partnership or small business must demonstrate/prove/exhibit that the funds are necessary.
For example, some entities may not yet have experienced a financial impact from the crisis during the 1st or 2nd quarter of 2020, but may be severely impacted during the 3rd or 4th quarter. Would this preclude an entity from qualifying for the loan? Or what if an entity had a particularly strong balance sheet before the current crisis but the sharp decline in equity and bond markets has deteriorated their financial position. What if an entity already had an existing operating line of credit?
On May 13th, the SBA and Treasury updated their FAQs which explains and clarifies several of the questions and issues we have recently discussed. In summary, if your loan was under $2 million and your entity has been impacted financially from the crisis, you qualify under the safe harbor criteria as described below. Based on the updated FAQs, we think it is safe to say that almost all entities have been impacted financially in some way. Some more, some less.
46. Question: How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request?
Answer: When submitting a PPP application, all borrowers must certify in good faith that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” SBA, in consultation with the Department of the Treasury, has determined that the following safe harbor will apply to SBA’s review of PPP loans with respect to this issue: Any borrower that, together with its affiliates, 20 received PPP loans with an original principal amount of less than $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith. SBA has determined that this safe harbor is appropriate because borrowers with loans below this threshold are generally less likely to have had access to adequate sources of liquidity in the current economic environment than borrowers that obtained larger loans. This safe harbor will also promote economic certainty as PPP borrowers with more limited resources endeavor to retain and rehire employees. In addition, given the large volume of PPP loans, this approach will enable SBA to conserve its finite audit resources and focus its reviews on larger loans, where the compliance effort may yield higher returns.
To read the updated FAQs, please click here
SBA FAQs.
Please contact our office at (502) 583-0248 if you have any questions.
5/5/2020
AICPA Challenges the IRS on Nondeductibility of PPP Related Expenses
The Tax Advisor published an article on the AICPA's challenge of the IRS's position that PPP recipients cannot deduct expenses used to forgive their loan. The full article can be read here
AICPA challenging nondeductibility of PPP-related expenses.
Please contact our office at (502)583-0248 if you have any questions.
5/4/2020
Paycheck Protecion Program (PPP) Loan Update
The IRS recently issued additional guidance as it relates to the Payroll Protection Program (PPP). Unfortunately, under the IRS Notice 2020-32, certain otherwise deductible expenses incurred by a taxpayer's trade or business are not considered deductible if they were used for purposes of forgiveness under a PPP loan (section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)). To read the full notice, click here
IRS Notice 2020-32.
4/24/2020
PPP Funding Advice
3/31/2020
COVID-19 Update
Summaries of CARES Act
In these uncertain and challenging times, JNM is here to offer advice and assistance navigating your business through the various series of news laws and guidance that has been finalized by the Federal Government over the past 2 weeks. The following are detailed descriptions of the various aspects of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) that we believe will be most helpful to you. We encourage our clients to carefully review the various aspects of the CARES Act. JNM has developed various tools to advise and assist you with navigating this new law.
Please contact us at (502) 583-0248 should you have any questions.
3/27/2020
COVID-19 Update
Summaries of Acts/Laws To Assist with COVID-19 Disruptions
The following documents are brief summaries of the acts/laws recently passed to assist with the COVID-19 disruptions. Please note these Acts/Laws continue to change. We will do our best to update accordingly.
Items to note –
-
Payroll tax relief
-
Any wage amounts paid to employees under the expansion of the two acts listed above will not be subject to the employer and employee portion of the Social Security tax (6.2% each) but will be subject to the employer and employee portion of the Medicare tax (1.45% each).
-
The payroll tax relief and credit is to be administered by the IRS. We are waiting for guidance on how this will be done.
-
SBA Loans
-
The U.S. Small Business Administration (SBA) is offering additional resources for eligible small businesses and not-for-profit organizations. Please visit their website to learn more about guidance and loan resources.
U.S. Small Business Administration COVID-19 Assistance
Please be assured that our commitment to you has not changed. We value our relationship with you and thank you for the opportunity to work with you. We hope that you and your families are safe and in good health. Please contact our office if you have any questions.
