Crossing the (State) Line

If expansion plans call for doing business in other states, factor in tax liability by Marie Jett, CPA | Principal and Anita Sherman, CPA | Managing Partner When you say you want to grow your manufacturing company, what does that mean? It may entail expanding your physical plant or warehouse or introducing new products. It could also mean opening ...

Pain-Free Mileage Tracking with MileTrack GPS

by Jim Wagoner, CPA | Partner, Director of Tax Services Group We recently were introduced to Dan Martin who has come up with an interesting product.  We haven’t tested it out, but we thought it might be of interest to some of you. Tracking mileage for reimbursement and tax purposes can be a real pain, and MileTrack GPS provides pain-free mileage ...

Have You Received an Identity Verification Letter From the Indiana Department of Revenue?

By Brandon Cook, CPA | Partner, Tax Services Group Earlier in April, the Indiana Department of Revenue (IDR) began sending identity verification letters to random taxpayers before processing their income tax refund claims. These letters are completely legitiment and are intended to be an additional security measure to crack down on potential identity ...

Required Minimum Distributions for Retirement Plans – Things You May Not be Aware of

by Jim Wagner, CPA and Andrew Rutherford | Team Member of the Tax Services Group Are you retiring or turning 70 years young this year and have questions regarding required minimum distributions from your IRA or qualified retirement plan? If so, you will want to read this article that covers some unique issues pertaining to required minimum distributions. “Required ...

Marie Jett, CPA Promoted to Principal at Greenwalt CPAs

Greenwalt CPAs is delighted to announce that Marie Jett has been promoted to Principal at the firm effective January 1, 2014. Marie specializes in providing services to manufacturing and distribution companies, professional service organizations, small business clients and estates and trusts. Marie is a 1999 graduate from Indiana University and started ...

What Businesses Need to Know about the New Capitalization Regulations

by Jim Wagoner, CPA | Partner, Director of Tax Services Recently, the IRS and U.S. Treasury issued final tangible property “capitalization” regulations. These regulations have been in the works since 2006. Under specified circumstances, these regulations permit business taxpayers to make safe harbor elections that would enable them to deduct ...

Health Care Reform – Things to Know for 2014

By Larry Greenwalt, CPA, Chairman of the Board and Marie Jett, CPA, Manager, Tax Services Group Problems with the health care exchange, a delay in the effective date of certain provisions, and a myriad of rules have contributed to confusion about individual and organization responsibilities for having/providing health insurance. INDIVIDUALS Effective ...

2014 Standard Mileage Rates Reduced Slightly

The IRS recently issued the standard mileage rates for 2014: Business miles-56 cents per mile; medical or moving mileage-23.5 cents per mile; charitable mileage-14 cents per mile.  The 2014 rates are one-half cent below 2013 levels.

Contractors Shouldn’t Ignore the Research and Development Tax Credit

By Brandon Cook, CPA | Partner, Team Member of the Construction Services Group It’s no secret that margins and cash are tight for small to medium-sized businesses, especially contractors. Another basic truth is that no one likes writing tax checks to the federal or state government. While paying taxes is a fact of life, the federal government ...

Year-End Tax-Planning Moves for Businesses & Business Owners

By Andrew Rutherford and Marie Jett, CPA | Team Members of the Tax Services Group Year-end tax planning could be especially productive this year because timely action could nail down a host of tax breaks that won’t be around next year unless Congress acts to extend them. For businesses, tax breaks that are available through the end of this year ...