2016 Exemptions, Allowances and Penalties for Employees
Part 4 of our Annual Payroll and Withholding Update outlines information employees need to know in 2016 including Form W-4 expiration, Missouri W-4 requirements, unsubstantiated business expenses, and...
View ArticleRoth IRA Contribution Eligibility and Tax Benefits
Most individuals are familiar with the benefits and contribution eligibility of a traditional IRA, and many are familiar with Roth IRAs, but to a lesser extent. The two are similar in terms of being...
View Article2016 Unemployment Tax, Deposits, EFTPS, Earned Income and Small Business...
Part 5 of the Annual Payroll and Withholding Update provides information employers need to know about federal and state unemployment tax, tax deposits, the electronic federal tax payment system, earned...
View ArticleS Corporation Owner/Employee Reference Guide
The following is to provide guidance on the taxation of an S Corporation owner/employee, highlighting differences in the transition from an employee to an owner/employee. Employee Wages and S...
View ArticleSteve Rommerskirchen Talks Taxes on Big 550 KTRS Radio Show
On Saturday, March 12th Anders Tax Supervisor, Steve Rommerskirchen, CPA, MBA spoke on the Big 550 KTRS radio station. For the past four years, Steve has made annual appearances on the Retire Worry...
View ArticleGeneral Newsletter March 2016
It’s March, and at Anders, that means stacks of tax returns, audits and MARCH MADNESS. Anders’ annual Hoops for Hope basketball pool is underway and we’re looking forward to the biggest year yet. Now...
View ArticleTax Time Brings New Phone Scams
Tax season is in full swing, and so are phone scams claiming to be from the IRS. Scam artists are using new tactics, and some will call saying they have your tax return and just need to verify a few...
View ArticleThe Tax Season Clock is Ticking
As the April 18 tax deadline draws near, it’s crunch time for many in finishing up those last minute tax preparations. Aside from providing your accountant with a pile of tax documents, here are a few...
View ArticleGeneral Newsletter April 2016
Jim Tricarico Wins 29th Annual Hoops for Hope Tournament Jim Tricarico crafted the winning bracket this year in the 29th annual Anders Hoops for Hope NCAA tournament pool! This year’s tournament...
View ArticleFiling Requirements for Your Portfolio’s Foreign Financial Accounts
Filing Requirements There are two possible reports to file. First, if you have an interest in, or signature or other authority over, one or more foreign financial accounts whose combined value...
View ArticleSimplified Employee Pension Plans: SEP Eligibility and Setup
Many have heard of Simplified Employee Pension plans, or only know that SEP’s are a type of retirement vehicle. However, do we all really understand Simplified Employee Pension plans and how they work?...
View ArticleSimplified Employee Pension Plans Part 2: SEP Contributions & Distributions
In Part 1 we discussed the definition, eligibility and setup of a Simplified Employee Pension Plan. Now that you have some understanding of SEP’s, we’re going to take a look at contributions into and...
View ArticleAdulting 102: A Millennial’s Guide to Marriage
Wedding season has officially begun! You’ve planned the wedding, the reception and the honeymoon, but have you planned for all the legal and financial changes once you get married? Below is a guide...
View ArticleSmall Businesses Prepare for New DOL Overtime Eligibility Ruling
The Department of Labor recently issued a new regulation that will affect overtime pay eligibility for salaried workers. Beginning December 1, 2016, employees earning up to $47,476 per year must...
View ArticleGeneral Newsletter June 2016
Hoops for Hope Raises $9,500 for Charity of Choice The 29th annual Hoops for Hope tournament attracted over 500 participants who played to support the 2016 Anders Charity of Choice, Stray Rescue of St....
View ArticleClassifying Passive vs. Non-Passive Activities
Categorizing activities between passive or non-passive is not an easy task. Many times, this could determine if a current income deduction is received or which tax rate should be applied. In general,...
View ArticleGeneral Newsletter June 2016
Anders Named Top Workplace by St. Louis Post-Dispatch Anders has been selected by The St. Louis Post-Dispatch as the 2016 Top Workplace in the Midsize Employer Category. Anders has been on the Top...
View ArticleSet Up an IC-DISC for Foreign Sales Resulting in Initial $32,000 Tax Savings
We assisted a client with setting up an IC-DISC (C Corporation) because of their substantial sales to foreign customers. The manufacturing company (S Corporation) calculates a commission based on...
View ArticleTurned Research & Development Expenses into $30,000 in Federal Tax Credits
We recommended a manufacturing client consider a research credit study to determine if federal credits could be taken on their tax return. Based on findings of the study, the company spent quite a bit...
View ArticleCohabitation Doesn’t Cut It with the IRS
Now that I have gained some attention from you millennials (and possibly parents of millennials), first take a deep breath. We’re talking IRS tax deductions, not the social aspect of cohabitating....
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