People on the Move!

We are excited to announce our promotions for 2018. We look forward to what the future holds for you all. Thank you for all you do for our clients and our firm!

Semi-Senior Accountant

Nick Hoff, Alton

Emily Keeven, Highland

Kayla Ervin, Edwardsville

Katelin Feldmann, Alton

Michael Kanallakan, Jerseyville

Maggie Stock, Belleville

Travis Wellen, Belleville

Noah Feldmeier, Belleville

Senior Accountant

Josh Goodnick, Belleville

Justin Goode, Jerseyville

Tyler Jackson, Alton

Jay Gensert, Alton

Kelly Kellerman, Belleville

Garrett Hay, Belleville

Accounting Supervisor

Jenni Flowers, Carrollton

Manager

Carrie Evans, Highland

Andrea Suhre, Belleville

 

Proudly Introducing our New Principals

We are very excited to officially announce the two newest members of our Principal group, Danny Phipps, CPA and Cory Gallivan, CPA. Danny has been working in our Carrollton and Jerseyville offices since 1994, and Cory has been with our Alton office since 2000. They are both dynamic, passionate leaders in our firm and we look forward to all they bring to our leadership team.

Congratulations, Danny and Cory!

Proudly Introducing Our New CPAs!

We are excited to share that we have three new CPAs roaming our halls! Patrick Stowe of Edwardsville, Taylor Jarvis of Highland, and Patrick Meyer of Highland all passed the CPA exam in the month of June.

Congratulations on this great accomplishment and we look forward to a bright future for you all!

 

Scheffel Boyle Ranks #14 on St. Louis’ Largest Accounting Firms Lists

The St. Louis Business Journal recently released its annual Largest Accounting Firms lists and ranked Scheffel Boyle as the 14th largest firm in the entire St. Louis region. The Journal publishes two lists for ranking CPA firms each year: one based on number of CPAs and the other on number of professionals. Scheffel Boyle ranked #14 on both lists this year.

Click here to view St. Louis’ largest accounting firms ranked by CPAs.

Click here to view St. Louis’ largest accounting firms ranked by professionals.

Bowl for Kids’ Sake was a HUGE Success!

Our amazing employees have, once again, outdone themselves. Our Bowl for Kids’ Sake volunteers raised an outstanding $6,100 to support the programs and overall mission of Big Brothers Big Sisters of Southwestern Illinois.

A big shout-out goes to our bowlers for their tenacious and dedicated attitude toward fundraising for this event. They really do go above and beyond every year for this fundraiser. And to all those who donated to this great, local cause, we appreciate your support!

The Tax-Manian Devils and the Ten-Key Strikers

Sarah Kinkead, Chad Frerichs, Carrie Evans, Michael Brokering, Maggie Stock, Josh Andres, Elizabeth Heil, Sarah Wells (subbing for Sarah Smith), Crystal Bock, and Jenna Andres

Best Accounting Firms 2018

It’s official… St. Louis Small Business Monthly has once again included Scheffel Boyle on its annual “Best Accounting Firms” list! Thank you to everyone who nominated us and to our dedicated team of employees who are the real stars of the show.

We are excited to be included on this list with other prominent firms in our industry and want to congratulate our team on this great recognition!

 

Employees Recognized for Years of Service

We are proud to recognize the following employees for their many years of dedication to our firm, our clients, and the communities we serve. Each of these professionals received awards for their years of service at our annual After Tax Party. We hope to have many more years working with you all!

