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.
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 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.
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!
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 email@example.com and we can get you on your way to compliance!
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.