Making the Most of Your Work in the New Year

by with No Comment Careers

It’s January, so if you are reading this article, you probably recently returned to work from the holidays. How well would you say your transition back to the office went? Was it smooth? Or did you struggle to find your way back to your normal routines? If you answered the latter, you are not alone.

Don’t get us wrong, it is certainly a privilege to get to take time off work for vacation. That said, the post-holidays adjustment can be a difficult one. When you disrupt your physical and mental routines, it can be hard to transition back into them. Today we want to offer some tips for successfully transitioning between vacation mode and office mode.

Before You Leave on Vacation
In order to make your post-holidays return to work as smooth as possible, you should start preparing before you even leave on vacation.

  • Make a list of things to check in on when you get back to work. This should include your bigger projects, as well as anything that you think might slip your mind easily.
  • Tidy up your workspace. If you clean up before you leave, you will get to return to a neat desk or office when you come back. This will help ease some of the chaos you might feel upon transitioning back to work.
  • Put up an away message on both your email and your voicemail. Let the people who try to contact you know for how long you will be out. Consider giving them a timeframe for when you expect to be able to return their call or email.
  • Work ahead, if possible. Try to do whatever will make your return to work easier.
  • Prepare mentally. This will likely look different for everyone, but take some time to think about your transition back to work. Maybe this looks like spending some time alone to recharge emotional energy. Perhaps it looks like scheduling one last night out with your friends‚Äîa last hurrah of your vacation.
  • Ease back into your normal sleep schedule a few days in advance of returning to work. This will make your transition smoother and easier.
  • Make a prioritized to-do list to help guide your day and week. Take your time with it so that you can be sure it is thorough and well organized.
  • Check your list‚Äîthe one you made before leaving on vacation‚Äîto see what important items you need to make sure to address now that you‚Äôre back in the office.
  • Clean out your inbox and voicemail. Budget plenty of time specifically for this task. Be sure to return calls and emails within the timeframe you specified in your away message. Speaking of which‚Ķ
  • Undo your away messages. Perhaps you set these up to turn off automatically at the end of your time out of the office. If not, make sure to disable your away messages manually.

Before You Return To Work
As your time off from work starts to come to a close, take these steps to prepare for your transition back to the office:

  • Prepare mentally. This will likely look different for everyone, but take some time to think about your transition back to work. Maybe this looks like spending some time alone to recharge emotional energy. Perhaps it looks like scheduling one last night out with your friends‚Äîa last hurrah of your vacation.
  • Ease back into your normal sleep schedule a few days in advance of returning to work. This will make your transition smoother and easier.¬†

Once You’re Back At Work
Finally, on your first day or two back to work after vacation, take care of the following:

  • Make a prioritized to-do list to help guide your day and week. Take your time with it so that you can be sure it is thorough and well organized.
  • Check your list‚Äîthe one you made before leaving on vacation‚Äîto see what important items you need to make sure to address now that you‚Äôre back in the office.
  • Clean out your inbox and voicemail. Budget plenty of time specifically for this task. Be sure to return calls and emails within the timeframe you specified in your away message. Speaking of which‚Ķ
  • Undo your away messages. Perhaps you set these up to turn off automatically at the end of your time out of the office. If not, make sure to disable your away messages manually.

Last of all, don’t forget to take things slowly. Like we mentioned above, the transition back to the office after the holidays or a long vacation can be very jarring. By following the tips outlined here, you can make the process easier. However, that does not mean that it will be entirely pain free. The best you can do is be mentally prepared and flexible as you exit vacation mode and head back to the office. 

4 Financial Resolutions You Can Actually Keep

by with No Comment Advisory

Believe it or not, it’s 2020. You’re not just starting a new year—you’re entering a new decade. With this in mind, you might want to make some resolutions that focus on your finances. According to  Psychology Today, 80 percent of resolutions fail by February. If you’re thinking about dieting or eating better, this isn’t very encouraging. However, when it comes to your money, there are some changes you can implement now that will have staying power and won’t be forgotten by spring.

Review Your Credit Report
This is important for your financial future in many ways, particularly if you want to buy a house or a car (and that’s just for starters). If you need to make some repairs to your score, the new year is the best time to do this. Better still, you’re entitled to three free reports each year. Check it out. See how you’re doing. You’ve got nothing to lose and everything to gain.