3/20/2020
JNM Continuity of Service Plan and Monitoring of COVID-19
JNM is currently monitoring the COVID-19 situation and how it impacts our team, the
Emergency Family and Medical Leave Expansion Actir families, our clients and friends. We want to let you know that our office is currently open, but we are closely following Governor Beshear's daily updates. If the Governor asks for businesses to close, we will respect his request.
In order to keep our team and our clients as safe as possible, we are keeping the number of people working in our office to a minimum and we have asked our team to work from home. JNM is technologically equipped to allow our team to securely work from home.
We are requesting that clients avoid in-person meetings with our team. We are happy to schedule a conference call or a video conference with you. We strongly encourage you to provide tax documents via our secure portal or US mail or other delivery services. If you do not have access to our secure portal, please let us know so we can set up access for you.
We know that many of you are concerned about meeting government deadlines. Please be assured that we are diligently working to ensure that we meet those deadlines for you. We are monitoring news regarding deadlines closely. If you have any questions, please contact our office.
On March 20, 2020 the United States Treasury Department announced that some Federal tax filing deadlines have been extended to July 15, 2020. We are waiting on clarification of some issues not specifically mentioned in the announcement. We will share updates as soon as possible.
At this time, we do not have an official communication from states or local governments that they will follow suit.
We would like you to know that our team is still working on preparing tax returns and we will continue to file tax returns regardless of the extended federal deadline.
Please be assured that our commitment to you has not changed. We value our relationship with you and thank you for the opportunity to work with you.
We hope that you and your families are safe and in good health.
Please contact us at (502) 583-0248 should you have any questions.
1/9/20
Overview of Provisions of the SECURE Act Affecting Individuals
Congress recently passed and the President signed into law the SECURE act. This legislation may affect how you plan for your retirement. Many of the provisions go into effect in 2020, which means individuals should consider how the new rules affect their tax and retirement-planning situations.
Please contact us at (502) 583-0248 should you have any questions.
1/8/20
IRS Repealed "Parking Tax" for Not-for-Profit Organizations
The "Parking Tax" imposed under I.R.C. Section 512(a)(7) upon enacted of the 2017 Tax Cuts and Jobs Act has now been retroactively repealed under the Taxpayer Certainty and Diaster Tax Relief Act signed into law on December 20, 2019. The 2019 Act repeals the highly contested unrelated business income tax on tax-exempt organization disallowed fringes retroactively - as if it never existed. This means many nonprofits no longer owe this tax and will be due refunds of amounts related to this tax that were reported and paid on Form 990-T over the past two years .
The 2019 Act also simplifies the private foundation excise tax on investment income by replacing the two-tier system (1% and 2%) with a flat rate of 1.39%. The new rate is effective for tax years beginning after December 20, 2019.
For additional details, visit
irs.gov/charities-and-nonprofits or call our office at (502) 583-0248.
1/2/2020
Alicia Ashmore joined JNM on January 2nd! Alicia is a graduate of Western Kentucky University and has a Bachelor of Science in Accounting.
Welcome to the team Alicia!
10/31/2019
Notice of e-File Mandate from the Louisville Metro Revenue Commission
Effective January 1, 2020 the Louisville Metro Revenue Commission (“LMRC”) is requiring entities that file more than 25 returns or reports annually to file those returns or reports electronically. The covered entities include employers and payroll providers and the included returns and reports include Forms W-1, W-2, and W-3, as well as IRS form 1099 and LMRC form 1099-SF.
Also, effective January 1, 2020, any third-party payroll providers whose aggregate payment of occupational license taxes made on behalf of multiple employers exceeds $25,000 or those who report and pay for more than 25 individual accounts must submit all payments by electronic funds transfer.
If an entity is unable to meet this mandate then they must request a one-year waiver using the form located on the LMRC website at:
Louisville Metro Revenue Commission e-File Waiver Request
The waiver request should be mailed to:
LMRC
P.O. Box 32060
Louisville, KY 40232
Please contact us at (502) 583-0248 should you have any questions.
7/15/2019
Alan M. Zumstein, CPA joins JNM
Alan M. Zumstein, CPA joined JNM in July 2019. Alan is a graduate of Indiana State University with a Bachelor of Science in Accounting. He earned his CPA soon after and devoted his professional career to public accounting. Alan is the former owner and managing partner of Alan M. Zumstein, CPA.
