Take the Uncertainty out of Health Care Reform

by with No Comment Tax, Employee Benefit Plans

If you’re not sure what the new health care law means to you, you’re not alone. A poll by the Kaiser Family Foundation revealed that just over a third of the public had tried to find out more information about the law—the Affordable Care Act—in recent months. About half of the respondents to the survey said they remain confused about the law and its provisions.

If you have questions we can provide the answers you need. Among other things, our individual clients should be aware of the Shared Responsibility Provision. Under the provision, people of all ages, including children, must either have minimum essential health coverage, qualify for an exemption or make a payment when they file their tax return this year. We can help you understand whether your coverage meets the law’s requirements, how gaps in coverage will be treated and what circumstances qualify for an exemption. Contact us today to find out how the health care law will affect you. 

1099 Trouble? We can help

by with No Comment Tax, Advisory

It’s not unusual for taxpayers to be surprised—and perhaps more than a little confused—by some of the correspondence that is received from the IRS. Here’s a case in point: Many taxpayers have been puzzled by notices they have received related to 1099 forms. For example, problems have arisen in the past surrounding notices related to Forms 1099-K (Payment Card and Third Party Network Transactions) and 1099-C (Cancellation of Debt). Those who received the notices were frequently uncertain what they meant and how they were expected to respond.

If you have received one of these notices—or any other letter—from the IRS, be sure to contact us. The Service may simply need more information, have additional tax liability or are due a refund. No matter what the situation, we can help you understand the problem and work with you to resolve it.

What Do New Tangible Property Rules Mean to You?

by with No Comment Tax, Real Estate, Private Wealth

Businesses often wrestle with understanding what items should be deducted versus what should be expensed. That task got a little more complicated this year when the Internal Revenue Service finalized new tangible property rules. They affect every business that has tangible property–buildings, machinery, equipment, furniture, vehicles‚Äîso they‚Äôre pretty far reaching. And they add a new layer of complexity to your tax planning.

We can help you address the new requirements, which may include determining whether you need to complete additional paperwork to request a change in accounting method. Be sure to contact us to learn about handling this and any other tax law changes that may affect your business.

Stop Tax Identity Theft

by with No Comment Tax, Private Wealth

Imagine after sending in your annual tax return, you receive a notice from the Internal Revenue Service saying that another return has already been filed using your name and Social Security number—and claiming a refund. Sound impossible? It can happen if you become one of a growing number of victims of tax return identity theft. According to one estimate, tax-related identity theft cases have soared more than 650% since 2008. At the least, this crime can lead to a delay in your refund, but the consequences may be much more serious. In addition, you may face a larger problem with identify theft if the scammer is also running up credit card debt or taking out loans in your name.

To avoid becoming a victim, we recommend steps such as safeguarding your Social Security number and other financial information, keeping an eye on changes to your credit ratings and taking precautions with electronic transfers of confidential information. Be sure to contact us if you believe you have been a victim of identity theft or would like advice on the best ways to secure your financial information.

Stamp Out Tax Season Stress!

by with No Comment Tax, Advisory

Are you ready for tax time? There are a couple of steps you can take now to alleviate some of the stress of filing your return. Plan to get organized early. Begin by putting together a tax folder with W-2s from your employer, 1099s for other income you may have earned, bank and other financial statements and receipts for things like medical bills and charitable donations.

Once you’ve gathered all your important paperwork, this is a good time to meet with your CPA to talk about changes in your financial situation or in tax laws that may have an effect on your return.  Having this discussion early is key to avoiding surprises at tax time and a great time to get started on planning that can potentially minimize your tax bite and strengthen your financial situation. Call us today!

What Do Last Minute Tax Deductions Mean For You?

by with No Comment Tax, Advisory

There’s good news for taxpayers: A number of popular tax provisions that expired at the end of 2013 have been extended into 2014, thanks to a new tax law passed by Congress in December. That means qualified individuals will be able to claim deductions for the state and local sales taxes and some higher education costs and exclude from income any mortgage debt cancellation for 2014. Businesses will benefit from one more year of bonus depreciation and Section 179 expensing and from a research tax credit for some qualified expenses.

These are just a few examples of the provisions extended by the Tax Increase Prevention Act of 2014. If you’d like more information, or if you’re concerned that you may miss out on some these last-minute extenders, be sure to call our office today. We can help you claim all the proper credits and deductions and offer advice on minimizing your taxes going forward. Keep in mind, too, that the yearend legislation has had no effect on the Internal Revenue Service’s schedule. As a result, we’re ready to get started today on all your tax planning needs.

It’s Not Too Late to Make a Retirement Plan Contribution!

by with No Comment Advisory, Employee Benefit Plans

Small business owners usually have a long list of items on their to-do lists. If contributing to your retirement plan was on your agenda last year, there may still be time to add more to your nest egg and reap the rewards on your 2014 return. If you are self-employed, for example, you may qualify for retirement plan options that include the SEP (Self-Employed Pension Plan) IRA or the individual 401(k).  In both cases, you’re allowed to make contributions to an established plan up until your tax filing deadline, or potentially as late as April 15 of this year (or later if you get an extension). You get two benefits: More money in the bank waiting for you when you retire and a tax deduction for 2014.

