Business Consultants & Certified Public Accountants
A PASSION to Excel on Your Behalf
Business Consultants and Certified Public Accountants with guaranteed results
We take great pride in the services we provide and our ability to add real value to your company. One of the things that sets us apart from other firms is our dedication to customer service. Everything we do is measured by our commitment to serving our clients. While most other accounting firms simply tell clients about it, we put our money where our mouth is and guarantee it! You are the judge of the end product, and if you believe you have not received a measurable value for a particular service, you may withhold payment. Please read our engagement letter for details on our guarantee.
TAX LAW UPDATES
- Tax Reform – Key Provisions: Click here to read through some of the key individual and business provisions of the Tax Cuts and Jobs Act, also know as Tax Reform.
- Tax Reform Update: Perhaps the most notable change included in the reform is the allowance of a deduction for “Qualified Business Income” (QBI). Most business owners will now be allowed to deduct up to 20% of their taxable income for the aggregate amount of QBI that flows through to them. The calculation of deductible QBI is subject to a wage limitation as well as a restriction on certain specified services if the taxpayer exceeds an income threshold. However, unlike above-the-line deductions the QBI deduction is applied regardless of whether taxpayers itemize or take the standard deduction.
- New tax rules went into effect on January 1, 2018 for partnerships and multi-member limited liability companies that file as partnerships. Businesses that operate as these types of entities should have their operating agreements reviewed and updated to reflect the new tax law. The new rules can have inequitable results, but if addressed through appropriate updates to the business’s operating agreement and through special elections made upon filing the tax return they can be minimized. Please call a member of the S&G team if you need assistance.
- Is Your Worker an Independent Contractor or Employee?The question of whether a worker is an independent contractor or employee for federal income and employment tax purposes is a complex one. It is intensely factual, and the stakes can be very high.If a worker is an employee, the company must withhold federal income and payroll taxes, pay the employer’s share of FICA taxes on the wages plus FUTA tax, and often provide the worker with fringe benefits it makes available to other employees. These obligations don’t apply for a worker who is an independent contractor. The business sends the independent contractor a Form 1099-MISC for the year showing the amount paid to the contractor (if the amount is $600 or more), and that’s it.Click here to visit the IRS website that explains the rules of worker classification and business owners’ responsibilities.Please contact a member of the S&G Team if you’d like to discuss how these complex rules apply to your business, to make sure that none of your workers are misclassified.
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