At SCHEIBE ACCOUNTING LLP, we are committed to providing efficient, expert tax and accounting solutions to businesses and individuals.
Our primary services include accounting, payroll services that include web payroll with direct deposit, individual and business tax return preparation, financial statement preparation and related planning issues. SCHEIBE ACCOUNTING LLP is dedicated to serving all of your accounting and financial services needs, and we offer an array of specialty services that cater to the unique needs of our clients.
The simplest and most effective tax planning tool for all Americans of all income levels is full participation in retirement plans. Make sure you maximize your 401-K deferral if available, contribute to tax-deductible IRAs.
For those of you required to file them, keep in mind that January 31st is the deadline for giving the recipient a Form 1099 or W-2, and now must be filed with the government by January 31st instead of March 31st!If you wish to have us prepare these forms, please CAREFULLY COMPLETE THE WORKSHEET(S) WITH ALL INFORMATION IN THE CORRECT AREAS for 1099’s & W-2’s (forms located on our website www.scheibecpa.com).We will not take phone calls regarding this important information.Please send us the information by January 5th to ensure the IRS deadline is met and to avoid any additional charge if we prepare them later.THE IRS PENALTY FOR FAILURE TO FILE THESE FORMS IS NOW $530.00 PER FORM.
***To ensure that your tax return is timely filed, please drop off your information at our office NO LATER than February 15th for a farm return or April 5th for all other returns. ***We are, once again, requiring farmers to pay an estimated tax payment by January 15th, 2019, in order to have additional time to file their taxes.This will allow you time to receive all 1099's and K-1's.
With the Tax Cut & Job Acts, changes for 2018, many returns may be delayed as IRS forms and filing appear, will be delayed.
Affordable Care Act
You will receive one (or possibly more) Form 1095, we MUST have all copies to prepare your tax return.
ALL deductions of any amount must have a receipt. Any individual contribution over $250 must also have an acknowledgement letter from the charity, and the letter must be dated by the date we file your return. The letter should show the date and amount of any individual contribution over $250 and should also state that no goods or services were received in return for the contribution.
If you have an account, retirement account, or business interest with a value over $10,000 in a foreign country, or a foreign business ownership (not through a mutual fund), please let us know as some special rules will apply to you. There are substantial penalties for failure to disclose these items.
If you own rental property, the IRS has demanded substantially more information. We now need, FOR EACH PROPERTY SEPARATELY, the physical location, the type of property (single-family, duplex, etc), and Forms 1099-K received, and a record, by property, of the number of days rented and the number of days used for personal purposes.We will also need to know if claiming for business, 20% credit, and if so, MUST file 1099’s.
Security and Identity Theft
Because so many electronic intruders get in via email attachments, our firm has instituted our national tax professional security advisor’s recommendations and implemented a “no-click” e-mail policy. This means we will not open any documents that you have sent us via email-a mandatory solution, which when combined with our latest security software and other steps makes it extremely difficult for electronic intruders to get through our defenses. This brings the question about how you will transfer data to us, and vice versa. We now will accept data from you in 4 ways: surface mail; drop-off; fax; or mandatory upload to our web portal. We know these changes will cause some hassle on your (and our part) but it is the best way to protect your and our confidentiality.
On-line Portal Information
Internal Revenue Code Section 7216 (effective 1-1-09) makes it extremely difficult for us to provide copies of your tax returns, supporting information or other confidential information to third parties, such as bankers, mortgage companies, insurers, etc.Simply go to our website at www.scheibecpa.com and log in buttons are located in the middle of the Home page – Yellow button is for the Portal.
Client Portal – click Yellow button, log-in then click Cloud Cabinet to get into your Portal.
Tax Returns folder will be the main folder used
Shared folder will hold some blank forms or general information
ERISA compliance is NOT an option
Is your small business ready for the close scrutiny associated with a Department of Labor (DOL) audit? Most businesses aren't! Many employers don't fully understand the Employee Retirement Income Security Act (ERISA), how it impacts business and employees, and the possible risks it presents. In fact, 90-95% of employers have at least one ERISA violation because these regulations are so confusing and complex.
DOL audits are on the rise and failure to comply can be quite costly - as much as $147 per day per employee!
The DOL storm is coming. Are you ready?
In 2014 the DOL expressed their goal to audit ALL employee benefit Plans by the end of 2015. Although that didn't happen, it could soon: With increasing budgets and resources, DOL activity is hitting employers hard and only getting stronger.
A health and welfare Plan audit is a review of documents and other Plan materials to ensure Plan sponsors comply with federal law. This includes having and distributing the correct documents, and administering those documents consistent with federal laws and regulations. Can you afford to withstand an audit on your own? Enroll in the Microbusiness Compliance Suite and leave your worries behind.
ONLINE CLIENT PORTAL
**Use the yellow *Log-In to Client Portal* button (shown at the top of this page)
**Log-In with your User Name and Password
(An email from firstname.lastname@example.org sends your User Name and a link to set up your Password.)
**Click on Cloud Cabinet
Tax Returns will be the main folder used
This will hold your tax return each year. It is also where you would go to upload any information to send to us securely.
*To Upload – When you are in the Tax Returns folder, there is a cloud with an arrow on the upper right hand side, that is what you need to click for the Upload option.
This will be where you can access some blank forms or general information that we would like to share with all clients.
If you are a Payroll client of ours, we will start utilizing this folder to get your payroll to you securely each payroll.
**Make sure to keep your User Name and Password handy. We will not have access to your Password. You can work with the Forgot your password? link on the log-in screen if needed.