Scheffel Boyle CPAs Welcomes 2 New Staff Accountants

Scheffel Boyle CPAs is pleased to announce the recent addition of two Staff Accountants to their growing team. The local public accounting firm welcomed their newest full-time Staff Accountants to its Edwardsville office, with plans for more growth later this year.

The additions include Southern Illinois University Edwardsville graduate Brock Mackiney and Karissa Murray from Greenville University. They will now continue their careers as the newest Staff Accountants of the 100+ employee public accounting firm.

With seven offices throughout Southern Illinois, Scheffel Boyle is recognized as one of the largest CPA firms in the entire St. Louis region. The firm has career opportunities available to accounting students currently enrolled in school, recent college graduates, and experienced accounting professionals. To learn more about available opportunities and the benefits of joining the Scheffel Boyle team, please visit the Careers section of their website, www.scheffelboyle.com.

Scheffel Boyle CPAs Welcomes 23 Interns for 2023

 

 

 

 

 

 

 

 

 

Scheffel Boyle CPAs is pleased to announce the recent addition of 12 Senior Interns, 8 Junior Interns, and 3 Sophomore Interns to their growing team.

The 2023 FOCUS Senior Interns include Southern Illinois University Edwardsville students Trey Meyer, Taylor Weissert, Kristian Beal, Brennan Menke, Hope Wilschetz, Hannah Krumwiede, Emily Schmidt, and Sarah Magnoni; and McKendree University students Johnathan Bumpers and Brianna Deerhake; University of Illinois Springfield student Hannah Cox; and Kendra Goldschmidt from Central Methodist University.

The 2023 FOCUS Junior Interns include Southern Illinois University Edwardsville students Gabrielle Emmons, Brylee Mueller, Giovanna Kirby, Cameron Conrad, Sydney Coker, Melissa Wort, and Alex Deters; and McKendree University student Essie Meeker.

The 2023 FOCUS Sophomore Interns include Southern Illinois University Edwardsville student Peyton Westfall, Lewis & Clark Community College student Kaleigh Thien, and Ella Richey from University of Illinois Springfield.

The FOCUS program places all intern accounting students throughout all seven of the firm’s offices for a Spring Internship. Students who are accepted into the program receive extensive training and real-world experience during the firm’s busiest time – tax season. In addition, each intern is entered into a mentor program in order to walk them through training measures and best practices.

With seven offices throughout Southern Illinois, Scheffel Boyle is recognized as one of the largest CPA firms in the entire St. Louis region. The firm has career opportunities available to accounting students currently enrolled in school, recent college graduates, and experienced accounting professionals. To learn more about available opportunities and the benefits of joining the Scheffel Boyle team, please visit the Careers section of their website, www.scheffelboyle.com.

Scheffel Boyle CPAs Ranks #12, #13 in STL Business Journal’s Annual Largest Accounting Firms Lists

Scheffel Boyle has ranked #12 for number of CPAs and #13 for number of professionals on the St. Louis Business Journal’s annual Largest Accounting Firms lists.

Each year, The Journal publishes two lists for ranking CPA firms: one based on the number of CPAs and the other on the number of professionals (employees required to have continuing education hours).

Thank you to our clients, employees, and community partners for all they have done to help us grow and continue serving the St. Louis and Metro East region.

2023 Tax Calendar: Quarter 1

January 31 – Employers must file 2022 Forms W-2 (“Wage and Tax Statement”) with the Social Security Administration and provide copies to their employees. 

  • Employers must file (paper or electronic) 2022 Forms 1099-NEC (“Nonemployee Compensation”), reporting nonemployee compensation payments, along with the related Form 1096 (“Annual Summary and Transmittal of U.S. Information Returns”), and provide copies to recipients. 
  • Most employers must file Form 941 (“Employer’s Quarterly Federal Tax Return”) to report Medicare, Social Security and income taxes withheld in the fourth quarter of 2022. If an employer’s tax liability is less than $2,500, he or she can pay it in full with a timely filed return. If an employer deposited the tax for the quarter in full and on time, he or she has until February 10 to file the return. Employers who have an estimated annual employment tax liability of $1,000 or less may be eligible to file Form 944 (“Employer’s Annual Federal Tax Return”). 
  • Employers must file Form 940 (“Employer’s Annual Federal Unemployment (FUTA) Tax Return”) for 2022. If an employer’s undeposited tax is $500 or less, he or she can either pay it with the return or deposit it. If it is more than $500, he or she must deposit it. However, if an employer deposited the tax for the year in full and on time, he or she has until February 10 to file the return. 
  • Employers must file Form 943 (“Employer’s Annual Federal Tax Return for Agricultural Employees”) to report Social Security, Medicare and withheld income taxes for 2022. If an employer’s tax liability is less than $2,500, he or she can pay it in full with a timely filed return. If an employer deposited the tax for the year in full and on time, he or she has until February 10 to file the return. 
  • Employers must file Form 945 (“Annual Return of Withheld Federal Income Tax”) for 2022 to report income tax withheld on all nonpayroll items, including backup withholding and withholding on pensions, annuities, IRAs, etc. If an employer’s tax liability is less than $2,500, he or she can pay it in full with a timely filed return. If an employer deposited the tax for the year in full and on time, he or she has until February 10 to file the return. 

