On December 20, 2019, President Trump signed the SECURE Act into law, which makes changes to certain retirement plans. The SECURE Act has received a lot of publicity due to the provisions affecting inherited individual retirement accounts (IRAs). However, that’s not the only notable change of interest to individuals. Modification of Required Minimum Distribution (RMD) […]
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“Beware the Ides of March.” Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Why? The Ides of March — March 15 — is the federal income tax filing deadline for these “pass-through” entities. […]
A wise person once said, “Simplicity is the key to a family budget.” (He or she may or may not have been an accountant.) However, it also needs to be comprehensive enough to cover all necessary items. To find the right balance, a budget should cover two distinct facets of family members’ lives: the near […]
Incentive stock options (ISOs) are a popular form of compensation for executives and other key employees. They allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the ISO grant date. If the stock appreciates, you can buy shares at a […]
The Tax Cuts and Jobs Act (TCJA) made a significant impact — both directly and indirectly — on the deductibility of various types of interest expense for individuals. One area affected is qualified residence interest. Two Ways About It The TCJA affects interest on residential loans in two ways. First, by nearly doubling the standard […]
We recently welcomed 12 Senior FOCUS Interns to our team! The 2020 FOCUS Interns include Southern Illinois University Edwardsville students Zeke Cassidy, Joe Guithues, Brittany Parker, Cydney Mitchaner, Taylor Townsend, Jason Dempsey, Julia Carroll, and Karla Posos-Beetz; McKendree University students Breanna Ziemer and Alice Ratermann; Emma Gregowicz from Lindenwood University; and Erica Bechtold from Blackburn […]
We are proud to officially introduce our new Staff Accountants: Jessica Lake, Zach Williams, Evan Tyson, and Jett Durr. All are graduates of Southern Illinois University Edwardsville’s Accounting Program. Jessica will be working out of our Alton office, Zach and Evan will be in Belleville, and Jett in Edwardsville. We are excited to have you […]
Illinois workers rung in the New Year with an hourly raise. In February of 2019, Governor J.B. Pritzker signed a bill passed by the Senate that sets a gradual increase on the current minimum wage, reaching a total increase to $15.00 per hour in 2025. The new minimum wage laws began on January 1st, 2020 […]
We’d like to take a moment to recognize two members of our team who recently retired. Principal Steve Pembrook and Firm Administrator Kathy Gillen dedicated a combined total of more than 60 years to our firm and both entered retirement as of December 31st, 2019. Steve was a dynamic and thoughtful leader of our firm. […]
To better accommodate our clients, we extend our office hours during tax season to allow for evening and weekend appointments. Please note these hours listed below so we can better serve you. Thank you for choosing Scheffel Boyle! Monday through Thursday 8am to 8pm Fridays 8am to 6pm Saturdays 8am to 3pm (through February) 8am […]
Serving St. Louis, the Metro-East and Southwestern Illinois since 1924.