McMill CPAs & Advisors is a great place to begin your career. We are proud to partner with Northeast Community College in offering internships to students and keeping our graduates in our area of the state!
Check out the story in the recent Northeast Community College Graduate Employment Report, featuring our very own payroll team staff member, Morgan Haner.
Read the article.
Jared Faltys and Clint Weeder provide an update on the current status of the market. Recorded 2/10/2022.
Clint Weeder and Andrew Steffensmeier discuss the Nebraska Property Tax Incentive Act that went into effect last year and the online look-up tool that helps you generate the info to give your tax preparer. This will help to complete your taxes properly and make sure you receive any tax credits you are due.
Look-up tool: https://revenue.nebraska.gov/about/nebraska-income-tax-credit-school-district-taxes-paid-nebraska-property-tax-incentive-act
Recorded in 2020.
McMill CPAs & Advisors, one of the largest financial firms in Northeast Nebraska, is excited to announce the addition of a new shareholder, Andrew Steffensmeier. He becomes a shareholder alongside Nancy Brozek, Jared Faltys and Clint Weeder.
A native of Lincoln, Andrew now resides in Norfolk with his wife, Cortney, and their two daughters, Sunny and Scottie. Mr. Steffensmeier keeps busy with his girls by venturing around town exploring playgrounds and other activities for the kids. When not busy with his family, he enjoys the outdoors and working on his golf game. Andrew joined the firm in 2013 as a staff accountant. In his nearly 10 years with the firm, Andrew has been driven to helping his clients achieve financial success. As a result of this dedication, he has established a strong client base that depends on his expertise and appreciates his personable demeanor. McMill CPAs & Advisors is proud to have Andrew on our team of 13 CPA’s, offering a combined 300+ years of experience in accounting, business consulting, tax planning and wealth management. Clint Weeder, shareholder, states “We are excited to add Andrew as a shareholder. His focus on leadership and the community is evident in how well he serves his clients and their families. Their continued success is always his number one priority.”
Andrew has a Bachelor of Science degree in Accounting and a Master of Public Accountancy from the University of Nebraska in Lincoln. Andrew specializes in corporate taxation, wealth management, income tax planning and preparation, and business consulting. Professionally, he is a member of the Nebraska Society of CPA’s and American Institute of CPAs. Locally, Andrew is involved with the Norfolk Area Chamber of Commerce, Leadership Norfolk, and the Norfolk Area Community Foundation. Andrew sees the importance of educating the youth in our community on how to set themselves up for financial success. He has presented financial literacy lessons at multiple local schools, as well as at our annual Lemonade Camp.
McMill CPAs & Advisors was established in 1948 and has enjoyed serving Norfolk and the surrounding communities over the years. The firm specializes in serving businesses, their owners, and the complete ecosystem those owners care about. Services provided by McMill include tax planning and preparation, wealth management, estate planning, payroll and bookkeeping services, QuickBooks consulting, auditing and assurance services and company retirement plans. McMill is a family firm that believes in the power of a close community supporting itself by caring for each other.
2021: Year in Review. Clint Weeder and Andrew Steffensmeier discuss key individual tax considerations from recent tax legislation and top tax updates for businesses. Recorded January 27, 2022.
Jared Faltys and Clint Weeder provide an update on the current status of the market. The question, “Why invest in international stock?”, is also answered. Recorded 11/11/2021.
McMill CPAs & Advisors hosted 1st-6th grade children in August 2021 to discover how to be an entrepreneur by learning how to start and run their own business – a lemonade stand. Nearly 60 campers were able to raise $798 for the Norfolk Arts Center!
Recently, there were changes made to the child tax credit that will benefit many taxpayers. As part of the American Rescue Plan Act that was enacted in March 2021, the child tax credit:
The new law also raised the age of qualifying children to 17 from 16, meaning some families will be able to take advantage of the credit longer.
The IRS will pay half the credit in the form of advance monthly payments beginning July 15. Taxpayers will then claim the other half when they file their 2021 income tax return.
Though these tax changes are temporary and only apply to the 2021 tax year, they may present important cashflow and financial planning opportunities today. It is also important to note that the monthly advance of the child tax credit is a significant change. The credit is normally part of your income tax return and would reduce your tax liability. The choice to have the child tax credit advanced will affect your refund or amount due when you file your return. To avoid any surprises, please contact our office.
Qualifications and how much to expect
The child tax credit and advance payments are based on several factors, including the age of your children and your income.
To qualify for the child tax credit monthly payments, you (and your spouse if you file a joint tax return) must have:
You can take full advantage of the credit if your income (specifically, your modified adjusted gross income) is less than $75,000 for single filers, $150,000 for married filing jointly filers and $112,500 for head of household filers. The credit begins to phase out above those thresholds.
Higher-income families (e.g., married filing jointly couples with $400,000 or less in income or other filers with $200,000 or less in income) will generally get the same credit as prior law (generally $2,000 per qualifying child) but may also choose to receive monthly payments.
Taxpayers generally won’t need to do anything to receive any advance payments as the IRS will use the information it has on file to start issuing the payments.
The IRS should be sending out a letter 6417 within the next few weeks outlining your expected monthly deposit should you choose to stay enrolled in the monthly advance payments. If you are curious what monthly payment you will be receiving, please use this estimator tool in the meantime.
IRS’s child tax credit update portal
Using the IRS’s child tax credit and update portal, taxpayers can update their information to reflect any new information that might impact their child tax credit amount, such as filing status or number of children. Parents may also use the online portal to elect out of the advance payments or check on the status of payments.
The IRS also has a non-filer portal to use for certain situations.
The IRS has issued various FAQ’s to guide taxpayers through this process.
If you have any questions regarding the updates to the child tax credit, please reach out to your accountant.
Natural and human-made disasters can strike anywhere and anytime. Here are ways your business can be prepared.
source: https://e.clientlinenewsletter.com/mcmillcpasandadvisors
Knowing how much your business is worth can do more than figure out how much money you can get when you sell it. Creating an accurate valuation is part of an ongoing business strategy.
Think of a business valuation as an appraisal, which is generally created by analyzing a company’s tangible and intangible assets relative to its liabilities and debts. Some valuation methods will also consider how profitable the company is on an annual basis, and others will compare your business’s financial statements with similar companies. There are numerous valuation methodologies and which one is best for you will depend on your business.
Business valuations are most often completed when a company is being sold. But valuations can also be useful when there are tax disputes with the IRS or when additional owners are brought in, or old partners are cashing out and leaving. And if a business wants to secure a sizable loan or investor funding, a valuation can offer credibility to justify the risk.
Valuations also help owners measure progress, identify hiccups or gaps in company infrastructure, and provide a benchmark as to how your company performs against your peers or industry best practices.
Maybe you weren’t planning to sell. But if the value of your business has increased significantly, selling now might make sense.
You can run your own informal valuation at any time. But if you need a third-party valuation, you’ll need an experienced independent appraiser trained to use unbiased methods. And if your company operates in a heavily regulated industry, hiring someone with in-depth regulatory knowledge is a must.
Make sure all aspects of your operation are up-to-date. A few examples include: record-keeping, outstanding legal matters, insurance coverage and intellectual property documentation.
If you are in need of a business valuation, please reach out and one of our Certified Valuation Analysts (CVA) would be happy to assist you!
source: https://e.clientlinenewsletter.com/mcmillcpasandadvisors/2021May/Valuing_Your_Business