February 28 – Employers must file 2022 Form 1099-MISC (“Miscellaneous Income”) reporting certain payments to certain persons, along with the related Form 1096 (“Annual Summary and Transmittal of U.S. Information Returns”), and provide copies to recipients. 

March 15 – Calendar-year partnerships and S corporations must file or extend 2022 tax returns. If the return is not extended, this is also the last day

 

If you have any questions, please feel free to ask one of our trusted CPAs! We’re always here to help!

IL Unclaimed Property Rules Update

Is your business subject to Illinois Unclaimed Property rules?

Does your business have employees, customers, or suppliers? If so, you may have an obligation to report and remit unclaimed property to the state of Illinois.

What is the purpose of unclaimed property rules and is this unique to Illinois?

The purpose of unclaimed property rules is to ensure protection of the unclaimed property until the rightful owner is located. All 50 states and the District of Columbia have unclaimed property laws.

What is unclaimed property?

Unclaimed property is intangible personal property for which there has been no owner activity related to that property for a certain period of time. Examples of unclaimed property include uncashed payroll checks, customer overpayments, uncashed/voided checks to vendors, and gift cards/certificates with an expiration date.

How long of a period of inactivity before I need to do something?

The period of inactivity is referred to as the dormancy period. The general rule is that after a 3-year dormancy period the unclaimed property must be reported and remitted to the state. Some property types have different dormancy periods.  For example, the dormancy period for payroll is one year.

I don’t have any unclaimed property. I don’t need to file, right?

This was true until the law recently changed for certain businesses. If your business has annual sales of more than $1,000,000 or more than 100 employees, an unclaimed property report is required even if there is no property to remit to Illinois.

If I need to file a report, how do I do that and when is it due?

Reports must be filed electronically with the Illinois Treasurer. The filing deadline for most businesses is May 1st and is based on unclaimed property held as of 12/31 of the previous calendar year. Business must also reach out to the presumed owner of the property at least 60 days prior to filing the report in an attempt to return the property and/or to inform the presumed owner that the property will be remitted to the state.

What are the consequences of failing to file?

Interest and penalties may be imposed on the failure to file, pay or deliver property by the required due date. Interest may be charged at 1% per month on the value of the unreported/unpaid property. A penalty of $200/day up to a maximum of $5,000 may be imposed until the date a report is filed or the unclaimed property is paid or delivered.

How far back can Illinois go in determining if my business has a liability?

The statute of limitations for the State Treasurer to enforce ends 10 years after property is reported.

What do I do if I have never filed, or I am late on some prior year filings?

Illinois offers a Voluntary Disclosure Agreement (VDA) which allows non-compliant business to voluntarily come forward and become current with their filings. In exchange for voluntary compliance, the state agrees to waive any interest and/or penalties that may have otherwise been due. It’s similar to a free pass in exchange for current and future compliance.

 

If you have any questions regarding unclaimed property, please give us a call. We’re always here to help!

Announcing 1 New CPA at Scheffel Boyle

Scheffel Boyle CPAs is pleased to announce an accountant at their Edwardsville office who has officially earned his CPA designation. Brad Spotanski has passed the four parts of the AICPA’s administered CPA exam. He is now among over 40 Certified Public Accountants working throughout Scheffel Boyle’s seven offices.

Brad graduated from McKendree University with his Bachelor of Business Administration in Accounting and Economics/Finance in 2014. He joined the Scheffel Boyle team in 2015 and is currently a Supervisor in the firm’s Edwardsville office.