Jean Jackson, Belleville Office | 30 Years

George Moore, CPA, Alton Office | 20 Years

Andrea Suhre, CPA, Belleville Office | 20 Years

Betty Petryk, Belleville Office | 15 Years

Jenna Andres, CPA, Alton Office | 10 Years

Julie Graham, CPA, Alton Office | 10 Years

Chad Burns, CPA, Scheffel Financial Services | 5 Years

Jason Grunlund, Edwardsville Office | 5 Years

Michael Brokering, CPA, CVA, Edwardsville Office | 5 Years

Tara Bock, Alton Office | 5 Years

Dorothy Kossakowski, Belleville Office | 5 Years

Cheri Copley, Carrollton Office | 5 Years

Jenni Flowers, Carrollton Office | 5 Years

 

Elizabeth Heil Recognized by STL Small Business Monthly

We are excited to announce that Elizabeth Heil has been named by St. Louis Small Business Monthly as one of the Top 100 St. Louisans to Know to Succeed in Business for the publication’s April issue. Elizabeth has been with our firm since 1999 and is a Manager in our Edwardsville office. She is a member of the Recruiting Team, the Financial Institutions Group, and volunteers her time for Scheffel Boyle Shares and a variety of local community organizations. We are so proud of her for this great achievement. Congratulations, Elizabeth!.

St. Louis Small Business Monthly’s team of editors and community leaders identified the honorees for this year’s edition. They are all key executives, financiers, notable achievers, connectors, and other business-community leaders. The judges chose the individuals based on their contributions to the area businesses and the overall business community.

 

Seminar Stock Photo

Agribusiness Tax Reform Seminars

The Tax Cuts and Jobs Act will have a large impact on the agribusiness community. Join our Agribusiness Team as we partner with Sievers Equipment for free, one-hour programs on how these changes may affect you.

We will be hosting three different sessions of this program. Drinks and light appetizers will be provided. We hope to see you there!

Click here for an informational flyer on these great events.

Hamel Agribusiness Tax Reform Seminar

Monday, February 12th, 7pm
Sievers Equipment Co.
406 N. Old Route 66
Hamel, IL 62046

Jerseyville Agribusiness Tax Reform Seminar

Monday, February 19th, 7pm
Knights of Columbus Hall
307 N. State Street
Jerseyville, IL 62052

Hillsboro Agribusiness Tax Reform Seminar

Tuesday, February 20th, 7pm
Sievers Equipment Co.
8080 State Route 16
Hillsboro, IL 62049

Please RSVP to Sarah Wells at 618.656.1206 if you’d like to attend.

Owner-Employees Need to Stay Up to Speed on Employment Taxes

Keeping up with the complexity of the Internal Revenue Code is challenging for an individual and even more so for a business owner. But, if you’re someone who handles both roles — an owner-employee — the difficulty level is particularly high. Nonetheless, it’s important to stay up to speed on your specific obligations. As you’re no doubt aware, much depends on the structure of your company.

Partnerships and LLCs

Generally, all trade or business income that flows through to you for income tax purposes is subject to self-employment taxes — even if the income isn’t actually distributed to you. But such income may not be subject to self-employment taxes if you’re a limited partner or member of a limited liability company whose ownership is equivalent to a limited partnership interest. Whether the additional 0.9% Medicare tax on earned income or the 3.8% net investment income tax (NIIT) applies also is complex to determine.

S corporations

Under an S corporation, only income you receive as salary is subject to employment taxes and, if applicable, the 0.9% Medicare tax. To reduce these taxes, you may want to keep your salary relatively — but not unreasonably — low and increase your distributions of company income (which generally isn’t taxed at the corporate level or subject to the 0.9% Medicare tax or 3.8% NIIT).

C corporations

For C corporations, only income you receive as salary is subject to employment taxes. If applicable, the 0.9% Medicare tax may be due as well. Nevertheless, you may prefer to take more income as salary (which is deductible at the corporate level) as opposed to dividends (which aren’t deductible at the corporate level, are taxed at the shareholder level and could be subject to the 3.8% NIIT) if the overall tax paid by both the corporation and you would be less. Warning: The IRS is cracking down on misclassification of corporate payments to shareholder-employees, so tread carefully.

Latest info

As this article went to press, tax law reform efforts were underway that may affect some of this article’s content. Please contact our firm for the latest information.

© 2018