Denise H. Lunt, CPA

06/10/2026

📚Get Ahead With a Midyear Tax Review📚

Life changes can affect your tax picture more than you might expect. Taking time now to review key areas can reduce the risk of certain penalties and uncover tax savings opportunities.

Start by reviewing your withholding and estimated tax payments. If your income has changed, you may need to update your Form W-4 so that your withholding accurately reflects your current circumstances. If you’re self-employed or have significant income not subject to withholding (such as dividends or capital gains), you may need to make quarterly estimated tax payments to avoid underpayment penalties.

Next, revisit deductions and credits. Changes in your filing status, dependents, education expenses, or homeownership can affect eligibility. Additionally, increased charitable giving may create tax-saving opportunities. Keep organized records of charitable contributions, medical expenses, and, if you’re self-employed, business costs to substantiate claims and maximize benefits.

It’s also a good time to reevaluate retirement contributions. Increasing contributions to employer plans or IRAs can reduce taxable income and strengthen long-term savings. If you’re eligible to contribute to a Health Savings Account, consider funding it as well to take advantage of its triple tax benefits (deductible contributions, tax‑deferred growth, and tax‑free withdrawals for qualified medical expenses).

Contact the office if you need guidance. We are here to help!

Check out our Monthly Newsletter, all this information came through at the following link:
https://www.starcpa.com/newsletter.php

*Any accounting, business, or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. We would be happy to do the required research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter defining the scope and limits of the desired consultation services. See less

Take a look at our Newsletter page. Denise H. Lunt, CPA is a full service tax, accounting and business consulting firm located in Guymon, OK.

06/10/2026

⚠️Scam of the Week⚠️
Don’t Talk to Strangers!

In this week’s scam, you receive a text message from an unknown number that asks a friendly question, like “Are we still on for dinner?” You may be tempted to reply and let the person know that they have texted the wrong number.

However, this "wrong number" message was actually sent by a cybercriminal, and it's a trick to start a conversation with you! If you reply, they will continue messaging you to build your trust. Eventually, they will turn the conversation to money and might ask you to send them gift cards or offer you an opportunity to invest in cryptocurrency. What they talk to you about varies, but the goal of this "friendship" is to trick you into sending them your money or personal data!

Follow these tips to avoid falling victim to this scam:

1. Never share your personal or financial information with someone that you have only spoken to through text messages, even if they seem to need money or are offering you an “opportunity.” Scammers frequently use these tactics to trick you into giving them your money or financial information.
2. If you receive a suspicious text message from an unknown number, don't reply. A reply can let cybercriminals know that your number is active, and you could be targeted in future scams.
3. If you receive a suspicious text message, use your phone’s settings to mark the message as spam or junk. This action helps your phone carrier identify and block these messages for everyone.

Always stop and think before you take action!

This week's scam alert is brought to you by The KnowBe4 Security Team! We take our clients' online safety seriously and want to keep everyone informed about what's going on and what can put them at risk.

Feel free to contact our office with any questions!

06/08/2026

Take Advantage of Expanded QSB Stock Tax Benefits!

Investors often look to small, emerging companies for portfolio diversification and growth potential, but these investments can offer more. Certain shares may also provide valuable tax advantages under the qualified small business (QSB) stock rules. Tax legislation signed into law in 2025, commonly known as the One Big Beautiful Bill Act (OBBBA), enhanced those benefits.

The Basics of QSB Stock...

A QSB is a domestic C corporation that meets specific requirements. First, the company must be engaged in an active trade or business. Many professional service businesses are excluded, though certain health‑ and engineering‑related companies may qualify, depending on the nature of their activities.

There’s also a gross-asset limit. Before the OBBBA, a company’s aggregate gross assets generally couldn’t exceed $50 million. The OBBBA increases the asset ceiling to $75 million (adjusted for inflation after 2026) for stock issued after July 4, 2025.

Shorter Holding Periods...

The major tax benefit of investing in QSB stock is the potential exclusion of capital gains when the stock is sold. Before the OBBBA changes went into effect, you generally needed to hold QSB stock for at least five years to qualify for a capital gains exclusion, with the exclusion percentage ranging from 50% to 100%, depending on when the stock was acquired.

Under the OBBBA, a new tiered system with smaller exclusions applies to QSB stock acquired after July 4, 2025. It provides a 50% exclusion for stock held for at least three years and a 75% exclusion for stock held for at least four years. Any gain not excluded under these partial exclusions is generally taxed at a special 28% federal rate, plus the 3.8% net investment income tax, if applicable.

