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Gunnip & Company CPAs
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Business owners: Forms due Jan. 31

Don't forget that Jan. 31 is an important due date if you own a business, or have a side business in addition to your regular job.

Avoid fines by making sure Forms W-2 and 1099-MISC are postmarked or sent electronically by this date to the IRS as well to the people you did business with in 2017. Remember, you may face separate fines for each late form. The Jan. 31 deadline for these forms was unified as part of the IRS's larger effort to minimize refund fraud.
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Congratulations John!

John R. Mraz, CPA has been promoted to Manager. John is a lifelong resident of Wilmington, and a graduate of Salesianum High School and the University of Delaware. John has been at Gunnip & Company since 2007, serving in the firm’s Special Purpose Entity and Tax Divisions before joining the Audit Department in 2012. John provides audit and advisory services to colleges and nonprofit organizations. He is also responsible for preparing reviews and compilations for various industries. He has expertise in the area of the complex regulatory reporting environment related to single-audit compliance requirements.
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As the holiday season quickly approaches, gift giving will be top of mind, and that should include making annual exclusion gifts before the Dec. 31 deadline. The 2017 gift tax annual exclusion allows you to give up to $14,000 per recipient tax-free. An estate tax repeal has been proposed, but even if the estate tax is repealed, it likely won’t be permanent. And current proposals retain the gift tax. So making 2017 annual exclusion gifts can still be a tax-smart move. Contact us to learn more about making gifts and to keep abreast of any estate tax law changes.
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This week our Not-For-Profit Audit Team hosted leaders from the nonprofit community for a discussion about the upcoming auditing standards changes. Here’s some of the key points. For a PDF copy of the presentation, email us at info@gunnip.com and we’ll be happy to share it with you.
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For most taxpayers “of a certain age” with a tax-advantaged retirement account, as well as younger taxpayers who’ve inherited such an account, it’s critical to take required minimum distributions (RMDs) by year end. After age 70-1/2, you must take annual RMDs from your IRAs (except Roth IRAs) and, generally, defined contribution plans, such as 401(k)s. RMDs also can apply to inherited accounts, including Roth IRAs. If you don’t take RMDs by Dec. 31, you can owe a penalty equal to 50% of the amount you should have withdrawn but didn’t. Contact us with questions.
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Are you a 501(c)(3) organization looking to save cash?

As a tax-exempt organization, you are permitted, under Federal Law, to pay only for unemployment benefits claimed by former employees. Think of this permission as setting up a “pay as you go” plan for unemployment benefits. Your organization is self-funding the insurance. Your organization is acting as the unemployment insurance department. Cash disbursements are only made when unemployment benefits are required for former employees.

This plan is NOT for every 501 (c) (3) tax-exempt organization. You need to carefully review your recent history of unemployment benefit claims, the financial strength of your organization, your current work force and the continuality of your programs and various locations moving forward. What are your chances of losing programs or locations and having to lay-off some of your work-force?

If interested in learning more, please contact us. We can discuss the rules and the pluses and minuses of making this decision and can direct you to organizations that can help you further explore this option for potential implementation.
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The Gunnip team enjoyed our annual fall picnic this weekend. Always a special day with our families.
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10/23/17
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A cash balance plan can turbocharge a business owner’s retirement savings. In 2017, employer contributions and employee deferrals to defined contribution plans like 401(k)s are limited to $54,000 ($60,000 for employees age 50 or older). Nondiscrimination rules that prevent a plan from favoring highly compensated employees can further reduce contributions to an owner’s account. But cash balance plans are instead subject to a cap on annual benefit payouts in retirement, and contributions may be as high as necessary to fund those benefits. Contact us for details.
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The FASB recently issued some targeted improvements to its guidance that could encourage more companies to engage in hedging arrangements to minimize volatility in their financial statements. The updated standard expands the range of transactions that qualify for hedge accounting and simplifies the presentation and disclosure requirements. Although the updated standard goes into effect in 2019 for public companies and 2020 for private ones, many businesses are expected to adopt it early. Could hedging work for your business? Contact us to discuss your options.
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