Q: I just graduated from college and have begun my new job. When it comes to managing my first “real” paycheck, I want to get it right from the beginning. Do you have any advice for me?
Current News
Beaumont: 3440 Eastex Fwy., Beaumont, TX 77703 Ph: (409) 892-0233 * Orange: 2250 Gloria Dr., Orange, TX 77630 Ph: (409) 883-5306
Certified Public Accountants & Consultants
Q: I understand that there has been a recent change in how the estate tax exclusion works for married couples. Can you explain that change and how it affects estate planning?
Q: Am I subject to the expanded Form 1099 reporting rules which will require me to report payments to every provider of goods and services? This will be a huge burden for my small business. Am I still required to comply with these new requirements?
Q: I am receiving a lump-sum distribution from my former employer’s 401(k) plan. Can I transfer this amount into an IRA?
Q & A
Q: We know we need to begin saving for our child’s college education. How do we begin building a college fund?
Q: This fall, my child will be enrolling in college and anticipates majoring in accounting. What do you think of their prospects at finding employment upon graduation?
Q: How should I determine the tax deduction for auto expense while using my personal vehicle in my work as a self-employed contractor?
Leadership Southeast Texas
EKC is proud to announce that Megan Gallien, a manager with Edgar, Kiker & Cross, PC, has been invited to be a part of the 2012 Class of Leadership Southeast Texas (LSET). Leadership Southeast Texas is an annual leadership class of approximately 60 business persons selected from a nine county region to learn about complex issues that face our area. LSET programs examine the strengths, weaknesses, obstacles and opportunities for economic development, quality of life and regional unity. Other firm members that are past graduates of LSET include Nathan Cross, Gary Zimmerman, Robert Edgar, Brad Brown, Charlotte Yeates, Sheri DelMage, and Cheryl Ray. Nathan Cross has also served on the Board of Directors for several years and Sheri DelMage is currently serving on the Advisory Council.
Q: I have been presented an opportunity to buy into a small business whose stock is owned by three individuals, one of whom is agreeable to sell. Should I retain an appraiser to value the business interest?
Megan Gallien, CPA Promoted to Manager
On July 1, 2011, Megan Gallien, CPA was promoted to Manager. Mrs. Gallien began her accounting career in the public sector upon graduation in May 2004 at a big four firm in Houston where she provided audit services. In September of 2005, Megan joined Edgar, Kiker & Cross, PC and provides clients with tax preparation, client accounting, financial statement preparation, review and attest services, and is active in the firm’s audit practice. She has experience in governmental entities, nonprofit organizations, municipalities, and small business enterprise audit engagements.
The Texas State Board of Public Accountancy licensed her to practice as a Certified Public Accountant in March of 2009. Megan is a member of the American Institute of Certified Public Accountants and the Texas Society of CPAs.
Bethany Badgett Passed All Four Parts of the CPA Exam
In September 2011, Bethany Badgett passed all four parts of the CPA exam. Bethany is now eligible to move forward in the certification process and will soon be able to promote herself as a CPA. Passing the CPA exam is a great accomplishment and takes many years of education, studying and work experience. Congratulations Bethany, we are proud of you!
Mr. Tim Edgar, CPA featured in Beaumont Enterprise news article
On September 26, 2011, our founder, Mr. Tim Edgar, was featured in a Beaumont Enterprise news article alongside fellow CPA, Mr. Fred Theobald. Check out the story here!
Q: Should I expect an increase in my monthly Social Security benefits in 2012? What are the prospects for Social Security in the long-term?
Q: I was invited to a free lunch seminar given by a “Senior Specialist” who offered to review my retirement portfolio and make recommendations. It all sounds good. Should I have concerns?
Q: When I retired, I rolled the balance of my pension plan over into my own self-directed IRA. I am now age 69 and will soon be 70. Could you provide an explanation of the rules governing required distributions?
Sheri K. DelMage, CPA has been admitted as a shareholder of the firm.
On January 1, 2012, Sheri K. DelMage, CPA was admitted as a shareholder of the firm. Sheri specializes in business and personal financial reporting, tax preparation and planning, consulting, and assistance with various types of accounting systems, including QuickBooks, PeachTree and MAS90/200.
Q: Over the years, I have received gifts of stock from grandparents. I’ve held these investments with the intention of selling them to help with the down payment on my first home. What would be the tax consequence if I decide to sell the investments?
Q: I know I should develop a household budget and make every effort to keep on track throughout the year. The beginning of the New Year seems like an ideal time to begin. Do you have any suggestions on how to start?
