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Year-End Tax Planning Letter

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As 2018 draws to a close, there is still time to reduce your 2018 tax bill and plan ahead for 2019. Year-end planning this year follows the new laws created by the Tax Cuts and Jobs Act that made major changes to the rules for individuals and businesses. This letter highlights several potential tax-saving opportunities for you to consider whether you are a business operator or an individual.

Read the full letter here, and contact us for your tax planning needs.

Anglin Merges in Pensacola-based Bloomer, Geri & Company

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As part of its long-term, strategic growth plan, Anglin Reichmann Snellgrove & Armstrong P.C. (Anglin CPAs) has merged in Pensacola, Fla.-based firm Bloomer, Geri & Company, effective September 1. The combined firms will operate under the name Anglin Reichmann Armstrong.

The merger will provide service expansion opportunities in the Pensacola market while retaining the leadership and boutique tax consulting services that Bloomer, Geri & Company is known for. Anglin CPAs will maintain the office in Pensacola, which will offer tax services, but also services in audit and assurance, business solutions and IT solutions.

For the past four years, practice advisor Gary Adamson, CPA, consulted with Bloomer, Geri & Company on a transition plan. This included research and recommendations for the firm to explore several potential sale or merger options. Ultimately, they determined that Anglin CPAs matched their transition goals the best.

“Anglin offers the expanded services our clients were asking for. Their culture and fee structure are very similar to ours. We are also on the same page regarding transition of clients and my role in the upcoming years,” said Donna Bloomer, CPA, managing partner. “I am excited about the future for our team and clients in Pensacola.”

Bloomer will stay in her position as firm managing partner through the business transition. She anticipates retiring with the option of a part-time consulting position within the next five to 10 years. Owner and Operations Executive Manager Jeanette Geri will likely retire earlier than Bloomer while Steve Schickel, CPA, will remain a Partner based in Pensacola.

The Pensacola area is an emerging growth market, according to Anglin CPAs Managing Partner Gary Anglin. “We see many opportunities for a presence in Pensacola, in particular expanding our services in government contracting,” he said. “We also respect the depth of tax consulting and knowledge that Bloomer, Geri & Company have developed among their professionals, specifically estate and gift tax consulting. We are looking forward to learning from each other.”

Anglin Named One of the Best Accounting Firms to Work for by Accounting Today

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Anglin Reichmann Armstrong has been named one of 2018 Best Accounting Firms to Work For by national publication Accounting Today. The publication is a leading information resource for public accountants. According to Accounting Today, the annual survey and awards program is conducted in partnership with Best Companies Group, and is designed to identify, recognize and honor the best employers in the accounting profession.

“We are honored to be selected for this recognition,” said Managing Partner Gary Anglin. “Our team members are our greatest asset and we work constantly to provide the best possible career path, quality of life and work environment for everyone.”

Anglin has been operating in Huntsville for more than 28 years and continues to grow. The company has accountants and business consultants offering a full range of accounting and advisory services specializing in Audit and Assurance, Tax Advisory Services, ARSA Business Solutions, and IT Solutions. Anglin is the largest locally owned CPA firm headquartered in Huntsville, Alabama, and serves clients throughout North Alabama, the Southeast, and nationally.

“As we continue to focus on the growth of our company we have also made it a priority to not forget the most important part of what we do, our people,” said Director of Staff Development Wendy Tucker.

Anglin Announces Firm-Wide Promotions

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Anglin Reichmann Armstrong is pleased to announce 10 firm-wide promotions.  The staff listed below received promotions.  Congratulations to all!

Manager: 
Amanda Archambeau, CPA, MAcc, QuickBooks Pro Advisor
Jonathan Goodwin, CPA, QuickBooks Pro Advisor, Implementations Specialist
Denise Miles, CPA, CGMA
Dustin Schaefer, CPA

Supervisor:
Elena Miller, MAcc, QuickBooks Pro Advisor
Angela Sparks, CPA, QuickBooks Pro Advisor
Emily Zirbel, MBA

Senior:
Maggie McAllister
Sarah Beth Murphy
Ann Marie Tanielu, QuickBooks Pro Advisor

 

Anglin Welcomes New Audit Supervisor Meg Lawson

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We are pleased to announce the addition of Meg Lawson, CPA, MAcc, as a Supervisor in the firm’s Audit & Assurance group.  Meg has over 9 years experience in public accounting working with clients in industries including employee benefit plans, government contracting, and professional services.  She has a Bachelor’s in Accounting and a Master of Accountancy from the University of Alabama.  We are excited to have her join our team!

Meg 2

Meg Lawson

Upcoming Important Dates

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Important Dates to Keep in Mind

6/30/18

  • Incurred Cost Submission Due Date

7/31/18

  • Form 5500 – Annual Return/Report of Employee Benefit Plan Due Date
  • Form 941 – Employer’s Quarterly Federal Tax Return Due Date

9/17/18

  • Form 1065 – Return of Partnership Income Extended Deadline
  • Form 1120S – S Corporation Tax Return Extended Deadline
  • 3rd Quarter Personal Estimated Payment Due Date
  • 3rd Quarter Corporation Estimated Payment Due Date

10/1/18

  • Form 1041 – U.S. Income Tax Return for Estates & Trusts Extended Deadline

10/15/18

  • Form 1040 – U.S. Individual Tax Return Extended Deadline
  • Form 1120 – U.S. Corporation Tax Return Extended Deadline
  • FBAR – Report of Foreign Bank & Financial Accounts Extended Deadline

10/31/18

  • Form 941 – Employer’s Quarterly Federal Tax Return Due Date

11/15/18

  • Form 990 – Return of Organization Exempt from Income Tax Extended Deadline

Incurred Cost Submissions Due

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Do you have the clause FAR 52.216-7 “Allowable Cost and Payment” in any of your contracts? If you do, you have a requirement to prepare an Incurred Cost Submission for your company and submit to your local DCAA office by June 30th, 2018. Typically, this FAR clause is incorporated in cost reimbursable contracts and Time-and-Materials (T&M) contracts that are direct to the government or a flow-through from a prime contractor. A fixed price contract may also have a cost reimbursable element(s) so be sure to check all your contracts for this clause that triggers the requirement for submission.  If you discover that you do have the requirement and would like help in the preparation or review of the submission, we’d be happy to help with that. Please contact Michelle Jenkins at mjenkins@anglincpa.com and we can get you on your way to compliance!

401(k) Plan Administration

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Best Practices in 401(k) Plan Administration

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 our article for more information.