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Craig L. Elggren CPA PC

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Craig L. Elggren CPA PC

No annoying tax professional lingo. Just straight, authoritative and friendly advice. Visit us: www.clecpa.com
Or give us a call: (480) 464-0205

Craig L Elggren, CPA PC is a full service CPA practice, servicing small to medium size businesses and their owners. We provide tax planning, preparation and successful business planning, payroll and tax resolution services. Our team brings the experience of a large accounting firm but we make it our priority to provide the personal attention that only a small accounting firm can offer. We are experienced, affordable, and strive to treat others as we would like to be treated.

10/09/2026

𝗪𝗵𝘆 𝗱𝗶𝗱 𝗺𝘆 𝗽𝗮𝘆𝗿𝗼𝗹𝗹 𝘁𝗮𝘅 𝗱𝗲𝗽𝗼𝘀𝗶𝘁 𝘀𝗰𝗵𝗲𝗱𝘂𝗹𝗲 𝗰𝗵𝗮𝗻𝗴𝗲 𝘄𝗶𝘁𝗵𝗼𝘂𝘁 𝗺𝗲 𝗿𝗲𝗮𝗹𝗶𝘇𝗶𝗻𝗴 𝗶𝘁?

Your 2026 schedule is based on the payroll tax liability your business reported during an earlier four-quarter period, called the 𝘭𝘰𝘰𝘬𝘣𝘢𝘤𝘬 𝘱𝘦𝘳𝘪𝘰𝘥. For businesses that file Form 941, it runs from July 1, 2024, through June 30, 2025.

To check which schedule applies to you in 2026, add up Line 12 on your Forms 941 for:
• Q3 and Q4 of 2024
• Q1 and Q2 of 2025

If the total is $50,000 or less, you’re generally a monthly depositor. If it’s over $50,000, you’re a semiweekly depositor.

If your schedule changed and you kept depositing on the old one, you may have incurred failure-to-deposit penalties.

Unsure which schedule applies, or already facing a penalty? Message us. We can check your filings and deposits, then review whether penalty relief is available.

10/08/2026

𝗖𝗮𝗻 𝘀𝗼𝗺𝗲𝗼𝗻𝗲 𝗹𝗼𝗼𝗸 𝗮𝘁 𝗺𝘆 𝗳𝗶𝗹𝗲𝗱 𝘁𝗮𝘅 𝗿𝗲𝘁𝘂𝗿𝗻 𝘁𝗼 𝘀𝗲𝗲 𝗶𝗳 𝗜 𝗺𝗶𝘀𝘀𝗲𝗱 𝗮𝗻𝘆 𝘄𝗿𝗶𝘁𝗲-𝗼𝗳𝗳𝘀?

Yes, we can review a return you’ve already filed, even if someone else prepared it, to check for deductions or credits you may have missed.

If we find something, we can amend your return to claim what was missed.

It won’t apply in every situation. But if something looks off on one of your past returns, schedule an appointment and we can review it with you.

10/07/2026

𝗪𝗵𝗮𝘁 𝗵𝗮𝗽𝗽𝗲𝗻𝘀 𝗶𝗳 𝘆𝗼𝘂’𝘃𝗲 𝗯𝗲𝗲𝗻 𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗻𝗴 𝗮𝘀 𝗮𝗻 𝗦 𝗰𝗼𝗿𝗽, 𝗯𝘂𝘁 𝘁𝗵𝗲 𝗜𝗥𝗦 𝗿𝗲𝗷𝗲𝗰𝘁𝘀 𝘆𝗼𝘂𝗿 𝗹𝗮𝘁𝗲 𝗦 𝗰𝗼𝗿𝗽 𝗲𝗹𝗲𝗰𝘁𝗶𝗼𝗻 𝗿𝗲𝗾𝘂𝗲𝘀𝘁?

If you started running owner W-2 payroll and filing S Corp tax returns before getting official IRS approval, a denial gets you into a compliance mess.

Because the IRS rejected your late election, they put your business back to its original tax classification:
• Single-member LLCs revert to sole proprietorships (where owner W-2 paychecks aren't allowed).
• Incorporated entities revert to traditional C corporations.

