Even if an audit is not required of your company’s 401(k) plan, the plan administrator, trustee and others acting on behalf of the plan participants are still required to meet their fiduciary responsibility. That includes acting with due care, following the plan document, diversifying plan investments, and paying only reasonable plan expenses. Read ourarticle for more information.
Congratulations to our newly certified CPAs, Deborah Jacobs and Jarom Haynie. Deborah joined the firm in 2013 and is a Supervisor in our ARSA Solutions group. She graduated from the University Alabama in Huntsville with a BSBA in Accounting in 2004. Deborah is a Certified QuickBooks Advanced ProAdvisor and works with our CFO Services, Outsourced Accounting and Small Business Services clients. Jarom joined the firm in 2016 and is a Senior Accountant in our Audit & Assurance group. He graduated from Athens State University, summa cum laude, with a BS in Accounting in 2015. Jarom works with our Construction, Employee Benefit Plan, Government Contracting, Manufacturing and Not for Profit clients. We are very proud to have them on our team!
We were honored to be a Silver Sponsor of the SBDC Small Business Expo and our very own Scott Hand, CPA was asked to present on Trends in Taxation. Hope you could make it but if not check out the link for more about the UAH Small Business Development Center! https://www.uah.edu/sbdc
Jarom Haynie, Hunter Meeks, Luke Kinzer & Chris Taylor
ARSA is pleased to announce the firm’s continued growth in the Central Florida market. We have hired Mary Manning, CPA, to support the growing demand of our Florida clients. Mary has an MBA from the University of Wisconsin and more than 30 years’ experience in business finance. She brings vast knowledge in corporate controllership, government contracting, manufacturing, financial analysis, strategic planning, budgeting, forecasting, and systems implementation to the ARSA family. We are excited to have her join our team!
ARSA was excited to participate in the Huntsville GovCon Growth Summit at the Jackson Center today with Unanet. The day kicked off with a presentation by the Bloomberg Government analyst team, reviewing the Huntsville market and discussing the growth opportunities available to the region. Our very own, Brandon Smith, CPA, moderated a CFO panel, featuring four local CFOs. A third presentation by local firm H2L Solutions was given discussing the top cybersecurity controls and mitigation to grow your business. The event was a big success!
As a trusted advisor, we continue to bring value to our clients by thinking proactively about the years to come, not just the years past. With the passage of the Tax Cuts and Jobs Act, some deductions that were previously deductible in full, will be limited. One of such deductions is the $10,000 limit of the amount of taxes deductible as an itemized deduction. To combat this limitation, ARSA has been advising our clients to consider a contribution to a Scholarship Granting Organization or SGO. Read our articleand contact us today at 256.533.1040 to discuss.
The tax reform legislation recently passed by Congress significantly changes the landscape for individuals beginning January 1, 2018, and continuing for many years to come. For many taxpayers, the changes made by the legislation present a host of tax planning challenges and opportunities. Check out our articleto find out the new changes. Please contact us at 256.533.1040 to discuss tax planning opportunities and the impact of Tax Cuts and Jobs Act on your situation.
Big news! President Trump has signed the new tax bill into law. The President says many people will see changes to their paycheck starting in February but there are a few things you may want to take care of now. Check out the video for more or give us a call at 256-533-1040.
There could be some big tax changes on the horizon but don’t worry, here at ARSA we have been reading up on the new tax bill. Over the next few days we will be posting videos about the new bill, if and when it passes, and how it will affect you, your family, and your company.
We are pleased to announce several recent promotions within the firm! In the Tax Advisory Services group, Chris Cook, CPA and Andrew Labosier, CPA, MAcc, MBA have been promoted to Supervisor. In the Audit & Assurance group, LeAnne Goode, MBA has been promoted to Supervisor and Rachel Bray, CPA, MBA has been promoted to Senior. In the ARSA Solutions group, Alex Marino, MAcc, Elena Miller, MBA and Caroline Rhodes have been promoted to Senior.
As the year draws to a close, tax reform remains a priority of both President Trump and Congressional Republicans. With the introduction of H.R. 1, both the President and leaders in Congress have made clear their intent to enact broad individual income tax reforms. Read what the bill will impact here.
As you may be aware, major tax reform legislation may be passed this year and could mean sweeping changes to the tax code for the first time in about 30 years. Although the bill has only recently been proposed and the timing of its passage is uncertain, businesses should be aware of the bill that has been released.
The corporate rate cuts would be significant. The bill proposes a 20% corporate tax rate for most corporations with a 25% corporate tax rate for personal service corporations. The bill also significantly alters the treatment of income from passthrough entities. Businesses conducted as sole proprietorships, partnerships, or S corporations would be subject to a special passthrough maximum rate of 25% for business income. The bill includes methods to combat classification of compensation into business income. Read the full article here.
2018 will be here before we know it and it is important to proactively plan for it! Gathering information and implementing a budget process for your company can provide goals and targets that help with growth and strategic direction. A budget provides a road map for how you intend and expect your business to perform, which then can be compared to what you actually experience during 2018. It is a useful tool for managing performance, developing a specific niche in your business, projecting net income, and tax planning and projection, to name a few. Your forward pricing budget should always be your starting point for proposal pricing and cost impact analysis.
If you need guidance or assistance in establishing your budget for 2018, please contact Brandon Smith at 256-489-7246 or Michelle Jenkins at 256-489-7143. We look forward to helping you!
There are certain taxable fringe benefits that should be added into an employee’s compensation (and therefore included on their W-2) before the end of each calendar year:
Here are some common examples:
Personal use of a Company-owned Vehicle (required for all businesses)
Group-term life insurance over $50,000 paid by the Company on behalf of employees (required for all businesses)
Health Insurance Premiums for Shareholders of an S Corporation (required for S Corps only)
Tuition reimbursement (required for all businesses – with applied threshold of $5,250)
These “W-2 add-on’s” should be included in the last paycheck dated in December 2017 (or prior).
If you have any of these add-ons and have questions or need assistance with adding to your payroll records, please feel free to call Deborah Jacobs or Caroline Rhodes at 256-533-1040. We are happy to help!
Congratulations to Amanda Archambeau for passing the CPA Exam! Amanda joined the firm in 2014 and is a Supervisor in our ARSA Solutions group. She graduated with a BS in Accounting in 2013 and a Master of Accountancy in 2106 from the University of Alabama in Huntsville. Amanda specializes in Government Contracting and is Unanet Implementation Certified.
The federal government implemented the Research & Development (R&D) tax credit in 1981 to create jobs and spur technology in the U.S. The R&D tax credit originally pertained to basic research
expenses, such as those occurring in a traditional laboratory setting. However, subsequent modifications to the tax law have simplified the credit and made it available to a wide array of businesses. Today, the R&D credit provides billions of dollars in annual tax benefits to a broad range of U.S. companies. Click here for more information.
We are pleased to announce promotions in the firm. Amanda Archambeau has been promoted to Supervisor in our ARSA Solutions Group and Jarom Haynie has been promoted to Senior in our Audit and Assurance Services Group.