We are pleased to announce several recent promotions within the firm! In the Tax Advisory Services group, Chris Cook, CPA and Andrew Labosier, CPA, MAcc, MBA have been promoted to Supervisor. In the Audit & Assurance group, LeAnne Goode, MBA has been promoted to Supervisor and Rachel Bray, CPA, MBA has been promoted to Senior. In the ARSA Solutions group, Alex Marino, MAcc, Elena Miller, MBA and Caroline Rhodes have been promoted to Senior.
As the year draws to a close, tax reform remains a priority of both President Trump and Congressional Republicans. With the introduction of H.R. 1, both the President and leaders in Congress have made clear their intent to enact broad individual income tax reforms. Read what the bill will impact here.
As you may be aware, major tax reform legislation may be passed this year and could mean sweeping changes to the tax code for the first time in about 30 years. Although the bill has only recently been proposed and the timing of its passage is uncertain, businesses should be aware of the bill that has been released.
The corporate rate cuts would be significant. The bill proposes a 20% corporate tax rate for most corporations with a 25% corporate tax rate for personal service corporations. The bill also significantly alters the treatment of income from passthrough entities. Businesses conducted as sole proprietorships, partnerships, or S corporations would be subject to a special passthrough maximum rate of 25% for business income. The bill includes methods to combat classification of compensation into business income. Read the full article here.
2018 will be here before we know it and it is important to proactively plan for it! Gathering information and implementing a budget process for your company can provide goals and targets that help with growth and strategic direction. A budget provides a road map for how you intend and expect your business to perform, which then can be compared to what you actually experience during 2018. It is a useful tool for managing performance, developing a specific niche in your business, projecting net income, and tax planning and projection, to name a few. Your forward pricing budget should always be your starting point for proposal pricing and cost impact analysis.
If you need guidance or assistance in establishing your budget for 2018, please contact Brandon Smith at 256-489-7246 or Michelle Jenkins at 256-489-7143. We look forward to helping you!
There are certain taxable fringe benefits that should be added into an employee’s compensation (and therefore included on their W-2) before the end of each calendar year:
Here are some common examples:
Personal use of a Company-owned Vehicle (required for all businesses)
Group-term life insurance over $50,000 paid by the Company on behalf of employees (required for all businesses)
Health Insurance Premiums for Shareholders of an S Corporation (required for S Corps only)
Tuition reimbursement (required for all businesses – with applied threshold of $5,250)
These “W-2 add-on’s” should be included in the last paycheck dated in December 2017 (or prior).
If you have any of these add-ons and have questions or need assistance with adding to your payroll records, please feel free to call Deborah Jacobs or Caroline Rhodes at 256-533-1040. We are happy to help!
Congratulations to Amanda Archambeau for passing the CPA Exam! Amanda joined the firm in 2014 and is a Supervisor in our ARSA Solutions group. She graduated with a BS in Accounting in 2013 and a Master of Accountancy in 2106 from the University of Alabama in Huntsville. Amanda specializes in Government Contracting and is Unanet Implementation Certified.
The federal government implemented the Research & Development (R&D) tax credit in 1981 to create jobs and spur technology in the U.S. The R&D tax credit originally pertained to basic research
expenses, such as those occurring in a traditional laboratory setting. However, subsequent modifications to the tax law have simplified the credit and made it available to a wide array of businesses. Today, the R&D credit provides billions of dollars in annual tax benefits to a broad range of U.S. companies. Click here for more information.
We are pleased to announce promotions in the firm. Amanda Archambeau has been promoted to Supervisor in our ARSA Solutions Group and Jarom Haynie has been promoted to Senior in our Audit and Assurance Services Group.
Brandon Smith has been asked to present at the Unanet Champions Conference in San Diego and will be speaking in the Thought Leadership track about strategic proposal development and the benefits of rolling forecasts.
Brandon is a partner with Anglin, Reichmann, Snellgrove & Armstrong, PC (ARSA) specializing in government contracting. Unanet is an ERP software designed specifically to meet the needs of government contracting service organizations. ARSA has multiple Unanet certified implementers and is able to support our clients.
Brandon’s presentation will focus on the following:
Strategic Proposal Development: From RFP to Forecast
Strengthen your game plan for winning business, get a look at ways to improve your processes – from budget development to rolling forecasts, and better position your company to earn a reasonable profit and increase your win rate on new contracts.
Government Contractors, are you ready for Defense Federal Acquisition Regulation Supplement (DFARS) 252.204-7012? DFARS 252.204-7012 requires all Department of Defense (DoD) contractors and subcontractors of those DoD contractors to provide adequate security on all Covered Defense Information (CDI) that resides on the contractor’s or subcontractor’s information systems by implementing security measures laid out by the National Institute of Standards and Technology (NIST) Special Publication (SP) 800-171 “as soon as possible,” but no later than 12/31/2017.
Anglin Reichmann Snellgrove & Armstrong (ARSA) has always assisted our clients with DCAA audits and financial compliance issues. Let the ARSA Information Technology Services team help you understand CDI, and implement NIST SP 800-171 before its 12/31/2017 deadline. Click here for more information on DFARS and how ARSA can help you.
Congratulations to Julia Stewart for passing the CPA Exam! Julia joined the firm in November of this year and is a staff accountant in Tax Advisory Services. She graduated magna cum laude from the University of Alabama with a BSBA in Accounting and has a Master of Accountancy in Taxation from Auburn University.
Congratulations to Rachel Bray for passing the CPA Exam! Rachel joined the firm in September of this year and is a staff accountant in Audit and Assurance. She graduated summa cum laude from the University of Alabama in Huntsville with a BSBA in Accounting and has a Master of Business Administration from the University of Alabama in Huntsville.
We are pleased to announce several recent promotions within the firm. Chris Taylor, CPA, CVA was promoted to Manager in the firm’s Tax Advisory Services group. In the firm’s Audit and Assurance group, Jessica Cassiday, CPA has been promoted to Supervisor and Katie Teichmiller, CPA has been promoted to Senior. Britton Twyman has been promoted to Senior in the ARSA Solutions group and he is a Certified QuickBooks ProAdvisor.
Congratulations to Dustin Schaefer and Chris Cook for recently becoming Certified Public Accountants. Dustin graduated cum laude from the University of Montevallo and joined the firm in 2012. Chris graduated summa cum laude from the University of Alabama in Huntsville and joined the firm in 2013. Both are Seniors in the firm’s Tax Advisory Services group.
We are pleased to announce the promotions of Dana Delduco, CPA and Michelle Jenkins, CPA, MBA to Manager in the firm’s ARSA Solutions Group. Dana has been in public accounting since 1995 and joined the firm in 2015. She has a BSBA in Accounting from the University of Arizona. Michelle joined the firm in 2012 and previously worked in government contracting. She has an MBA from UAH and a BS in Accounting from the University of Central Oklahoma.
We are pleased to announce the addition of several new staff in ARSA Solutions Group.
ARSA Solutions Group also added three new Staff Accountants. Alexandra Stinson has a Master of Accountancy from UAH and a BS in Accounting from the University of Alabama. Elena Perry graduated cum laude with a BSBA in Accounting from UAH. Jessica King has a BA from UAH.
The firm is pleased to welcome new staff to the Audit and Assurance Group.
Lisa M. Dahl, CPA, MAcc, MBA joined the firm as a Supervisor. She has worked in public accounting since 1988 and has a BS in Accounting, Master of Accountancy, and Master of Business Administration from DePaul University. We are pleased to have her join the firm after her recent move to Huntsville.
Jarom Haynie joined the firm as a Staff Accountant. He graduated summa cum laude from Athens State University.