Get Out of Debt
This might be easier said than done, but it’s absolutely possible. One very helpful tool is Unbury.Me. It’s free and easy to use. Just create an account and map out a payment plan that works for you. If you want to wipe away your debt quickly, there’s the avalanche method, which attacks the highest interest rate debts first, then moves to the second highest and so on. But this isn’t the only solution. There’s another tool that actually uses your purchases to help you pay down debt: Qoins. Here’s how it works. You round your purchases to the nearest dollar, then apply the cash to your debt, i.e. student loans or credit cards. So, in essence, you can go on living your life while shrinking your debt.

Evaluate Your Insurance and Disability Insurance Needs
As you age, your insurance needs change. Think about how much protection you really need. For example, would you be better served by term or permanent life insurance? What about disability insurance? For the latter, make sure you have enough coverage. Life happens. It’s always best to be prepared.

Refresh Your Retirement Savings
If you work for a company that offers 401(k), 403(k) or 457 plans, consider asking your employer to withhold enough through salary deferrals to make sure you reach the maximum limit each year. If you’re over 50, you can raise the amount to make catch-up contributions. If you’re self-employed, you can contribute to a SEP IRA, profit-sharing plan or independent 401(k) plan. Making retirement deductions from your paychecks, especially when they’re maxed out, might take a bit of getting used to. But once you’ve retired, you’ll be very glad you had the foresight to act now. 

The truth is that the above resolutions are just the tip of the “money-berg”. You can go deeper into each area. If you want further assistance, consult a financial planner or your accountant. The biggest takeaway from all these suggestions is simple: begin now, or as soon as you can. When you’re making the most of your money today, you’re working toward a more secure tomorrow.

Sources
https://www.investopedia.com/articles/pf/06/newyear.asp

https://www.psychologytoday.com/us/blog/modern-mentality/201812/why-new-years-resolutions-fail

https://www.investopedia.com/terms/c/catchupcontribution.asp

https://www.nbcnews.com/better/business/4-tech-tools-help-you-get-out-debt-faster-ncna828351

https://www.transunion.com/article/3-free-credit-reports

https://www.investopedia.com/terms/t/termlife.asp

https://www.investopedia.com/terms/p/permanentlife.asp

https://www.investopedia.com/terms/d/disability-insurance.asp

https://www.investopedia.com/terms/s/sep.asp

2020 IRS Releases, Including Tax Rate Tables and Deduction Amounts, Plus More

by with No Comment Accounting & Audit, Advisory

Beginning on Jan. 1, 2020, the Internal Revenue Service (IRS) has new annual inflation adjustments for tax rates, brackets, deductions and retirement contribution limits. Note, the amounts below do not impact tax filing in 2020 for the tax year 2019. These amounts apply to 2020 taxes that will be filed in 2021.

Tax Rates and Brackets
Below are the new 2020 tables for personal income tax rates. There are separate tables each for individuals, married filing jointly couples and surviving spouses, heads of household and married filing separate; all with seven tax brackets for 2020.

Trusts and Estates have four brackets in 2020, each with different rates.

Standard Deduction Amounts
Amounts for standard deductions see a slight increase from 2019 to 2020, based on indexing for inflation. Note that again as in 2019, there are no personal exemption amounts for 2020.

Alternative Minimum Tax (AMT) Exemptions
Like the above, the AMT exemption amounts are increased based on adjustments for inflation, with the 2020 exemption amounts as follows.

Capital Gains Rates

Capital gains rates remain unchanged for 2020; however, the brackets for the rates are changing. Taxpayers will pay a maximum 15 percent rate unless their taxable income exceeds the 37 percent threshold (see the personal tax brackets and rates above for your individual situation). If a taxpayer hits this threshold, then their capital gains rate increases to 20 percent.

Itemized Deductions
Below are the 2020 details on the major itemized deductions many taxpayers take on Schedule A of their returns.

