SIDNEY — “The election of our 45th President – Donald Trump is expected to bring about significant change to our current tax laws,” according to John Boeckman, President and Managing Partner of Monnier & Co., CPA’s. “During President Trump’s campaign he emphasized reducing tax rates and repealing the Affordable Care Act. One of his proposals includes compressing individual tax rates into three brackets – 12, 25 and 33 percent. Capital gain rates, however, would remain the same. Currently there are seven brackets which top out at 39.6 percent so this proposed change represents a sizeable decrease. In addition, President Trump proposed reducing business tax rates from 35 percent down to 15 percent. Again, a sizable decrease. We will know more as we move further into 2017.”
Boeckman goes on to say that “President Trump is focused on the repeal and replacement of the Affordable Care Act. Repeal of this Act could mean the elimination of the 3.8 percent net investment income tax, the repeal of the individual and employer shared responsibility requirements, the repeal of the premium assistance credit as well as the Health Care Marketplace and SHOP Marketplace. These are dramatic changes that, if implemented, will affect many individuals and businesses going forward.”
In the auditing and accounting area partner Larry Elsner notes that “significant changes are still on the horizon in the area of revenue recognition, leases and accounting for not-for-profit organizations. 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 three new employees to the firm in 2016 and 2017. Angela Freeman joined the firm in July of 2016 in the administrative department. Angela previously worked in the banking and retail industries for eight years. Ann Frieders joined the firm in October of 2016. She recently graduated from Findlay University with a Bachelor’s degree in accounting. Ann’s previous work experience includes an internship with a local CPA firm where she worked on individual and payroll tax returns and an internship with a local manufacturing company where she worked on inventory control and international bookkeeping. Kayla Hamilton joined the firm in January of 2017 as an intern and is working on her Associate’s degree in accounting from Edison Community College in Piqua. In addition to concentrating on furthering her education, Kayla is currently in the United States Army and manages her unit’s payroll.
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 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.