There are a number of tax-advantaged retirement plan options open to those who run their own shops, with different choices for those who have employees and those who don’t. If you’d like to learn more about them, or if you have any questions about your business, please contact our office. We can help you set up a plan that’s customized to your needs.

Paul Berryhill promoted to Tax Partner

by with No Comment Firm News, Tax

Reynolds, Bone & Griesbeck (RBG) is pleased to announce that Paul Berryhill has been promoted to tax partner. Berryhill previously served as Senior Manager for RBG’s tax department. In his six years with the firm, Berryhill has distinguished himself as a solid mentor to RBG’s young tax professionals and as an authority in the taxation of business entities including state and local, international and multi-state taxation. 

 

“Paul’s knowledge and experience has been a key part of RBG’s tax practice,” said managing firm member, John Griesbeck. “His international tax experience, knowledge of complex tax issues and his ability to mentor and inspire our staff is a tremendous asset and we look forward to Paul’s continued growth and success as a tax partner.”

 

Berryhill joined RBG in December 2008 after beginning his career with a large international accounting firm. Since then, he has played an integral role in RBG’s tax practice. Berryhill provides tax and consulting services to a variety of clients with a concentration in federal, state and international taxation of small and large entities and family enterprises, bank taxation, insurance brokerages, individual tax compliance and planning, mergers and acquisitions and federal and state tax controversies. He has been instrumental in bringing new tax engagements to the firm and serving RBG’s business clients. Berryhill shares RBG’s dedication to growing and inspiring young professionals, always making time to coach and mentor RBG’s tax staff. 

 

“Paul has been truly instrumental in my growth as a professional,” said CPA, Rebecca Jacobs. “He has taken the time to develop a relationship with each of his staff members, going beyond a traditional boss and being a true mentor and friend; someone we can turn to for all matters, both professional and personal. His support is extremely rare and invaluable, and one of the real treasures of working at RBG.”

 

Berryhill is a graduate of Mississippi State University with a Bachelor of Accountancy and Masters of Taxation. He is licensed to practice in Tennessee and Mississippi and is a member of the American Institute of Certified Public Accountants, the Tennessee Society of Certified Public Accountants, and the Tennessee Society of Certified Public Accountants’ Federal Taxation Committee. He is an avid supporter of the Community Foundation of Greater Memphis, Christ United Methodist Church and the Memphis Maroon Club.

Ali Sinkular highlights firm’s commitment to unparalleled client service

by with No Comment Firm News, Accounting & Audit

Reynolds, Bone & Griesbeck is pleased to announce the addition of Ali Sinkular as Audit Partner. Sinkular brings more than 20 years of extensive experience in the public accounting sector along with a reputation for stellar client service.

 

Sinkular’s understanding of Yellow Book audits and her experience in providing special project assistance to publicly held companies adds another area of service to RBG. She also brings a depth of knowledge and skill in auditing broker-dealers, manufacturing and distribution entities, nonprofits, colleges and universities and employee benefit plans. Sinkular highlights RBG’s commitment to helping its clients achieve more efficient operation, stronger financial structure and improved accounting and administrative controls.

 

“Ali’s experience with manufacturing and distribution clients, as well as non-profits and employee benefit plans, meshes well with our client base,” said managing firm member, John Griesbeck. “With her impressive background and her reputation for excellent client service, we are excited to have her as a part of the RBG family.”

 

Sinkular was with the Memphis office of a national firm for eight years before making the move to a regional firm where she served as its first female partner for seven of her 12 years there. In 2013, she left public accounting to become a CFO in the private sector. But her desire to work with clients has now brought her back to public accounting. 

 

Sinkular is a graduate of Delta State University with a bachelor of science in business administration and accountancy. She is a member of the American Institute of Certified Public Accountants, the Tennessee Society of Certified Public Accountants, the Accounting & Financial Women’s Alliance and is a participant of Women on the Move. Sinkular is on the finance committee for Girl Scouts Heart of the South and serves on the executive committee of the board of directors of the Humane Society of Memphis and Shelby County.

RBG SUPPORTS ACCOUNTING STUDENTS WITH ENDOWED SCHOLARSHIP AT CHRISTIAN BROTHERS UNIVERSITY

by with No Comment Firm News, Giving Back

Reynolds Bone & Griesbeck PLC is proud to announce a continuing commitment to Christian Brothers University through the J. G. Griesbeck Memorial Scholarship.  The scholarship is transitioning from an annually-funded scholarship to an endowed scholarship over the next few years working towards a $50,000 endowed scholarship for a student majoring in accounting in the School of Business.  Reynolds Bone & Griesbeck PLC is a Memphis based CPA firm with over 98 years of success providing a wide variety of services including tax, accounting, auditing, risk management, and consulting. RBG has strong ties to Christian Brothers University as a long-standing supporter of students and their success after graduation.

John Griesbeck, managing partner at RBG, was joined by Dr. John Smarrelli, President of CBU, Stephen Crisman, Senior Vice President for Advancement, Stephen Kirkpatrick, Senior Director of Development, and a group of RBG CBU graduates for the official signing ceremony. This endowment reflects the commitment Reynolds Bone & Griesbeck PLC has to Christian Brothers University, their staff, as well as the student base through recruiting and success in the accounting industry.