  • Medical Expenses ‚Äì The floor remains unchanged from 2019 to 2020, so taxpayers can only deduct expenses that exceed 10 percent of AGI.
  • State and Local Taxes – The SALT deductions also remain unchanged at the federal level with a total limit of $10,000 ($5,000 for married filing separately).
  • Mortgage Deduction for Interest Expenses – The limit on mortgage interest also remains the same with the debt bearing the interest capped at $750k ($375k for married filing separately).

Retirement Account Contribution Limits
Finally, we look at the various retirement account contribution limits for 2020.

  • 401(k) ‚Äì Annual contribution limits increase $500 to $19,500 for 2020
  • 401(k) Catch-Up ‚Äì Employees age 50 or older in these plans can contribute an additional $6,500 (on top of the $19,500 above for a total of $26,000) for 2020. This $500 increase in the catch-up provision is the first increase in the catch-up since 2015.
  • SEP IRAs and Solo 401(k)s – Self-employed and small business owners, can save an additional $1,000 in their SEP IRA or a solo 401(k) plan, with limits increasing from $56,000 in 2019 to $57,000 in 2020.
  • The SIMPLE ‚Äì SIMPLE retirement accounts see a $500 increase in contribution limits, rising from $13,000 in 2019 to $13,500 in 2020.
  • Individual Retirement Accounts ‚Äì There are no changes here for IRA contributions in 2020, with the cap at $6,000 for 2020 and the same catch-up contribution limit of $1,000.

Conclusion
There are no dramatic changes in the rates, brackets, deductions or retirement account contribution limits that the vast majority taxpayers tend to encounter for 2020 versus 2019. Most changes are simply adjustments for inflation. Enjoy the stability – as history has shown, it likely won’t last long.

Protecting Your Business Against Fraud

by with No Comment Advisory

Protecting Your Business Against Fraud

This article discusses some of the top things that you can do as a business owner in order to protect your business against fraud. From learning basic definitions to what a forensic accountant could do for you, different methods are outlined in this article. Be sure to better educate yourself in order to put your business in the best position possible in the new year!

To view this article, click HERE to access the original content.

RBG Announces Two Promotions

by with No Comment Firm News

We are pleased to announce that Ben Alexander, CPA and Austen Myers, CPA, CFE have both been promoted to Audit Manager.

Alexander established his career with RBG in 2014, shortly after graduating from college. He currently works in the firm’s niche area of Manufacturing & Distribution. Meyers joined the RBG team in 2017 after spending two years with Dixon Hughes Goodman. He currently serves in the firm’s Financial Institutions niche.

“I am thrilled to congratulate Ben and Austen on their recent promotions,” said Skeet Haag, CPA, managing partner of RBG. “Their hard work and dedication are evident in their daily work. It is a pleasure to watch them take this next step in their careers with RBG.”

A graduate of the University of Notre Dame, Alexander holds a Bachelor of Business Administration. He is a member of the American Institute of Certified Public Accountants (AICPA) and the Tennessee Society of Certified Public Accountants (TSCPA). Alexander is a life-long resident of Memphis.

Myers studied at both the University of Mississippi and Mississippi State University. He is a member of the AICPA, the TSCPA, and the Association of Certified Fraud Examiners. He is also an active member of the University of Mississippi Alumni Association and the Christian Brothers Alumni Board. Myers currently lives in Memphis with his wife, Bramlett.

 

Reynolds, Bone & Griesbeck PLC Announces New Managing Partner

by with No Comment Firm News

The Memphis accounting firm Reynolds, Bone & Griesbeck (RBG) has named Skeet Haag, CPA as its new managing partner. Haag succeeds John Griesbeck, CPA, who has served as the firm’s managing partner since 2004. 

“Having spent my entire career with RBG, it is truly an honor to be handed the reins of managing partner—a responsibility that I don’t take lightly. I look forward to upholding both our key traditions and our status as a respected member of the local community. I’m also excited to keep moving the firm forward as we continue to grow,” said Haag. “I’m thankful to John for his strong leadership of the firm over the past 15 years. He fostered a culture that promotes an enduring commitment to both client service and each other. His legacy will certainly live on.”

Griesbeck held the position of managing partner for 15 years, and under his leadership, the firm experienced significant growth and success. “I’m happy to see Skeet take on this new role,” says Griesbeck. “I value his experience and energy. I know he will promote excellence by continuing our firm’s focus on superior service and strong client relationships.”