Now, your accounting, payroll, and personal taxes are completely out of sync with what the IRS has on file.

To fix it, you have to compare the cost of fighting the rejection versus unwinding the mess.

𝗚𝗼𝘁 𝗮 𝗱𝗲𝗻𝗶𝗮𝗹 𝗻𝗼𝘁𝗶𝗰𝗲 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝗜𝗥𝗦? Send it to us with your prior returns. We’ll calculate whether it makes more financial sense to fight for your S corp status or clean up the fallback classification.

10/06/2026

𝗛𝗼𝘄 𝗯𝗶𝗴 𝗱𝗼𝗲𝘀 𝗮 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗮𝗰𝘁𝘂𝗮𝗹𝗹𝘆 𝗻𝗲𝗲𝗱 𝘁𝗼 𝗯𝗲 𝘁𝗼 𝗯𝗲 𝘀𝘂𝗰𝗰𝗲𝘀𝘀𝗳𝘂𝗹?

Turns out, some entrepreneurs are building pretty big businesses with very small teams.

𝘞𝘰𝘶𝘭𝘥 𝘺𝘰𝘶 𝘳𝘢𝘵𝘩𝘦𝘳 𝘨𝘳𝘰𝘸 𝘢 𝘣𝘪𝘨𝘨𝘦𝘳 𝘵𝘦𝘢𝘮 𝘰𝘳 𝘬𝘦𝘦𝘱 𝘺𝘰𝘶𝘳 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴 𝘪𝘯𝘵𝘦𝘯𝘵𝘪𝘰𝘯𝘢𝘭𝘭𝘺 𝘴𝘮𝘢𝘭𝘭?

https://www.inc.com/kaylawebster/ai-layoffs-fast-growing-companies-hiring-talent/91382822

10/05/2026

𝗪𝗶𝗹𝗹 𝗴𝗲𝘁𝘁𝗶𝗻𝗴 𝗮 𝗹𝗮𝘁𝗲 𝗦 𝗰𝗼𝗿𝗽 𝗲𝗹𝗲𝗰𝘁𝗶𝗼𝗻 𝗮𝗽𝗽𝗿𝗼𝘃𝗲𝗱 𝗰𝗮𝗻𝗰𝗲𝗹 𝗺𝘆 𝗜𝗥𝗦 𝗽𝗲𝗻𝗮𝗹𝘁𝗶𝗲𝘀?

Getting retroactive S corp status fixes your business tax classification, but it doesn't erase back penalties.

To the IRS, these are two completely separate files:
• 𝗟𝗮𝘁𝗲 𝗲𝗹𝗲𝗰𝘁𝗶𝗼𝗻 𝗮𝗽𝗽𝗿𝗼𝘃𝗮𝗹 fixes 𝘸𝘩𝘰 you are for tax purposes (granting you retroactive S corp status from the date you intended).
• 𝗜𝗥𝗦 𝗽𝗲𝗻𝗮𝗹𝘁𝗶𝗲𝘀 are triggered by 𝘢𝘤𝘵𝘪𝘰𝘯𝘴 (filing tax returns late, missing payroll tax deposits, or paying late).

Approving one does not automatically cancel the other.

The good news is, you can still request separate penalty abatement to get those IRS fines taken care of.

Comment 𝗣𝗘𝗡𝗔𝗟𝗧𝗜𝗘𝗦 to see if you qualify for penalty relief.

10/02/2026

𝗜𝗳 𝘁𝗵𝗲 𝗜𝗥𝗦 𝗮𝗽𝗽𝗿𝗼𝘃𝗲𝘀 𝗺𝘆 𝗹𝗮𝘁𝗲 𝗦 𝗰𝗼𝗿𝗽 𝗲𝗹𝗲𝗰𝘁𝗶𝗼𝗻, 𝘄𝗶𝗹𝗹 𝗺𝘆 𝘀𝘁𝗮𝘁𝗲 𝗿𝗲𝗰𝗼𝗴𝗻𝗶𝘇𝗲 𝗶𝘁 𝘁𝗼𝗼?

No, federal approval doesn't necessarily mean your state will recognize the same S corp treatment.