QSB stock acquired on or before July 4, 2025, generally remains subject to the prior rules, including eligibility for a 100% exclusion after five years for stock acquired on or after September 28, 2010.

Expanded Gain Exclusion Limits...

The OBBBA also increased the limit on the amount of gain you can exclude. For QSB stock acquired after July 4, 2025, the per-issuer exclusion limit is the greater of $15 million (adjusted for inflation after 2026) or 10 times the aggregate adjusted basis of stock sold during the tax year. Before the OBBBA change went into effect, the dollar limit was $10 million. (Both amounts are halved for married taxpayers filing separately.)

To qualify for the exclusion, you generally must acquire the stock at original issuance — directly from the corporation or through an underwriter — in exchange for cash, property (other than stock), or services. Limited exceptions apply, including certain transfers by gift or inheritance.

If you reinvest proceeds from a QSB stock sale into other QSB stock within 60 days, you may be able to defer the gain until you dispose of the new stock. The rolled-over gain reduces your basis in the new stock. For determining long-term capital gains treatment, the new stock’s holding period includes the holding period of the stock you sold.

Moving Forward...

QSB stock can offer valuable tax benefits. But the rules are complex and require careful planning. Additionally, some states don’t conform to federal treatment, so state income taxes may still apply, depending on the state. Contact the office if you have questions!

Check out our Monthly Newsletter, all this information came through at the following link:
https://www.starcpa.com/newsletter.php

*Any accounting, business, or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. We would be happy to do the required research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter defining the scope and limits of the desired consultation services.

Take a look at our Newsletter page. Denise H. Lunt, CPA is a full service tax, accounting and business consulting firm located in Guymon, OK.

06/03/2026

⚠️Scam of the Week⚠️
The Cost of a "Free" Prize!

Imagine receiving an unexpected email from a well-known organization, such as Costco or Marriott, letting you know that you've been selected for an exclusive opportunity. All you have to do is respond to a quick survey about your recent experience with them, and you'll be awarded a brand-new iPhone. If you haven't visited these organizations recently, you probably suspect that something isn't quite right. But if you have, you might be very tempted to open the survey. If you do, you'll see a countdown timer that pressures you to answer all the questions quickly.

But the email you received is actually a phishing scam! Cybercriminals frequently impersonate well-known brands to build your trust and trick you into acting impulsively. The survey, the prize, and the countdown timer are all part of the scam. If you complete the survey, you'll be prompted to enter your credit card number and personal information to pay a small delivery fee for the new iPhone. But remember, this survey is fake, and cybercriminals will steal any information that you enter!

Follow these tips to avoid falling victim to this phishing scam:

1. It’s unlikely that a legitimate organization will ask you to pay a fee with your credit card to receive a free prize. Being asked to pay for something that's supposed to be free is a red flag.
2. Use caution if you receive an unexpected message that claims you've won a prize, especially if it pressures you to act quickly. 3. Cybercriminals often use a sense of urgency to trick you into making fast decisions.
3. If you receive a suspicious email, don't select any links in it. Instead, check the organization's official website or contact them directly to verify if the survey is legitimate.

Always stop and think before you take action!

This week's scam alert is brought to you by The KnowBe4 Security Team! We take our clients' online safety seriously and want to keep everyone informed about what's going on and what can put them at risk.

Feel free to contact our office with any questions!

06/02/2026

More Entities Gain Access to IRS Business Tax Account!

The IRS has announced an expansion of its Business Tax Account (BTA), making the self-service platform available to partnerships, tax-exempt organizations, federal, state, and local governments, and Indian tribal governments.

The BTA is a centralized platform that allows eligible users to manage their federal tax responsibilities online. Among other things, BTA users can view tax balances, make payments, and see payment history, access eligible payroll and income transcripts, if eligible, and download select digital notices.

The newly eligible entities join sole proprietors, S corporations, and C corporations that are already able to access the platform. To create an account, visit IRS.gov/businesses.

Check out our Monthly Newsletter, all this information came through at the following link:
https://www.starcpa.com/newsletter.php

*Any accounting, business, or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. We would be happy to do the required research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter defining the scope and limits of the desired consultation services

Take a look at our Newsletter page. Denise H. Lunt, CPA is a full service tax, accounting and business consulting firm located in Guymon, OK.

06/01/2026

Plan Carefully to Minimize Taxes on Your Inheritance!

