Archive for the ‘Uncategorized’ Category

Tuesday, January 16th, 2018

M&J’s First Women’s Alliance

We hosted our Inaugural Women’s Alliance Meeting yesterday, January 15 at the Atlanta office. Aleisa Howell, a Partner in the Atlanta office, headed this initiative and was the meeting’s first speaker. All the women in the Atlanta office were invited to attend along with Jeff Fucito, Atlanta’s Partner-in-Charge, Donny Luker, acting Managing Partner, and Hanson Borders, Managing Partner Elect.

“We are very excited to announce the Mauldin & Jenkins Women’s Alliance,” said Howell. “The Alliance will support women with their career development and leadership opportunities.”

 

 

 

 

 

 

Monday, January 15th, 2018

Tax Cuts and Job Acts

The tax experts at Mauldin & Jenkins conducted a Tax Reform Seminar on Thursday, January 11th.  Seminar attendees learned how the new reform will impact them individually and their companies.  To hear how you will be impacted, listen to the Individual’s Seminar.

Find the complete powerpoint here!

 

Wednesday, January 10th, 2018

Conflict-of-interest checklist for nonprofits

Not-for-profit board officers, directors, trustees and key employees must avoid conflicts of interest because it’s their duty to do so. Any direct or indirect financial interest in a transaction or arrangement that might benefit one of these individuals personally could result in the loss of your organization’s tax-exempt status — and its reputation.

Here’s a quick checklist to gauge whether your nonprofit is doing what it takes to avoid conflicts of interest:

Do you have a conflict-of-interest policy in place that specifies what constitutes a conflict and lists exceptions?
Do you require board officers, directors, trustees, and key employees to annually pledge to disclose interests, relationships and financial holdings that could result in a conflict of interest?
Do they understand that they must speak up if issues arise that could pose a possible conflict?
Do you provide training in conflicts of interest?
Do you have procedures in place that outline the steps you’ll take when a possible conflict of interest arises?
Are individuals with possible conflicts asked to present only the facts, and then remove themselves from any discussion of the issue?
Do you keep minutes of the meetings where the conflict of interest is discussed, noting those members present and voting, and indicating the final decision reached?
Do you put projects out for bid — with identical specifications — to multiple vendors?
Do you supply a written contract to each vendor that details the service the company will provide, specific deliverables, cost estimates and a time frame for delivery?
If you answered “no” to any of these questions, contact us. We can help you make sure that you have an adequate conflict-of-interest policy in place and a full set of procedures to support it.

© 2018

Wednesday, January 10th, 2018

Atlanta’s Christmas Party

We’re well into January, but take a look how our Atlanta office celebrated the holidays by gathering at Sweet Water Brewing Company.  Everyone had a great time, and a few folks took to the dance floor for some line dancing!

Tuesday, January 9th, 2018

Don’t be a victim of tax identity theft: File your 2017 return early

The IRS has just announced that it will begin accepting 2017 income tax returns on January 29. You may be more concerned about the April 17 filing deadline, or even the extended deadline of October 15(if you file for an extension by April 17). After all, why go through the hassle of filing your return earlier than you have to?

But it can be a good idea to file as close to January 29 as possible: Doing so helps protect you from tax identity theft.

All-too-common scam

Here’s why early filing helps: In an all-too-common scam, thieves use victims’ personal information to file fraudulent tax returns electronically and claim bogus refunds. This is usually done early in the tax filing season. When the real taxpayers file, they’re notified that they’re attempting to file duplicate returns.

A victim typically discovers the fraud after he or she files a tax return and is informed by the IRS that the return has been rejected because one with the same Social Security number has already been filed for the same tax year. The IRS then must determine who the legitimate taxpayer is.

Tax identity theft can cause major headaches to straighten out and significantly delay legitimate refunds. But if you file first, it will be the tax return filed by a potential thief that will be rejected — not yours.

The IRS is working with the tax industry and states to improve safeguards to protect taxpayers from tax identity theft. But filing early may be your best defense.

W-2s and 1099s

Of course, in order to file your tax return, you’ll need to have your W-2s and 1099s. So another key date to be aware of is January 31 — the deadline for employers to issue 2017 Form W-2 to employees and, generally, for businesses to issue Form 1099 to recipients of any 2017 interest, dividend or reportable miscellaneous income payments.