Alan specializes in audits, rates, and many other services for utility cooperatives and companies.
3/21/2019
2019 "Dirty Dozen" List of Tax Scams
The IRS has published their annual list of tax scams. As a reminder to all tax payers, the IRS will never contact you by phone. The IRS will mail you a letter via USPS if they need information from you.
If someone calls you or a relative to speak to you about delinquent taxes or threatens you, hang up immediately.
Here is a recap of this year's ‘Dirty Dozen’ scams:
Phishing: Taxpayers should be alert to potential fake emails or websites looking to steal personal information. The IRS will never initiate contact with taxpayers via email about a bill or tax refund. Don’t click on one claiming to be from the IRS. Be wary of emails and websites that may be nothing more than scams to steal personal information.
Phone Scams: Phone calls from criminals impersonating IRS agents remain an ongoing threat to taxpayers. The IRS has seen a surge of these phone scams in recent years as con artists threaten taxpayers with police arrest, deportation and license revocation, among other things.
Identity Theft: Taxpayers should be alert to tactics aimed at stealing their identities, not just during the tax filing season, but all year long. The IRS, working in conjunction with the Security Summit partnership of state tax agencies and the tax industry, has made major improvements in detecting tax return related identity theft during the last several years. But the agency reminds taxpayers that they can help in preventing this crime. The IRS continues to aggressively pursue criminals that file fraudulent tax returns using someone else’s Social Security number.
Return Preparer Fraud: Be on the lookout for unscrupulous return preparers. The vast majority of tax professionals provide honest, high-quality service. There are some dishonest preparers who operate each filing season to scam clients, perpetuate refund fraud, identity theft and other scams that hurt taxpayers.
Inflated Refund Claims: Taxpayers should take note of anyone promising inflated tax refunds. Those preparers who ask clients to sign a blank return, promise a big refund before looking at taxpayer records or charge fees based on a percentage of the refund are probably up to no good. To find victims, fraudsters may use flyers, phony storefronts or word of mouth via community groups where trust is high.
Falsifying Income to Claim Credits: Con artists may convince unsuspecting taxpayers to invent income to erroneously qualify for tax credits, such as the Earned Income Tax Credit. Taxpayers should file the most accurate tax return possible because they are legally responsible for what is on their return. This scam can lead to taxpayers facing large bills to pay back taxes, interest and penalties.
Falsely Padding Deductions on Returns: Taxpayers should avoid the temptation to falsely inflate deductions or expenses on their tax returns to pay less than what they owe or potentially receive larger refunds. Think twice before overstating deductions, such as charitable contributions and business expenses, or improperly claiming credits, such as the Earned Income Tax Credit or Child Tax Credit.
Fake Charities: Groups masquerading as charitable organizations solicit donations from unsuspecting contributors. Be wary of charities with names similar to familiar or nationally-known organizations. Contributors should take a few extra minutes to ensure their hard-earned money goes to legitimate charities. IRS.gov has the tools taxpayers need to check out the status of charitable organizations.
Excessive Claims for Business Credits: Avoid improperly claiming the fuel tax credit, a tax benefit generally not available to most taxpayers. The credit is usually limited to off-highway business use, including use in farming. Taxpayers should also avoid misuse of the research credit. Improper claims often involve failures to participate in or substantiate qualified research activities or satisfy the requirements related to qualified research expenses.
Offshore Tax Avoidance: Successful enforcement actions against offshore cheating show it’s a bad bet to hide money and income offshore. People involved in offshore tax avoidance are best served by coming in voluntarily and getting caught up on their tax-filing responsibilities.
Frivolous Tax Arguments: Frivolous tax arguments may be used to avoid paying tax. Promoters of frivolous schemes encourage taxpayers to make unreasonable and outlandish claims about the legality of paying taxes despite being repeatedly thrown out in court. The penalty for filing a frivolous tax return is $5,000.