Getting a large inheritance can create new financial opportunities. But it’s important to handle inherited assets carefully, especially when it comes to taxes and planning. Understanding relevant tax rules can help you avoid surprises and make informed decisions.

Know the Basic Tax Rules...

Usually, the value of property you inherit isn’t included in your gross income for federal income tax purposes. This means you generally don’t owe income tax simply for receiving an inheritance.

However, income generated by inherited property is taxable. For example, interest, dividends or rental income produced by inherited investments or real estate must be reported on your tax return.

If you later sell inherited property, any gain may also be taxable. In most cases, the tax basis of inherited property is stepped up to its fair market value at the loved one’s date of death. This means that you won’t owe capital gains tax on appreciation that occurred before you inherited the asset.

Some inherited assets are classified as “income in respect of a decedent” (IRD). This refers to income the deceased person earned but didn’t receive before death, such as certain retirement account distributions, unpaid wages or deferred compensation. If you inherit IRD, you must generally report the amounts as taxable income. Because IRD can also be subject to estate tax, you may be eligible for an income tax deduction for estate taxes paid on those amounts.

If you’ve inherited a retirement plan, you generally won’t have to pay income tax on the entire balance immediately (unless you withdraw it all immediately). But if you’re someone other than the surviving spouse, you probably will have to not only begin taking annual required minimum distributions — which will likely be subject to income taxes unless it’s a Roth account — but also deplete the account within 10 years.

Get Professional Advice...

Estate taxes may apply if the value of your loved one’s estate exceeds federal or state exemption thresholds. These taxes are typically paid by the estate rather than the beneficiaries. So before making financial decisions, determine the net value of your inheritance after any estate taxes and other expenses are settled.

With proper planning, an inheritance can strengthen your financial position without leading to unnecessary tax exposure. Contact the office if you have questions about how inherited assets may affect your current tax situation or long-term financial strategy.

Check out our Monthly Newsletter, all this information came through at the following link:
https://www.starcpa.com/newsletter.php

*Any accounting, business, or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. We would be happy to do the required research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter defining the scope and limits of the desired consultation services.

Take a look at our Newsletter page. Denise H. Lunt, CPA is a full service tax, accounting and business consulting firm located in Guymon, OK.

05/28/2026

Review Your Withholding After Filing!

If you filed your 2025 return on time, you may now have valuable information that can help you fine-tune your 2026 withholding. A big refund indicates you withheld too much in 2025. If you expect your 2026 income and deductions to be very similar, consider reducing your withholding so that you won’t give the federal government such a large, interest-free loan this year.

Meanwhile, a high tax bill (and perhaps interest and penalties) when you filed your 2025 return means you withheld too little. You may want to increase your withholding in 2026 to avoid, or at least minimize, interest and penalties next April.

Was your 2025 tax bill or refund small? Reviewing your 2026 withholding is still a good idea if this year you have significant changes in income or deductible expenses, or you experience a major life event, such as a marriage, divorce, or the birth or adoption of a child. If you earn income not subject to withholding, you may also need to evaluate estimated tax payments to stay compliant and avoid or reduce interest and penalties. Contact the office to discuss your situation.

Check out our Monthly Newsletter, all this information came through at the following link:
https://www.starcpa.com/newsletter.php

*Any accounting, business, or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. We would be happy to do the required research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter defining the scope and limits of the desired consultation services.* See less See less See less

Take a look at our Newsletter page. Denise H. Lunt, CPA is a full service tax, accounting and business consulting firm located in Guymon, OK.

05/27/2026

📄Before You Shred: Know Which Tax Records to Keep📄

Tax documents can accumulate quickly. While clearing out old files can feel productive, it’s important not to discard anything until you’ve reviewed some record-retention guidelines.

Why Good Recordkeeping Is Important...

Well-organized records make it easier to prepare accurate tax returns and respond if the IRS requests additional information or examines your return. Documents such as receipts and bank statements should support the income, deductions, and credits you report.

Good recordkeeping also helps you monitor financial activity throughout the year. And it can simplify preparing future tax returns or amended returns.

The General Rule...

Records that support a tax return should generally be kept until the statute of limitations expires for that return. In general, the IRS has three years to assess additional tax after a return is filed. Returns filed before the due date are considered filed on the due date.

This three-year window is why you should keep supporting documentation — such as W-2 and 1099 forms, receipts, and charitable contribution records — for at least that long.

Situations That Extend the Timeframe...

