EC Barrett, LLC

Celebrating Freedom and Opportunity

This Independence Day, EC Barrett, LLC wishes our clients, colleagues, and community a safe and happy Fourth of July.

We're proud to support the businesses and individuals who help drive our communities forward. Thank you for allowing us to be part of your journey.

Have a wonderful holiday! 🎇

Is Your Side Activity a Hobby or a Business?

As more individuals turn their passions into income streams, it’s important to understand how the IRS distinguishes between a hobby and a business.

The key difference lies in intent and ex*****on. Businesses operate with the goal of making a profit, while hobbies are primarily for personal enjoyment. However, the distinction isn’t always black and white.

Consider these factors:
• Do you intend to generate a profit?
• Are you earning consistent income or expecting future gains?
• Do you maintain accurate books and records?
• Are you actively adjusting operations to improve profitability?
• Do you rely on this activity as a source of income?

No single factor determines the classification—it’s about evaluating the full picture.

Important reminder:
Payments received through platforms like Venmo, PayPal, or similar apps may result in a Form 1099-K, and digital asset transactions may trigger a Form 1099-DA. These are generally considered taxable income.

✅ Regardless of classification, strong recordkeeping is essential for compliance and smart financial management.
If you’re unsure how your activity should be classified, EC Barrett, LLC can help you navigate the details with confidence.

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Natural disasters disrupt more than property — they can complicate your tax situation. EC Barrett, LLC outlines practical steps for individuals and businesses: create digital backups, inventory assets, understand available tax relief, and prepare an emergency plan. Read the full article to strengthen your financial resilience: https://wix.to/1cfg6h3 #

Disaster Preparedness for Taxpayers: Protect Your Finances Before Hurricane Season When hurricane season begins, it’s not just coastal storms you need to think about—fires, floods, and other unexpected emergencies can disrupt your life or business at any time. At EC Barrett, LLC, we help individuals and businesses stay financially prepared with proactive disaster planning and ...

Setting up an IRS ID.me account is a small step that offers big protection: faster identity verification, safer access to tax records, and fewer administrative delays. Our concise 3-minute guide explains why it matters and how to get started: https://wix.to/UmG5u3G .me ,LLC
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Quick tax tip 👇

The 2026 IRS standard business mileage rate is 72.5¢ per mile — up 2.5¢ from 2025 (Notice 2026-10).

For a salesperson driving 20,000 business miles, that's $500 in extra deductions this year alone.

Where most people lose it:
🟢 No contemporaneous log (date, miles, purpose, destination)
🟢 Mixing personal and business trips
🟢 Forgetting parking, tolls, and DMV fees — deductible IN ADDITION to the mileage rate
🟢 Choosing actual expenses on a leased vehicle (you're locked in for the lease)

💡 Pro tip: Use a tracking app that auto-logs trips. 5 minutes of setup beats 5 hours in March.

💬 What mileage app do YOU use?

🔄 Save and share with your team.
📞 (404) 250-4570 |

EC Barrett, LLC | Certified Public Accounting Firm | Experts in Audit and Tax Services | Business Advisors | Atlanta, GA EC Barrett, LLC | Sandy Springs CPA, Accounting and Business Consultant Firm, Atlanta, Georgia, Certified Public Accountants, Business Advisors

Need to file a past tax return but can’t find your original tax documents? Here’s a step-by-step guide on how to obtain your Wage & Income Transcript from the IRS, which includes information from forms like W-2, 1099, and other income documents:

Option 1: Get Your Transcript Online (Fastest Method)
Step 1: Go to the IRS Website
Visit the IRS “Get Transcript” page: https://www.irs.gov/individuals/get-transcript

Step 2: Sign In or Create an Account
You’ll need to verify your identity using ID.me. Be prepared to provide:
• Social Security Number (SSN)
• Date of birth
• Filing status
• Mailing address from your latest tax return
• Access to a personal financial account (e.g., credit card, mortgage, auto loan)
• A phone number registered in your name

Step 3: Select “Wage and Income Transcript”
Once logged in, choose the Wage and Income Transcript option. You can view, download, or print it instantly.