Haag joined RBG in 1981 after graduating from Christian Brothers University with a Bachelor of Science in Accounting. He served as the firm’s assurance partner for many years, leading its niche practice areas for manufacturing, distribution, dealerships, and employee benefit plan audits. He is a member of the American Institute of Certified Public Accountants (AICPA), the Tennessee Society of CPAs (TSCPA), and Allinial Global’s Manufacturing and Distribution Committee. Additionally, he has served many organizations within his local community, including the Wolf River Conservancy, the Kiwanis Club of Memphis, Kiwanis Charities, Inc., and Ave Maria Nursing Home. Raised in Vincennes, Indiana, Haag currently resides in Memphis with his wife, Beth. 

Thames Kennedy Earns CPA Designation

by with No Comment Firm News

Reynolds, Bone & Griesbeck (RBG) team member Thames Kennedy has been approved for her license as a Certified Public Accountant (CPA) in Tennessee. 

Kennedy joined RBG in 2017 as an audit intern. She currently serves as tax staff. In this capacity, she participates in a variety of tax assignments for firm clients. 

“Thames should be very proud of this fantastic achievement,” said John Griesbeck, CPA, managing partner of RBG. “Earning one’s CPA designation is a big deal, and one of the most important milestones in an accountant’s career. I am very impressed that Thames was able to achieve this while remaining fully invested in her work her at RBG.”

A graduate of Mississippi State University, Kennedy earned a Bachelor of Accountancy with a Minor in Finance in 2017 and a Master of Professional Accountancy in 2018. She is affiliated with the American Institute of Certified Public Accountants (AICPA) and the Tennessee Society of CPAs (TSCPA). Raised in Ridgeland, Mississippi, Kennedy currently lives in Memphis.

The Commercial Appeal Names RBG a Winner of the Memphis Top Workplaces 2019 Award

by with No Comment Firm News

Reynolds, Bone & Griesbeck, PLC has been awarded a 2019 Top Workplaces honor by The Commercial Appeal. The list is based solely on employee feedback gathered through a third-party survey administered by research partner Energage, LLC (formerly WorkplaceDynamics), a leading provider of technology-based employee engagement tools. The anonymous survey measures several aspects of workplace culture, including alignment, execution, and connection, just to name a few.

“This recognition is a big deal, because it indicates so much about a business,” said Doug Claffey, CEO of Energage. “Reynolds, Bone & Griesbeck has truly distinguished itself by putting its people first and providing a superlative work environment for their team members.”

“I consider it a great honor to be included, once again, on this list of distinguished organizations,” said John Griesbeck, CPA, Managing Partner of Reynolds, Bone & Griesbeck, PLC. “The fact that we have fostered such a healthy workplace culture really shows when you look at the talent we have on our team, the low turnover rate we experience, and the fantastic results that we are able to achieve for our clients.”

About Energage, LLC 
Headquartered in Exton, Pa., Energage (formerly known as WorkplaceDynamics) is a leading provider of technology-based employee engagement tools that help leaders to unlock potential, inspire performance, and achieve amazing results within their organizations. The research partner behind the Top Workplaces program, Energage has surveyed more than 50,000 organizations representing well over 17 million employees in the United States.

New Memphis-Based Partner Joins RBG

by with No Comment Firm News

The century-old, Memphis-founded accounting firm Reynolds, Bone & Griesbeck PLC has recently added a new tax partner, Chad Boyd. Boyd has been a public accounting presence in the Mid-South for over 21 years. He joined Arthur Andersen in 1997 upon completing his undergraduate and Master of Taxation degrees at Mississippi State University. He then moved to Memphis in 2001 with Arthur Andersen before joining Deloitte where he has been until joining RBG, most recently acting as Managing Director. 

“We believe that Chad’s passion for serving clients as well as his attention to supporting and developing staff will greatly benefit RBG now and in the future,” said managing partner John Griesbeck. “Chad has the ability, drive, and entrepreneurial spirit to help us continue to grow our client base and attract talented staff as we move into RBG’s second century, with specific sights on our 2025 goals.”  

