SIDNEY — The 2016 year was another positive one for McCrate, DeLaet & Co. as well as its client base.
“The big story in tax planning for late 2016 and into 2017 is president elect Donald Trump and his aggressive tax proposals,” said Mark Hoge, CPA, CVA, who is a partner at the firm.
His report continues:
Many of his proposals are geared towards small businesses which will directly impact our client base in and around the Shelby County area. Some of the major proposals from president elect Trump are as follows:
• Reduce the seven individual income tax brackets (which range from 10 percent – 39.6 percent) into three brackets of 10 percent, 20 percent, and 25 percent
• Increase the standard deduction to $25,000 for single filers and $50,000 for married filers
• Limit itemized deductions with the exception of charitable contributions and mortgage interest
• Increase the phase out range for itemized deductions and personal exemptions
• Repeal the alternative minimum tax
• Repeal the estate and gift taxes (the step-up in basis for certain assets could be eliminated)
• Reduce the corporate income tax rate to 15 peercent
• Limit the top individual income tax rate on pass through businesses, such as partnerships and S-Corporations, to 15 percent
• Repeal the 3.8 percent net investment income tax that is tied to the Affordable Care Act
McCrate, DeLaet & Co. has a team of professionals that are monitoring the tax proposals and aggressively working with our clients to ensure they are well positioned to take advantage of any new tax laws that may be implemented.
On the audit and assurance side of the practice, we maintain a focus on conducting audits of non-profits and employee benefit plans. The increased Department of Labor focus on employee benefit plan audits has highlighted the importance of proper audit reporting for plan sponsors. McCrate, DeLaet & Co. has increased its’ audit staff and kept abreast of the latest regulations to continue to provide a high level of assurance for our clients.
McCrate, DeLaet & Co. had an eventful September in 2016 as we said goodbye to two retiring partners and welcomed in two new partners. Dale Schwieterman and Dave Monnier retired after 44 and 42 years of service, respectively. Both Dale and Dave will be missed by clients and staff alike, however, the retirements brought about two new partners to the firm, myself and Sarah Stammen, CPA.
In addition to the changes at the partner level, McCrate, DeLaet & Co. has welcomed in several staff members. Jeff Pohl, CPA joined the firm after 34 years of prior public accounting experience. Jeff is from Chickasaw and specializes in corporate, partnership, and individual income taxation, with a focus in agriculture. McCrate also welcomed Kevin Schlarman, CPA, CFP, another resident of Chickasaw. Kevin is a graduate of The Ohio State University and specializes in corporate, partnership and individual taxation. Two recent college graduates also joined the firm, Darian Bergman and Macy Turner. Darian is a graduate of Urbana University and resides in Maria Stein, while Macy is a graduate of Wright State University and resides in Fort Loramie. In addition to the professional staff we added Connie Caudill and Nicole Kordie, both Sidney residents, to fill important roles on the administrative side.
McCrate, DeLaet & Co. has specialists in taxation (corporate and individual), accounting, auditing, business advisory services, and business valuations. Our team has experience in various industries including, but not limited to agri-business, farming, construction, retail, trucking, nonprofits and various types of manufacturing. Please contact us at 937-492-3161 or visit our website at www.mccrate.com and we will be glad to assist you with any of your accounting, audit, or tax