Year End Planning

It is the time of year where we are beginning to think about year end tax planning. We look at this as an opportunity touch base with clients before the end of the year and evaluate what strategies they may wish to implement. This may involve timing of tax payments or charitable contributions, additional contributions to tax deferred retirement plans, purchasing new business assets, or buying/selling investments that may yield capital gains or losses. This planning process also allows us to work with clients whose tax position may have changed from the previous year. This could be because of new job, new business venture, a move, the birth of a child, etc. If you have questions about your taxes or what strategies you should consider before the end of the year, please contact an accountant at The CPA Group... read more

Business Valuation

Perhaps the best way to explore this topic is to ask: what, why, how and who? What is it? Business valuation is a process where a valuation analyst uses a set of documents (such as financial statements) and other pertinent information (such as economic and industry data) to provide an opinion or conclusion of the value of an entity or of an investment in an entity. Why do it? If you own an interest in a public company, it’s easy to determine the value – you can just look it up on-line or in the Wall Street Journal.  However, determining the value of a company or investment that is not publicly traded is no simple matter.  Although there are “rules of thumb” and “guideline values”, most often the situation requires a more thorough and supportable process and outcome.   Business valuations are useful, and sometimes required, for many different purposes.  The most common uses we encounter are: financial or estate planning; facilitating ownership changes; the sale or purchase of a business; ESOP retirement plans; divorce; charitable gifts; and estate tax, estate settlement or basis step up matters. How is it done? Business valuation requires the analyst to gain an understanding of the subject of the valuation, both from a historical perspective and from a forecast or earnings potential perspective.  Often the value of a business is related to the expected benefits to the owner rather than its historical performance or its current financial position.   There are also different standards of value and different approaches to computing a value.   Pass through entities (LLC’s, Partnerships, S Corporations) require special valuation considerations.    The... read more

Online Access Wherever, Whenever

The CPA Group PC is now offering clients the opportunity to access their important tax documents and financial records online. Clients will be able to access documents such as tax returns, financial statements, payroll tax reports, W-2’s and 1099’s, and personal financial statements from computers, tablets and mobile devices. Through this access, clients will also have the ability to safely and securely exchange files, including Quickbooks files and documents needed for tax preparation, with The CPA Group PC. If you are interested in setting up online access, please contact your accountant at The CPA Group PC or email us at... read more

Merry Christmas

All of the staff at The CPA Group PC would like to wish our clients and the many other professionals we work with a MERRY CHRISTMAS and HAPPY NEW YEAR. As we reflect on 2013 we are grateful for the opportunity we’ve had to work with each of you. We’re excited to see what 2014 will bring and look forward to seeing many of you this tax... read more

Preparing for 2014

014 is right around the corner and there is no better time to review the retirement contribution limits for the coming year.  Reviewing these limits now will allow employees to to adjust their payroll deductions and self employed individuals to begin saving so that contributions can be maximized by year end.  For those participating in 401k or 403b plans, the maximum contribution limits remain unchanged from 2013 at $17,500 for those under age 50 and $23,000 for those 50 and older.  IRA and Roth IRA contribution limits also remain unchanged at $5,500 for those under 50 and $6,500 for those 50 and older.  Simple IRA contributions are limited to $12,000 again this year for those under age 50.  If the Simple IRA plan allows, those 50 and over may contribute $14,500.  The contribution limits for a SEP or Keogh plan were increased this year to $52,000.  As with many of these plans, there are income requirements and limitations when maximizing contributions.  We would be happy to discuss the specifics of each type of plan with... read more

Change Is In The Air

As the end of the year approaches, we are again reminded of the many changes in the tax laws that have gone into effect in 2013. This year has brought new tax brackets, different capital gains rates, two new surtaxes, a phase out of itemized deductions and exemptions for some taxpayers and many other changes. If you are concerned how these changes may impact you, we’d encourage you to contact us. We look forward to the opportunity to help you navigate these changes and offer suggestions on how you might minimize their... read more

