AICPA Archives - ATA 2.0

ARKANSAS ACCOUNTING FIRM MERGES WITH ALEXANDER THOMPSON ARNOLD PLLC

Alexander Thompson Arnold PLLC
227 Oil Well Rd.
Jackson, TN 38305

FOR IMMEDIATE RELEASE

Alexis Long, Marketing Director
731-427-8571
along@atacpa.net

ARKANSAS ACCOUNTING FIRM MERGES WITH ALEXANDER THOMPSON ARNOLD PLLC

Hot Springs, Ark. — Regional accounting firm Alexander Thompson Arnold PLLC (ATA) is adding a presence in the state of Arkansas through the acquisition of top local firm JWCK, Ltd., formerly known as Jordan, Woosley, Crone & Keaton, Ltd., effective January 1, 2022.

The merger with JWCK adds 14 professionals to the ATA team, including three principals and two partners, Christina Ellis, CPA and Courtney Moore, CPA. With this merger, ATA will be comprised of 220 employees and 15 locations across four states.

“ATA has had a long-standing interest in establishing a strong presence in Arkansas,” said ATA Managing Partner John Whybrew. “We believe that this strategic merger with JWCK allows the firm to grow in new markets with like-minded professionals as well as continue our multi-year growth plan.”

JWCK’s 60 years of expertise ranges from tax management and accounting services to more in-depth services such as audits, financial statements and financial planning. It is a premier firm for trust and estate tax reporting as well as one of few firms that adhere to the standards to be able to perform audits for entities who receive state and federal monies and audits of financial institutions.

JWCK ranks 14th on the Arkansas Business Publishing Group’s list of the largest accounting firms in the state. The firm has been named Best Accounting Firm in Hot Springs by The Sentinel Record two years in a row, with Ellis being named Best Accountant in Hot Springs the past two years as well.

“Our commitment to serve our community with professionals right here in Hot Springs has led JWCK to merge with ATA,” said Ellis. “Through this merger, we will be able to provide our community with expertise in subject matters beyond what we have in our local office and will be able to devote more time to client relationships by allowing ATA’s entities to handle administrative responsibilities.”

ATA Hot Springs will operate at 126 Hobson Ave. until May 2022, when they will move into a newly-constructed space at 1720 Higdon Ferry Road. There is also a location in Hot Springs Village, Ark. at 399 Ponce de Leon Drive, Ste. 2.

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About Alexander Thompson Arnold PLLC (ATA)

ATA is a long-term business advisor to its clients and provides other services that are not traditionally associated with accounting. The ATA Family of Firms consists of a team of experts that can benefit every area of your business. Revolution Partners provides financial planning expertise; ATA Technologies provides trustworthy IT solutions; ATA Secure provides cybersecurity services; Sodium Halogen focuses on growth through the design and development of marketing and digital products; Adelsberger Marketing offers video, social media, and digital content for small businesses; and ATAES is a comprehensive human resource management agency.

ATA has 15 office locations in Tennessee, Kentucky, Arkansas and Mississippi. Recognized as an IPA Top 150 regional accounting firm, it provides a wide array of accounting, auditing, tax and advisory services for clients ranging from small family-owned businesses to publicly traded companies and international corporations. ATA is also an alliance member of BDO USA LLP, a top five global accounting firm, which provides additional resources and expertise for clients.

Child Tax Credit Update

Recently, there were changes made to the child tax credit that will benefit many taxpayers. As part of the American Rescue Plan Act that was enacted in March 2021, the child tax credit:

Amount has increased for certain taxpayers
Is fully refundable (meaning you can receive it even if you don’t owe the IRS)
May be partially received in monthly payments

The new law also raised the age of qualifying children to 17 from 16, meaning some families will be able to take advantage of the credit longer.

The IRS will pay half the credit in the form of advance monthly payments beginning July 15. Taxpayers will then claim the other half when they file their 2021 income tax return.

Though these tax changes are temporary and only apply to the 2021 tax year, they may present important cashflow and financial planning opportunities today. It is also important to note that the monthly advance of the child tax credit is a significant change. The credit is normally part of your income tax return and would reduce your tax liability. The choice to have the child tax credit advanced will affect your refund or amount due when you file your return. To avoid any surprises, please contact ATA.

Qualifications and how much to expect

The child tax credit and advance payments are based on several factors, including the age of your children and your income.

The credit for children ages five and younger is up to $3,600 –– with up to $300 received in monthly payments.
The credit for children ages six to 17 is up to $3,000 –– with up to $250 received in monthly payments.

To qualify for the child tax credit monthly payments, you (and your spouse if you file a joint tax return) must have:

Filed a 2019 or 2020 tax return and claimed the child tax credit or given the IRS your information using the non-filer tool
A main home in the U.S. for more than half the year or file a joint return with a spouse who has a main home in the U.S. for more than half the year
A qualifying child who is under age 18 at the end of 2021 and who has a valid Social Security number
Income less than certain limits

You can take full advantage of the credit if your income (specifically, your modified adjusted gross income) is less than $75,000 for single filers, $150,000 for married filing jointly filers and $112,500 for head of household filers. The credit begins to phase out above those thresholds.

Higher-income families (e.g., married filing jointly couples with $400,000 or less in income or other filers with $200,000 or less in income) will generally get the same credit as prior law (generally $2,000 per qualifying child) but may also choose to receive monthly payments.

Taxpayers generally won’t need to do anything to receive any advance payments as the IRS will use the information it has on file to start issuing the payments.

IRS’s child tax credit update portal

Using the IRS’s child tax credit and update portal, taxpayers can update their information to reflect any new information that might impact their child tax credit amount, such as filing status or number of children. Parents may also use the online portal to elect out of the advance payments or check on the status of payments.

The IRS also has a non-filer portal to use for certain situations.

Let us help you.

With any tax law change, it’s important to revisit your full financial roadmap. We can help you determine how much credit you may be entitled to and whether advance payments are appropriate. How you choose to receive the credit (partially advanced via monthly payments or solely on your next year’s return) could have many impacts to your financial plans.

Please contact one of our offices today to discuss your specific situation. As always, planning ahead can help you maximize your family’s financial situation and position you for greater success.