Abusive Tax Shelters: Abusive tax structures including trusts and syndicated conservation easements are sometimes used to avoid paying taxes. The IRS is committed to stopping complex tax avoidance schemes and the people who create and sell them. The vast majority of taxpayers pay their fair share, and everyone should be on the lookout for people peddling tax shelters that sound too good to be true. When in doubt, taxpayers should seek an independent opinion regarding complex products they are offered.
Taxpayers should remember that they are legally responsible for what is on their tax return even if it is prepared by someone else. Consumers can help protect themselves by choosing a reputable tax preparer.
Additional information on this year’s “Dirty Dozen” list can be found on the IRS’s website
IRS "Dirty Dozen" List
If you have questions, please feel free to contact us any time at Jones, Nale & Mattingly at 502-583-0248 or
email here.
2/1/2019
JNM Merges with Joseph B. George & Company PLLC
We are pleased to announce the merger of Jones, Nale & Mattingly PLC and Joseph B. George & Co PLLC. The merger became official on January 1, 2019. Our combined firm will operate as Jones, Nale & Mattingly PLC (JNM).
This is an exciting and strategic move for Joe and JNM, bringing together highly regarded teams that have distinguished reputations for taking care of clients. With this merger, we will continue to provide the quality of services our clients have come to expect, and we will expand our service capabilities to Joe's clients.
Joseph B. George, CPA (Joe) will join JNM as a Partner. Joe brings over 35 years of public accounting experience to JNM. Joe specializes in individual and corporate tax.
JNM's main office is located at 642 South 4th Street in downtown Louisville, Kentucky. For the next few months, Joe and his team will continue to operate from their current office located at 7410 New La Grange Road, Suite 315, Louisville, Kentucky 40222.
If you have questions, please feel free to contact us any time at Jones, Nale & Mattingly at 502-583-0248 or
email here.
1/1/19
2019 Standard Milage Rates Announced
The optional standard mileage rates for business use of a vehicle will increase significantly in 2019, after increasing slightly last year, the IRS announced Friday (Notice 2019-2). For business use of a car, van, pickup truck, or panel truck, the rate for 2019 will be 58 cents per mile up from 54.5 cents per mile in 2018.
If you have questions, please feel free to contact us any time at Jones, Nale & Mattingly at 502-583-0248 or
email here.
12/11/18
Kentucky Inventory Tax Credit
Beginning January 1, 2018, Kentucky allows a nonrefundable and nontransferable credit against individual income tax, corporation income tax, and limited liability entity tax for ad valorem (personal property) tax timely paid on inventory.
See the attached Technical Advice Memorandum (“TAM”) for key issues, questions and answers.
Some highlights of the TAM are as follows:
Inventory for the purposes of the inventory tax credit is defined as goods held for sale in the regular course of business.
The personal property tax must be timely paid. To be considered “timely paid,” the tax must be paid to the taxing jurisdiction on or before December 31 of the tax year.
The amount of the credit allowed is phased in over a four year period. It is 25% of the timely paid tax in 2018, 50% in 2019, 75% in 2020 and 100% in 2021.
The credit is allowed against individual and corporate income taxes and can also be passed-through to owners of pass-through entities subject to the limited liability entity tax. The credit cannot be carried forward into subsequent tax years.
The credit will be calculated on Kentucky Schedule INV and the Kentucky Department of Revenue will make an inventory tax calculator available on
https://revenue.ky.gov to help taxpayers calculate the tax.
Action Required:
In order to take advantage of the credit, you need to pay your personal property tax bill on inventory on or before December 31, 2018. To facilitate us calculating the credit, please provide us with a copy of your property tax bill along with the other tax information you provide us.
If you have questions, please feel free to contact us any time at Jones, Nale & Mattingly at 502-583-0248 or
email here.
10/19/18
Congratulations to our Managing Partner, David Price, CPA, CGMA, on being named "20 People to Know in Accounting" by Louisville's Business First. Thank you for your unwavering commitment to our team and clients.
8/21/18
Jones, Nale & Mattingly PLC is pleased to welcome Andrea Fowler to the firm. Prior to joining JNM, Andrea worked for William S. Wetterer & Co. in Louisville. Andrea's industry expertise includes individual and corporate tax. She is a graduate of Morehead State University with a Bachelor of Science in Accounting and a Master of Business Administration.
