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.

IRS: MO Storm & Flooding Victims Now Eligible for Tax Relief

Storm victims in parts of Missouri now have until November 15, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual or public assistance. Currently, individuals and households that reside or have a business in the Independent City of St. Louis, as well as St. Charles, Montgomery and St. Louis counties in Missouri, qualify for tax relief. The same relief will be available to any other locality added later by FEMA.

The tax relief postpones various tax filing and payment deadlines that occurred starting on July 25, 2022. As a result, affected individuals and businesses will have until November 15, 2022, to file returns and pay any taxes that were originally due during this period.

This means individuals who had a valid extension to file their 2021 return due to run out on October 17, 2022, will now have until November 15, 2022, to file. The IRS noted, however, that because tax payments related to these 2021 returns were due on April 18, 2022, those payments are not eligible for this relief.

The November 15, 2022 deadline also applies to quarterly estimated income tax payments due on September 15, 2022, and the quarterly payroll and excise tax returns normally due on August 1 and October. 31, 2022. Businesses with an original or extended due date also have the additional time including, among others, calendar-year partnerships and S corporations whose 2021 extensions run out on September 15, 2022 and calendar-year corporations whose 2021 extensions run out on October 17, 2022.

In addition, penalties on payroll and excise tax deposits due on or after July 25, 2022 and before August 9, 2022, will be abated as long as the deposits were made by August 9, 2022.

The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. Therefore, taxpayers do not need to contact the agency to get this relief. However, if an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date falling within the postponement period, the taxpayer should call the number on the notice to have the penalty abated.

In addition, the IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area.

Individuals and businesses in a federally declared disaster area who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year the loss occurred (in this instance, the 2022 return normally filed next year), or the return for the prior year (2021).

The Missouri Department of Revenue also announced that it will grant the same tax extensions as the IRS to assist Missouri individuals and businesses impact by the recent flooding.  Taxpayers requesting an extension should note the following on their returns when filed: “July 2022 flood extension.”

Note that if you have other state returns to file or payments to make, those deadlines have not been extended.

 

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

2022 State of Illinois Tax Rebates

Under the Illinois Family Relief Plan, one-time individual income and property tax rebates will be issued to taxpayers who meet certain requirements. Those who are eligible will receive one of both rebates, which are expected to begin being issued the week of September 12.

As always, if you have any questions, please contact your trusted Scheffel Boyle CPA.

You may also go to Illinois.gov for FAQs and additional resources regarding these 2022 tax rebates.

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.

After filing your taxes, what records can you toss?

If you’ve filed your 2021 tax return, you may want to do some spring cleaning, starting with tax related paper clutter. Paring down is good. Just be careful to hold onto essential records that may be needed in the event of an IRS audit. Some documents may be needed to help you collect a future refund or assist with filing your return next year. Before you start tossing or shredding documents, read the rules to learn what must be kept — for how long — and what can be safely discarded.

The General Rules

At a minimum, you should keep tax records for as long as the IRS can audit your tax return or assess additional taxes. That’s usually three years after you file your return. This means you potentially can get rid of most records related to tax returns for 2018 and earlier years. However, the statute of limitations extends to six years for taxpayers who understate their adjusted gross income by more than 25%. What constitutes an understatement may go beyond simply not reporting items of income. So, to be safe, a general rule of thumb is to save tax records for six years from filing.

Keep Some Records Longer

You need to hang onto some tax-related records beyond the statute of limitations. For example:

  • Keep the tax returns themselves indefinitely, so you can prove to the IRS that you did file a legitimate return. (If you didn’t file a return or if you filed a fraudulent return, there’s no statute of limitations.)
  • Retain W-2 forms until you begin receiving Social Security benefits. That may seem long, but if questions arise regarding your work record or earnings for a particular year, you’ll need your W-2 forms to help provide the documentation needed.
  • Keep records related to real estate or investments for as long as you own the assets, plus at least three years after you sell them and report the sales on your tax return (or six years if you want extra protection).
  • Hang onto records associated with retirement accounts until you’ve depleted the accounts and reported the last withdrawal on your tax return, plus three (or six) years.
  • Retain records that support figures affecting multiple years, such as carryovers of charitable deductions or casualty losses. These need to be saved until they no longer have effect, plus seven years.

If you have any questions, please feel free to contact your trusted Scheffel Boyle team member. We are always here to help!