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.

 

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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

Scheffel Boyle Named “Best in Quality”

We are proud to announce that we were recognized on the annual “Best in Quality” list by St. Louis Small Business Monthly for 2017! Thank you to all who nominated us and to our employees for always going above and beyond for our clients. We are beyond grateful for the support and recognition!

Write-Off Hunger Raises Thousands

We recently teamed together for our annual Scheffel Boyle Shares project. Each year, we plan philanthropic activities throughout our offices to give back to our local communities. This year, our employees organized the “Write-Off Hunger” food drive which culminated in the collection of more than 5,500 food items to be donated to local food pantries!

Each of our offices strategized and found creative ways to raise the most donations possible. One office organized a “Cars for Cans” car wash in their parking lot where the fee for a wash was $5 or 5 items of non-perishable food items. Another took to social media to raise funds and “coupon shopped” to get the most out of their donated dollars. Each office exercised their entrepreneurial spirit to find innovative ways of collecting donations for the drive. We are so proud of all they accomplished!

Firm leadership also organized two “Cardinals for Cans” days, where employees could wear their St. Louis Cardinal gear for a fee of $5 or 5 cans. In addition, we also hosted a “Dress for Success” day where if an employee were to forego their normal casual Friday and dress for success instead, the firm would give $5 in their name toward their office’s donation fund.

While it was a firm-wide project, each office will donate what they raised to their own local community food bank. Some organizations who will receive donations from Write-Off Hunger include the Salvation Army Food Pantry of Jerseyville, the Glen-Ed Food Pantry, the Crisis Food Center, the Carrollton Food Pantry, Community Care Center, the Highland Area Christian Service Ministry, and the Community Hope Center, among others.

 

 

Scheffel Boyle Named a “Best Consulting Firm”

We are proud to announce that we were named a “Best Consulting Firm” by St. Louis Small Business Monthly for 2017! Thank you to all who nominated us and to our employees for always going above and beyond for our clients.

Scott Weber Recognized as a “Top Accountant”

St. Louis Small Business Monthly has recognized our very own Scott Weber, CPA, CCIFP as a “Top Accountant” in the St. Louis region for their annual feature. Each year the publication features top accountants from the St. Louis area as chosen by readers of the magazine. Scott was one of only 27 people recognized this year by the magazine out of over 200 nominations!

Scott is a Principal in the Edwardsville office and has been with the firm since 1992. He graduated from Illinois State University in 1991 and is a Certified Public Accountant (CPA) and Certified Construction Industry Financial Professional (CCIFP). His specialties include audit, tax, and consulting services for the construction industry, small businesses, governmental entities, and the transportation industry. Scott is extremely active in the local community and has volunteered countless hours of his own time toward a variety of causes. He is currently the Board of Director’s Treasurer for both the Edwardsville Community Foundation and Big Brothers Big Sisters of Southwestern Illinois.

Scott and the other honorees will be featured in the October issue of St. Louis Small Business Monthly.

Employees Raise Over $5,400 for Big Brothers Big Sisters

Our employees have once again teamed up to raise funds for Big Brothers Big Sisters (BBBS) of Southwestern Illinois at the annual Bowl for Kids’ Sake fundraiser. This year our teams raised over $5,400 for the agency through their efforts, which will all be donated directly to BBBS of Southwestern Illinois.

Scheffel Boyle’s two bowling teams, the Tax Manian Devils and the Ten-Key Strikers, participated in the event on April 25th at Edison’s Entertainment Complex in Edwardsville. Our ten bowlers are responsible for doing their own fundraising for the event, and it’s a friendly competition among the coworkers as to who can raise the most money for BBBS. This year, one of our teams ranked 1st for the entire Southwestern Illinois region for total funds raised, and Scheffel Boyle placed 2nd overall in fundraising.

Big shout-out to our bowlers Elizabeth Heil, Carrie Evans, Jenna Andres, Josh Andres, Michael Brokering, Sarah Smith, Jennison Ebbert, Crystal Schulte, Chad Frerichs, and Crystal Bock. Thank you for all you do for this amazing organization!

BBBS has been changing lives of youth throughout the U.S. for more than 100 years. Their vision “that all children achieve success in life”, is supported through donations and fundraising events, such as Bowl for Kids’ Sake. For information on how you can donate or participate in a BBBS of Southwestern Illinois event, visit www.bbbsil.org.

 

Remembering Richard “Dick” Scheffel

In today’s competitive employment market, offering an employee an equity interest in your business can be a powerful tool for attracting and retaining top talent. If your company is organized as a partnership, however, beware of the tax traps of doing so.

Employees pay half of the Social Security and Medicare taxes on their wages, through withholdings from their paychecks. The employer pays the other half. Partners, on the other hand, are treated as being self-employed — they pay the full amount of “self-employment” taxes through quarterly estimates.

Often, when employees receive partnership interests, the partnership incorrectly continues to treat them as employees for tax purposes, withholding employment taxes from their wages and paying the employer’s share. The problem with this practice is that, because a partner is responsible for the full amount of employment taxes, the partnership’s payment of a portion of those taxes could be treated as a guaranteed payment to the partner.

That payment would then be included in income and trigger additional employment taxes. Any employment taxes not paid by the partnership on a partner’s behalf are the partner’s responsibility.

Treating a partner as an employee can also result in overpayment of employment taxes. Suppose your partnership pays half of a partner’s employment taxes and the partner also has other self-employment activities — for example, interests in other partnerships or sole proprietorships. If those activities generate losses, the losses will offset the partner’s earnings from your partnership, reducing or even eliminating self-employment taxes.

As you can see, there’s much to consider. Please contact us before making this move.

Elizabeth Heil Named Top Executive

St. Louis Small Business Monthly recently named our very own Elizabeth Heil, CPA as a “Top Executive” for their November issue. Elizabeth has been with Scheffel Boyle for over 16 years and is a Manager in our Edwardsville office. She is a member of our Recruiting Team, serves as a mentor to our new team members, and is very active in the Edwardsville/Glen Carbon community, including serving on the Board of Directors for the Ed/Glen Chamber.

 

Congratulations to Elizabeth on all her hard work. We are proud to have you on our team!