That’s because your federal election and your state tax treatment are separate. Some states follow the federal election automatically, while others require their own election, filing, or payment.

So after your federal election is approved, let us help check your state’s rules to see whether anything else still needs to be filed or corrected.

10/01/2026

𝗪𝗵𝗮𝘁 𝗰𝗮𝗻 𝗜 𝗱𝗼 𝘁𝗼 𝗺𝗮𝗸𝗲 𝗺𝗼𝗻𝗲𝘆 𝗳𝗲𝗲𝗹 𝗮 𝗹𝗶𝘁𝘁𝗹𝗲 𝗹𝗲𝘀𝘀 𝘁𝗶𝗴𝗵𝘁 𝗶𝗻 𝗺𝘆 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀?

If cash feels tight in your business, start by collecting money that's already owed to you.

Here are three places you can start:
1. Audit monthly software and vendor subscriptions, and cancel whatever isn't bringing in revenue or saving time.
2. Send follow-ups on overdue invoices past 15 days (uncollected money is an interest-free loan you're giving away).
3. Offer an add-on service to active clients, which takes less effort than landing a new customer.

Cash flow problems are usually a system issue, not a personal failure.

Send us a DM if you want another set of eyes on your expenses and unpaid invoices.

09/30/2026

𝗪𝗵𝗲𝗻 𝘀𝗵𝗼𝘂𝗹𝗱 𝗜 𝘀𝘁𝗮𝗿𝘁 𝗰𝗹𝗲𝗮𝗻𝗶𝗻𝗴 𝘂𝗽 𝗺𝘆 𝗽𝗮𝘆𝗿𝗼𝗹𝗹 𝗿𝗲𝗰𝗼𝗿𝗱𝘀 𝗳𝗼𝗿 𝘆𝗲𝗮𝗿-𝗲𝗻𝗱?

You should start reviewing your payroll records before Q3 closes so that you have time to catch problems while you can still address them.

A few things to check now:
1. Do your payroll reports match your general ledger?
2. Are any manual or voided checks creating discrepancies?
3. Do you have the right information on file for your contractors?
4. Are your payroll wage categories recorded correctly?

You have a three-month buffer to get those records cleaned up before December 31.

And if you want help reviewing the numbers, don’t hesitate to reach out (especially before Q4 gets too far along).

09/29/2026

It's easy to look at AI as the solution to your problems. But what it really does is magnify the problem areas that exist in your company already.

There are some key questions mentioned here that would be good for you to consider for your own business when incorporating AI.

https://www.inc.com/adam-povlitz/ai-wont-fix-a-business-that-wasnt-working-before-ai/91407235

09/28/2026

𝗗𝗼𝗲𝘀 𝗔𝘂𝘁𝗼𝗺𝗮𝘁𝗶𝗰 𝗘𝘅𝗲𝗺𝗽𝘁𝗶𝗼𝗻 𝗳𝗿𝗼𝗺 𝗣𝗲𝗻𝗮𝗹𝘁𝘆 𝗮𝗽𝗽𝗹𝘆 𝘁𝗼 𝗮𝗻 𝗮𝗺𝗲𝗻𝗱𝗲𝗱 𝘁𝗮𝘅 𝗿𝗲𝘁𝘂𝗿𝗻?

No, Automatic Exemption from Penalty is intended for eligible original returns, not amended returns.

That means filing an amended return doesn’t trigger an automatic AEP review.

If an amended return creates a penalty issue, there are still other ways to address it.

One thing we can look at is whether the penalty was assessed correctly in the first place. That means looking at the penalty alongside your filing history, payment history, and what actually happened with the return.

If something doesn’t line up, challenging the assessment itself can be an option.

So if you get a penalty notice after amending a return, 𝗰𝗼𝗺𝗺𝗲𝗻𝘁 “𝗣𝗘𝗡𝗔𝗟𝗧𝗬” so we can look it over before assuming the amount is final.

Address

1467 W Elliot Road Ste 102
Gilbert, AZ
85233

Opening Hours

Monday	8am - 5pm
Tuesday	8am - 5pm
Wednesday	8am - 5pm
Thursday	8am - 5pm
Friday	8am - 5pm

Website

http://www.clecpa.com/

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