If you don’t receive a W-2 or 1099, first contact the entity that should have issued it. If by mid-February you still haven’t received it, you can contact the IRS for help.

Earlier refunds

Of course, if you’ll be getting a refund, another good thing about filing early is that you’ll get your refund sooner. The IRS expects over 90% of refunds to be issued within 21 days.

E-filing and requesting a direct deposit refund generally will result in a quicker refund and also can be more secure. If you have questions about tax identity theft or would like help filing your 2017 return early, please contact us.

© 2018

Friday, January 5th, 2018

Happy Friday and A Big Welcome to Our New M&J Employees & Interns!

What a great week we have had to get to know our new employees and interns! These fresh faces were greeted by the Atlanta office for orientation and a fun night of team building at The Painted Pin.

We are excited about the addition of Jake Herndon, Garrett Marlowe, and Jennifer Trotter to Bradenton; Alex Brown, Matt Orr, John Persichetti, Peyton Moore, and Dominic Romeo to Atlanta; Tom Flournoy, Cam Williams, Davis Gill, and Will Moncrief to Albany; Ryan Meades, Elliot Unger, and Reed Howden to Chattanooga; David Usefara and Graham Vaughn to Columbia; and Matt McCommon to Macon. Welcome to M&J!

Also, huge congratulations to Matt Orr for passing his CPA exam before his start date!!

 

Wednesday, January 3rd, 2018

Most individual tax rates go down under the TCJA

The Tax Cuts and Jobs Act (TCJA) generally reduces individual tax rates for 2018 through 2025. It maintains seven individual income tax brackets but reduces the rates for all brackets except 10% and 35%, which remain the same.

It also makes some adjustments to the income ranges each bracket covers. For example, the 2017 top rate of 39.6% kicks in at $418,401 of taxable income for single filers and $470,701 for joint filers, but the reduced 2018 top rate of 37% takes effect at $500,001 and $600,001, respectively.

Below is a look at the 2018 brackets under the TCJA. Keep in mind that the elimination of the personal exemption, changes to the standard and many itemized deductions, and other changes under the new law could affect the amount of your income that’s subject to tax. Contact us for help assessing what your tax rate likely will be for 2018.

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Tuesday, January 2nd, 2018

Chattanooga’s Christmas Party

The Chattanooga office Christmas party was held at the Walden Club in downtown Chattanooga.  The team enjoyed seeing the lights of the city from the top floor of the Republic Centre.  The food was great and so was the company!

 

Tuesday, January 2nd, 2018

Happy New Year!!!

We hope everyone had fun and safe New Year’s Eve Celebrations! We are excited to see what 2018 has in store for Mauldin & Jenkins. What better way to welcome the New Year, than with new promotions!

Congratulations to our newly promoted employees!! We appreciate your hard work and efforts.

Atlanta:
Jenna Huggins to Supervisor
Katie Smith to Supervisor
Justin Davis to Supervisor
Rory Spurlock to Senior
Mackie Singleton to Staff II
Albany:
Hays Lacey to Manager
Macon:
Rick Spires to Manager
Chattanooga:
Beth Granstaff to Manager
Bethany Schmitt to Supervisor

Friday, December 29th, 2017

Tax Cuts and Jobs Act offers favorable tax breaks for businesses

The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, contains a treasure trove of tax breaks for businesses. Overall, most companies and business owners will come out ahead under the new tax law, but there are a number of tax breaks that were eliminated or reduced to make room for other beneficial revisions. Here are the most important changes in the new law that will affect businesses and their owners.

New 21% corporate tax rate

Under pre-TCJA law, C corporations paid graduated federal income tax rates of 15% on taxable income of $0 to $50,000; 25% on taxable income of $50,001 to $75,000; 34% on taxable income of $75,001 to $10 million; and 35% on taxable income over $10 million. Personal service corporations (PSCs) paid a flat 35% rate.

For tax years beginning in 2018, the TCJA establishes a flat 21% corporate rate, and that rate also applies to PSCs.

Reduced corporate dividends deduction

Under pre-TCJA law, C corporations that received dividends from other corporations were entitled to partially deduct those dividends. If the corporation owned at least 20% of the stock of another corporation, an 80% deduction applied. Otherwise, the deduction was 70% of dividends received.

For tax years beginning in 2018, the TCJA reduces the 80% deduction to 65% and the 70% deduction to 50%. These reductions are part of the price businesses have to pay for the new 21% corporate rate.

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