Certain circumstances allow the IRS additional time to review a return. For example, the statute of limitations increases to six years if more than 25% of gross income is omitted from a return. If a taxpayer fails to file a return or files a fraudulent return, there’s no time limit on when the IRS can assess tax.

Additionally, the timeframe for claiming a refund generally extends to three years after filing the return or two years after paying the tax, whichever is later. (This generally would require filing an amended return.)

Don’t Discard These Records Too Soon...

Some documents should be retained beyond the typical three-year period because they may affect multiple tax years or support future transactions. These include:

Property and investment records. You should keep records related to property (such as real estate) or investments (such as stocks or bonds) for as long as you own the asset, plus at least three years after it’s sold. These records are needed to calculate the basis, gain, or loss when the asset is sold.

Retirement plan records. Retain retirement and pension documents for as long as the accounts have funds and for at least three years after the accounts are closed or funds are withdrawn. Keep records of nondeductible IRA contributions indefinitely to prove taxes were already paid on those amounts.

Bad debt or worthless securities deductions. Records supporting these claims should generally be kept for seven years from the date the return was due.

Filed tax returns. Proof of filing should be kept for at least as long as the statute of limitations applies to that return. However, it’s a good idea to keep proof longer for your records.

Seek Guidance...

Don’t guess when it comes to tax records. If you’re unsure whether to keep or discard certain documents, contact the office for guidance.

Check out our Monthly Newsletter, all this information came through at the following link:
https://www.starcpa.com/newsletter.php

*Any accounting, business, or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. We would be happy to do the required research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter defining the scope and limits of the desired consultation services.* See less See less

Take a look at our Newsletter page. Denise H. Lunt, CPA is a full service tax, accounting and business consulting firm located in Guymon, OK.

05/27/2026

⚠️Scam of the Week⚠️
The Help Desk Hijacking...

Imagine starting your workday to find your email inbox flooded with hundreds of junk emails all arriving at once. Before you can make any sense of the chaos, you receive a Microsoft Teams message from someone claiming to be from your organization's IT team, offering to step in and fix the problem. They send you a link to install a “Mailbox Repair Utility”.

But this IT helper is actually a cybercriminal running a carefully planned scam! Cybercriminals send you this mass influx of emails deliberately to create a sense of panic and make their offer to help you seem credible. If you click the link they sent, you'll be directed to a malicious webpage. Once on the page, you'll be instructed to enter your username and password to install the repair tool. However, this webpage is designed to steal your login information, and the "repair tool" is actually malware!

Follow these tips to stay safe:

1. If you experience a problem with junk emails, contact your IT department directly through a verified channel. Don't respond to anyone who messages you unexpectedly and offers to help.
2. You shouldn't click links or install software if someone messages you unexpectedly, even if they claim to work for your IT department. If you receive a suspicious message, be sure to report it.
3. Remember, always stop and think before you act. Cybercriminals can attempt to trick you by creating a problem and then offering to help you “fix” it.

Always stop and think before you take action!

This week's scam alert is brought to you by The KnowBe4 Security Team! We take our clients' online safety seriously and want to keep everyone informed about what's going on and what can put them at risk.

Feel free to contact our office with any questions! See less

05/15/2026

⚠️Scam of the Week⚠️
A Pointless Smishing Scam!

In this week’s scam, cybercriminals send you a text message claiming you have reward points that are about to expire. The message appears to come from a well-known organization, such as your mobile service provider or your bank. It warns that you have thousands of points that will disappear in just a few days unless you act now. The message includes a link and instructs you to select it to claim your rewards.

However, this is a smishing, or text phishing, scam! If you click the link, you will be redirected to a fake website and prompted to enter your login credentials or banking information to claim your rewards. But if you enter any information on this page, cybercriminals will steal it immediately!

Follow these tips to avoid falling victim to this smishing scam:

1. If you receive a text message that claims you have rewards points that are about to expire, don’t select any links. Instead, use the organization's official mobile app or website to check your account.
2. Cybercriminals use urgent language and the threat of short deadlines, such as "expiring soon," to trick you into acting quickly. Always stop and think before you act!
3. If you receive a suspicious text message, do not reply, as this could let scammers know that your phone number is active. Instead, report the message to your mobile provider so they can block similar messages in the future.

Always stop and think before you take action!

This week's scam alert is brought to you by The KnowBe4 Security Team! We take our clients' online safety seriously and want to keep everyone informed about what's going on and what can put them at risk.

Feel free to contact our office with any questions!