Boyd is active in giving back to the community in Memphis, and is excited to be a part of a local firm. In addition to his work experiences, Boyd also serves as a Trustee for the Pink Palace Museum, and a member of the Advisory Council for the Mississippi State University Adkerson School of Accountancy. He and his wife Gina have two children and love calling Memphis home. 

“I am thrilled to join the RBG team. I have been aware of RBG for a number of years. Their reputation for integrity and longstanding presence in the Memphis business community drew me to this opportunity. I am very excited to partner with the talented RBG team and help continue to grow this company by supporting and serving our clients,” said Boyd. 

Prior to joining Reynolds, Bone, and Griesbeck, Boyd’s experiences at Deloitte and Arthur Andersen have afforded a wealth of experience working primarily with private companies, and their owners and families, in nearly all facets of taxation. Additionally, Boyd has led teams focused on tax compliance, tax planning, and consulting for a variety of domestic, multi-state, and international flow-through clients as well as corporate clients. Boyd has his CPA, Master of Taxation, and Bachelor of Professional Accountancy. 

John Griesbeck Transitions Out of Managing Partner Role

by with No Comment Firm News

After months of deliberate planning, we’re excited to announce a few changes at RBG in the new year. John Griesbeck, CPA, will transition out of the role of managing partner at RBG effective January 1, 2020. Skeet Haag will be his successor.

John joined the firm in 1975 and has held the position of managing partner 15 years. Under his leadership, the firm experienced significant growth and success. He will remain a partner at the firm and is happy to have more time to focus on the success of his clients. 

Recently, John provided an interview to discuss the transition and his career.

Q: At the beginning of your career, what inspired you to choose accounting?
A: Accounting runs in my family; my grandfather, father, and three older brothers were all CPAs. During college, my finance and accounting courses lent knowledge to my career path. I also worked part-time at RBG, which gave me an opportunity to apply the knowledge I gained. It seemed natural to take advantage of the opportunity I had in public accounting.

Q: Looking back at your career, knowing what you know now, is there anything that you would do differently?
A: I would have changed some of my courses while I was in college. Knowing what I know now, I would have taken more marketing and management courses. Also, I would have read more about leadership and managing a professional services firm.

Q: What is the biggest change RBG went through while you were Managing Partner? 
A: I am proud to say that the biggest change has been the amount of women in the profession and in our firm. Women make up half of our employees, 25% of our partners, and many of our clients are owned or led by women. These trends will only increase in the future.

Q: What is the biggest challenge that RBG faces in the future?
A: I think the biggest challenge our firm faces in the future is continuing to retain the best and brightest professional staff. Many of the challenges our firm will face – automation/artificial intelligence, partner succession, increasing competition – cannot be met without great talent. That’s why people have always been our number one priority.

Q: What was your favorite part of being the firm’s managing partner?
A: I’ve always loved watching younger generations learn and grow into outstanding practitioners. As managing partner, I had a window into the entire firm and could observe team members develop throughout the firm. It is very satisfying to give these folks opportunities and see them step up to meet any challenge that comes along.

Q: How would you describe the legacy that you leave behind?
A: At RBG, we speak often of legacy – after all, we have been in business for more than 100 years. I hope that what I leave behind is an updated, yet similar, sense of legacy that our firm  has always lived by – serving clients to the best of our abilities, treating people the way any of us would want and expect to be treated, and giving back to the community that has supported us generation after generation. 

Q: What was the hardest part of being Managing Partner, over the years?
A: Managing people can be tricky. All are unique, unpredictable, and usually motivated by a variety of factors. (Did I just describe myself?) But our most important asset is people and we work hard every day to be a great place to work and serve clients.

Q: What advice do you have for the new Managing Partner, Skeet?
A: I’d like to remind Skeet to always LEAD:
Listen to all stakeholders – sometimes the best ideas come from unexpected sources.
Embrace change – there is no status quo.
Admit your mistakes – humble people are much easier to work with.
Demand more of yourself than anyone else.

John has always been a hard-working, determined individual. His leadership proved that when you apply yourself, you will be rewarded with success and growth. The firm is full of gratitude for all the things John accomplished during his tenure as Managing Partner. We look forward to the future with him as Partner.