Announcing 2022 Promotions

We are pleased to announce the recent promotion of 16 professionals throughout our offices! On behalf of our firm, we would like to wish all those who were promoted the best of luck in their new roles.

Manager: Paul Vollmer, CPA

Senior: Jessica Lake, Julia Carroll, Megan Messer, Jason Dempsey Jr., Jessica Roman, Elizabeth Roever & Taylor Townsend

Semi-Senior: Nick Newell, Alyson Genenbacher, Chase Farmer, Jessica Drees, Samantha Scheffel, Andy Kampwerth, Gavin Strieker & Connor Real

Scheffel Boyle CPAs Welcomes 6 Staff Accountants & 5 Interns

 

 

 

 

 

 

 

Scheffel Boyle CPAs is pleased to announce the recent addition of six Staff Accountants and five Summer Interns to their growing team. The local public accounting firm welcomed their newest full-time Staff Accountants to its Alton, Edwardsville, and Belleville offices, with plans for more growth later this year.

The additions include Southern Illinois University Edwardsville graduates Brendan Smith, Reilly Weaver, Cailee Schmidt and Tawney Colombo; Elliott Prott from McKendree University; and Alex Birchler from Drake University. Brendan, Reilly, Cailee, Tawney, and Elliott all completed Scheffel Boyle’s FOCUS Internship program this past Spring and will now continue their careers as the newest Staff Accountants of the 100+ employee public accounting firm.

The firm also welcomed 5 interns for the Summer Semester. They include Southern Illinois University Edwardsville students John Wyatt and Trey Meyer; Megan Higgins from Eastern Illinois University; Brooke Wilson from the University of Mississippi; and Kendra Goldschmidt from Central Methodist University.

With seven offices throughout Southern Illinois, Scheffel Boyle is recognized as one of the largest CPA firms in the entire St. Louis region. The firm has career opportunities available to accounting students currently enrolled in school, recent college graduates, and experienced accounting professionals. To learn more about available opportunities and the benefits of joining the Scheffel Boyle team, please visit the Careers section of their website, www.scheffelboyle.com.

Scheffel Boyle CPAs Ranks #11, #15 in STL Business Journal’s Annual Largest Accounting Firms Lists

Scheffel Boyle has ranked #11 for number of CPAs and #15 for number of professionals on the St. Louis Business Journal’s annual Largest Accounting Firms lists.

Each year, The Journal publishes two lists for ranking CPA firms: one based on the number of CPAs and the other on the number of professionals (employees required to have continuing education hours).

Thank you to our clients, employees, and community partners for all they have done to help us grow and continue serving the St. Louis and Metro East region.

Scheffel Boyle CPAs Welcomes 22 Interns

 

 

 

 

 

 

 

 

 

Scheffel Boyle CPAs is pleased to announce the recent addition of 12 Senior Interns and 10 Junior Interns to their growing team.

The 2022 FOCUS Senior Interns include Southern Illinois University Edwardsville students Trey Meyer, Lindsay Harris, Brett Froess, Brendan Smith, Tawney Colombo, Cailee Schmidt, Diana Watson, John Wyatt, Reilly Weaver, and Matthew Neier; and McKendree University students Atticus Harris and Elliott Prott.

The 2022 FOCUS Junior Interns include Southern Illinois University Edwardsville students Kristian Beal, Hannah Krumwiede, Emily Schmidt, and Christiana Huber; Kendra Goldschmidt from Central Methodist University; Emily Knop-Duvall from Southwestern Illinois College; Hannah Cox from the University of Illinois Springfield; Brett Paubel from University of Missouri-St. Louis; Johnathan Bumpers from McKendree University; and Kelley Edens from Maryville University.

The FOCUS program places all intern accounting students throughout all seven of the firm’s offices for a Spring Internship. Students who are accepted into the program receive extensive training and real-world experience during the firm’s busiest time – tax season. In addition, each intern is entered into a mentor program in order to walk them through training measures and best practices. The paid internship program receives hundreds of applicants each year from colleges throughout both Illinois and Missouri.

With seven offices throughout Southern Illinois, Scheffel Boyle is recognized as one of the largest CPA firms in the entire St. Louis region. The firm has career opportunities available to accounting students currently enrolled in school, recent college graduates, and experienced accounting professionals. To learn more about available opportunities and the benefits of joining the Scheffel Boyle team, please visit the Careers section of their website, www.scheffelboyle.com.