OR
Select “Tax Return Transcript”
Choose the tax year and download the transcript. This is free and includes most line items from your original return.

Step 4: Choose the Tax Year
Select the year(s) you need. Transcripts are available for the current year and up to nine prior years.

📬 Option 2: Request by Mail
Step 1: Complete Form 4506-T
Download and fill out Form 4506-T, Request for Transcript of Tax Return.
Step 2: Provide Required Info
Include:
• SSN or ITIN
• Date of birth
• Mailing address from your latest return
• Tax year(s) requested
• Check box for “Wage and Income Transcript”

Step 3: Mail the Form
Send it to the IRS address listed on the form. Transcripts typically arrive within 5–10 calendar days.

☎️ Option 3: Request by Phone
Call the IRS automated transcript line at 800-908-9946 and follow the prompts to request a transcript by mail .

📌 Important Notes
• Transcripts partially mask personal info for security, but financial data remains visible.
• If you need a full copy of your tax return, use Form 4506, not 4506-T.
• You can use Wage & Income Transcripts for loan applications, tax prep, or income verification.

Get your tax records and transcripts | Internal Revenue Service Provides information about how to access your transcripts/tax records online or by mail.

Mid-year is one of the most consequential planning periods for businesses. Our blog outlines practical steps Georgia companies should take now—cash-flow readiness, updated tax planning, compliance checks, and strategic investments—to protect profitability and enable growth. Read more: https://wix.to/EBnGWia ,LLC
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Sponsoring or merging into a S**C? Your audit needs are very different from a standard private-company audit.

What we see trip up S**C teams the most:
🟢 Trust account accounting — classification, redemption mechanics, and warrant treatment under ASC 480 and ASC 815.
🟢 Target-company readiness — private targets often need 2–3 years of PCAOB-quality financials in 90 days. Plan early.
🟢 De-S**C ICFR scoping — the moment the deal closes, public-company controls and SOX timelines start running.
🟢 Going-concern, dilution, and warrant disclosures — recurring SEC comment-letter topics.

EC Barrett supports S**C sponsors, target companies, and newly public entities through every stage — sponsor formation, trust period, target diligence, and post-close ICFR.

💬 S**C sponsors and CFOs: what's been your toughest audit/SEC reporting challenge?

🔄 Tag a CFO navigating a public-company transition.
📞 (404) 250-4570 | www.ecbllc.com

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EC Barrett, LLC | Certified Public Accounting Firm | Experts in Audit and Tax Services | Business Advisors | Atlanta, GA EC Barrett, LLC | Sandy Springs CPA, Accounting and Business Consultant Firm, Atlanta, Georgia, Certified Public Accountants, Business Advisors

Just filed your tax return? Our latest post at EC Barrett, LLC explains how to check your refund status using the IRS “Where’s My Refund?” tool, what timelines to expect, and common causes of delays. Useful for individuals and small business owners who want clarity on refund timing. Read more: https://wix.to/C9xDbj8



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The Big One is Here: April 15th!

The countdown is officially on. While the March deadline was for our S-Corp and Partnership friends, April 15th is the finish line for almost everyone else.

At EC Barrett, LLC, we know the "Tax Day" pressure can be real, but you don't have to navigate it alone.

🚩 What’s Due by April 15, 2026?
• Form 1040: Individual Income Tax Returns.
• Form 1041: U.S. Income Tax Returns for Estates and Trusts.
• Form 1120: C-Corporation Income Tax Returns.
• Estimated Tax Payments: Q1 payments for the 2026 tax year.
• Extension Requests: If you can't file on time, your request for an extension (Form 4868) must be submitted by April 15, 2026 to avoid late-filing penalties.

💡 Pro Tip: An extension gives you more time to file, but not more time to pay. Any taxes owed are still due by April 15, 2026!

Don't let the clock run out! Whether you’re ready to file or need to talk about an extension, EC Barrett, LLC is here to ensure your filings are accurate and stress-free.