SIDNEY — In December 2015, Congress passed the “Protecting Americans from Tax Hikes Act of 2015” or the “PATH Act” which made permanent over 20 key tax provisions.
According to John Boeckman, President and Managing Partner of Monnier & Co., CPA’s, “the key permanent provisions for businesses include the research tax credit, enhanced code section 179 expensing and 100 percent exclusion of gain on the sale of qualified small business stock. Bonus depreciation was also extended for the next five years according to a phase-down schedule. Key permanent provisions for individuals include the American Opportunity tax credit, state and local sales tax deductions, child tax credits and charitable distributions from IRA’s.”
Boeckman goes on to say that “the Affordable Care Act, which was passed into law back in 2010, has placed some added requirements on businesses that became effective for the first time in 2015. This is the first year that certain large employers will be required to report health coverage information to employees. In most cases, the due date for providing this information is March 31, 2016. Businesses with questions regarding these reporting requirements can contact us for more information.”
His report continues:
In the auditing and accounting area partner Larry Elsner notes that significant changes are still on the horizon in the area of revenue recognition and leases. These potential changes continue to make complying with generally accepted accounting principles (GAAP) more complex. In response to this increased complexity, the Financial Accounting Foundation has formed the Private Company Council with the purpose of relieving private companies of certain GAAP requirements.
Partner Tom Burns notes that assisting clients in evaluating their current business activity will help them be in a better position to face the changing economy. The ability to take advantage of future opportunities and stay on top of the changing tax laws will lead to long term growth of the client’s business.
Monnier & Co. welcomed four new employees to the firm in 2015 and 2016. Deb Maurer joined the firm in March 2015. She graduated from Miami (of Ohio) University with a Bachelor’s degree in accounting in 1999. Prior to joining Monnier, Deb worked 15 years in public accounting.
Laurie Honigford joined the firm in June 2015. She recently graduated from Bluffton University with a Bachelor’s degree in accounting in 2015. Laurie’s previous work experience includes26 years in public accounting. Eric Belcher joined the firm in January 2016. He graduated from the University of Dayton with a Bachelor’s degree in accounting in 1998. Prior to joining Monnier, Eric worked seven years in public accounting, four of those years spent at a national accounting firm, and 10 years in private accounting. Ryan Smith joined the firm in January 2016 as an intern and is currently working on his accounting degree at Miami (of Ohio) University.
A full service accounting firm, Monnier & Co. offers traditional audit, accounting and tax services as well as estate planning, merger and acquisition planning, business and individual tax consulting, financial reporting services and business valuations. Our staff is to accustomed to working diligently for our clients looking for solutions to complex tax and accounting problems. Quality has always received priority at Monnier & Co. We take pride in keeping abreast of the latest in accounting pronouncements and tax legislation. We invite you to consult with any of the Monnier & Co. professionals regarding these or any other accounting or tax issues. Feel free to call us at 937-492-6101 or visit our website at monniercpa.com.