Ringing in the New Year

Shortly after ringing in 2013, our federal government answered a number of questions we and our clients have asked about tax laws for 2013 and years to come. Almost everyone will feel an impact from rules that have changed from 2012 to 2013. Anyone who is self employed or receives a W-2 will now pay FICA-Social Security at rate of 2% higher than the previous year. Singles with income over $200,000 and married couples with income over $250,000 may be subject to either or both a .9% and 3.8% surtax on certain types of income. Singles with taxable income over $400,000 and married couples with taxable income over $450,000 will be subject to a new 39.6% tax bracket, up a few percent from the previous year. It may all sound like bad news, but many will benefit from the extension of certain provisions that were set to expire. The 0%, 10%, and 15% capital gains rates stay in effect for a number of taxpayers. Tax brackets for many in the middle class remained largely unchanged, with minor adjustments for inflation. Although some taxpayers will experience a phase out of itemized deductions and personal exemptions, others will benefit from an extension of child tax credits and a “permanent” relief from Alternative Minimum Tax (AMT). Business owners received a very nice benefit when Congress granted them another year (2013) of being able to expense up to $500,000 of certain fixed asset purchases, with a cap of $2,000,000 of asset purchases. As we look forward to 2013, we see a year of many changes in the tax law (more changes than we... read more

Give Thanks

We hope our blog posts provide you with helpful insights on taxes and periodic reminders of services we might provide that will assist you or your business. However, this is not one of those posts. As the holiday season kicks into full gear, we’d like to take a minute to give thanks. We’d like to thank you for allowing us the opportunity to work with you. We do not take for granted the trust and confidence you have placed in The CPA Group and we look forward to working with each of you in the future. We also want to thank our staff for their dedication to The CPA Group and their clients. We have been blessed with many long term employees who provide great service on a daily basis. We hope this Thanksgiving that you also have reason to give... read more

The Election Is Over!

We hope you’ve enjoyed this past week with significantly less mail, far fewer phone calls, and television commercials for actual businesses, products or services. Whether you are pleased with the results of the election or if you would have preferred a different outcome, we are now starting to get a clearer picture of the direction our country will be heading over the next few years. One area we are confident you will see changes is in tax law. We anticipate many, if not all, of our clients will be affected one way or another. Almost immediately after the election, we began receiving phone calls from clients inquiring how they may be impacted by the pending changes in tax law. We are beginning to see dramatic changes and new opportunities in how we help our clients plan not only for the end of 2012, but for the coming years as well. If you are considering making a major purchase, selling an investment or entering into any significant financial transaction, we would appreciate the opportunity to discuss your scenario before you make your decision. Timing and proper planning is everything at the present time. As always, if we can be of any assistance to you or if you have any questions on how you may be affected by pending changes in the tax law, please don’t hesitate to contact... read more

Welcome to The C.P.A. Group’s new website

Thank you for taking the time to visit our redesigned site. We hope the website gives you a glimpse of who we are and more importantly, the services we are providing to individuals and small and medium sized businesses. The website also provides you links to many common forms under the Resources tab and an easy way to contact or find us under the Contacts tab. We are currently striving to build relationships with our existing clients by providing them with the highest level of service. We are also actively pursuing new clients and would encourage you to contact us if we could assist you with any of your tax, accounting or business needs. We hope you’ll come back to visit our website in the future. From time to time we will try to update our blog with recent changes in tax laws, as well as discuss various services we are providing to our clients. In November and December we will be focusing on year tax planning. We’ll be assisting our clients in making decisions before year end that will impact their taxes both this year and in future years. There are many changes in the tax laws on the horizon and we feel year end tax planning is a way for us to proactively prepare our clients for these changes. Please feel free to contact us today to set up an appointment for year end tax planning. Thanks again for visiting our site. We welcome your feedback and would like to know if there is anything else you’d like to see on our website. The Staff at The... read more

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The C.P.A. Group, P.C.
4267 Canal Avenue SW
Grandville MI 49418
(616) 538-0460

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