7/6/18
New FASB Standard Addresses Accounting for Grants and Contracts
On June 21, 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-08, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. This standard is intended to address questions stemming from FASB ASU No. 2014-09, Revenue from Contracts with Customers, regarding its implications on the grants and contracts of not-for-profit organizations. Specifically, do not-for-profit grants and contracts fit the definition of a contract with a customer, such that the new revenue standard would apply? Or are they more appropriately classified as contributions, which would exclude them from the scope of ASU 2014-09 and instead require the application of contribution guidance? The answer is buried in the details of the grants and contracts themselves.
If you have questions, please feel free to contact us any time at Jones, Nale & Mattingly at 502-583-0248 or
email here.
6/28/18
2018 Form 1040 Draft and Supporting Schedules
To view a draft of the updated individual tax forms, click on the links. The Journal of Accountancy article provides additional information.
Form 1040 to be shorter but with more schedules
By Sally P. Schreiber, J.D.
June 27, 2018
The IRS is working on a draft version of the 2018 Form 1040, U.S. Individual Income Tax Return, that reduces the size of the form to two half-pages in length and eliminates more than 50 lines, compared to the 2017 version of the form. The draft form moves many items that in the past have appeared on the face of the 1040 to various new schedules.
The 2018 draft form, which has not yet been officially posted on the IRS website, uses the first page to gather information about the taxpayer and any dependents and for the taxpayer’s signature and jurat. To read more, please visit the Journal of Accountancy
Form 1040 to be shorter but with more schedules.
6/21/18
Kentucky Sales Tax Facts
The Commonwealth of Ketucky created this document to address questions regarding Kentucky sales tax.
If you have questions, please feel free to contact us any time at Jones, Nale & Mattingly at 502-583-0248 or
email here
6/20/18
Tax Answers on Recent Tax Law Changes
The Commonwealth of Kentucky has created a website to provide answers regarding the tax law changes made during the 2018 session of the general assembly.
If you have questions, please feel free to contact us any time at Jones, Nale & Mattingly at 502-583-0248 or
email here.
6/18/2018
Jones, Nale & Mattingly PLC is pleased to welcome Kelly Smith to the firm as IT Administrator. Prior to joining JNM, Kelly worked for Metals Sales Manufacturing in Louisville. He graduated from Bluegrass Community & Technical College with an Associate of Science in Computer Information Technology.
5/29/18
Jones, Nale & Mattingly PLC is pleased to welcome Matt J. Huelsman, CPA to the firm. Prior to joining JNM, Matt worked for Brown & Company, Inc. in Bardstown and Richardson, Pennington & Skinner, PSC in Louisville. He is a member of the AICPA and KYCPA. Matt's industry experience includes governmental, construction, not-for-profit audits; and individual and corporate tax. Matt graduated from Bellarmine University with a B.A. in Accounting.
5/24/18
How banking reform will affect small Kentucky banks
By David A. Mann – Reporter, Louisville Business First
Bankers are celebrating a win after Congress passed a bill that's supposed to ease regulation on small and medium-sized financial institutions.
U.S. President Donald Trump is expected to sign the bill before Memorial Day weekend, according to the Albany Business Journal, one of our sister publications.
The legislation rolls back some of the financial protections put in place after the economic crisis of 2008. The biggest change is that this bill would relax federal oversight of banks with assets of less than $250 billion. That oversight includes a requirement that banks face stress tests to measure their ability to withstand economic depressions. The bill also would increase the threshold for a bank being considered too big to fail from $50 billion to $250 billion in assets.
This is just a quick synopsis of the changes we will be discussing with you in more detail if you are impacted by the changes outlined above. If you have questions, please feel free to contact us any time at Jones, Nale & Mattingly at 502-583-0248 or
email here.
2/2/2018
Upcoming Changes for Not-for-Profit Organization Financial Statements
Some changes in your year-end financial statements will be required that are designed to more clearly indicate your organization’s financial position as a result of a recent Financial Accounting Standards Board Accounting Standards Update (FASB ASU). The changes prescribed in Not-for-Profit Entities...
1/1/18
Congratulations to Jonathon D. Eade! He has joined the Illinois Society of CPAs Peer Review Committee.
