A summarized schedule is available for download below.Top
HSMC Orizon was recognized as a top 3 finalist for the Lee’s Summit Chamber Truly the Best Business of the Year Award for 2017.
Each year, the Chamber honors Lee’s Summit businesses that are recognized for excellence by their peers with the Truly the Best Business of the Year award. The Chamber chooses the winners by accepting nominations, site visits and interviews with the top three applicants in each of the four categories: not-for-profits and three businesses based on the number of employees.Top
HSMC Orizon LLC is pleased to announce Adam Pfeiffer has been promoted to Client Service Manager.
“Adam is fully dedicated to do whatever it takes to ensure our clients receive exceptional service and value,” said Gene Garrelts, Managing Partner of HSMC Orizon. “We are pleased to have Adam on the team to continue to drive HSMC Orizon’s dedication to serving our clients and developing our staff.”
Adam will manage client relationships and teams with a focus on tax compliance, planning and related services to individuals and small to mid-size businesses, but will also continue to provide assurance services including compilations, reviews and audited financial statements. Adam joined our firm in 2014 and has prior experience in both public accounting and private industry. He is a member of the American Institute of Certified Public Accountants and received a Bachelors and Masters degree in Accounting from the University of Nebraska-Lincoln.Top
HSMC Orizon LLC is pleased to announce Luke Templin has been promoted to Manager of Accounting Services.
“In the short time Luke has been on our team, he has demonstrated the ability to create solutions for our clients and lead our accounting services team,” said Gene Garrelts, Managing Partner of HSMC Orizon. “We are pleased to have Luke on the team to continue to drive HSMC Orizon’s dedication to our clients.”
Luke will lead our accounting services team which includes outsourced payroll and accounting, design and training on accounting systems, and outsourced controller and CFO services. He will also assist with assurance services and attest projects for our clients. Luke joined our firm in 2016 after relocating to Omaha with prior experience in both public accounting and private industry. He is a member of the American Institute of Certified Public Accountants and received a Bachelors and Masters degree in Accounting from the University of Kansas.Top
Revised Due Dates for Partnership and C Corporation Returns
In a major restructuring of tax return due dates, effective generally for tax years beginning after December 31, 2015 (i.e. 2016 tax returns):
- Partnerships and S corporations will have to file their returns by the 15th day of the third month after the end of the tax year. Thus, entities using a calendar year will have to file by March 15 of the following year. In other words, the filing deadline for partnerships will be accelerated by one month; the filing deadline for S corporations stays the same. By having most partnership returns due one month before individual returns are due, taxpayers and practitioners will generally not have to extend for this reason.
- C corporations will have to file by the 15th day of the fourth month after the end of the tax year. Thus, C corporations using a calendar year will have to file by April 15 of the following year. In other words, the filing deadline for C corporations will be deferred for one month.
Keep in mind that these important changes to the filing deadlines generally won’t go into effect until the 2016 returns have to be filed. Under a special rule (which makes no sense) for C corporations with fiscal years ending June 30, the change is deferred for ten years — it won’t apply until tax years beginning after December 31, 2025.
Also note that not all states have conformed to these new filing deadlines.
Revised Extended Due Dates for Various Returns
Taxpayers who can’t file a tax form on time can ask the IRS for an extension to file the form. Effective for tax returns for tax years beginning after December 31, 2015, the new law directs the IRS to modify its regulations to provide for a longer extension to file a number of forms, including the following:
- Form 1065 (U.S. Return of Partnership Income) will have a maximum extension of six months (currently, a five month extension applies). The extension will end on September 15 for calendar year taxpayers.
- Form 1041 (U.S. Income Tax Return for Estates and Trusts) will have a maximum extension of five and a half months (currently, a five month extension applies). The extension will end on September 30 for calendar year taxpayers.
FinCEN Report Due Date Revised
Taxpayers with a financial interest in or signature authority over certain foreign accounts must file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).
Under the new law, for returns for tax years beginning after December 31, 2015, the due date of FinCEN Report 114 will be April 15 with a maximum extension for a six month period ending on October 15. The IRS may also waive the penalty for failure to timely request an extension for filing the Report, for any taxpayer required to file FinCEN Form 114 for the first time.
Individual Income Tax Returns
There have been no changes to the filing date or extensions for individual income tax returns. The filing deadline for 2016 individual income tax returns is April 18, 2017 and returns can be extended to October 16, 2017.
If you would like more details about these changes or any other aspect of the new law, please contact your tax professional at our office.Top
HSMC Orizon LLC is pleased to announce that Jodi Rinne, Partner in Charge of Assurance Services, has been appointed to the Employee Benefit Plans Audit Quality Center Executive Committee with the American Institute of Certified Public Accountants (AICPA).
The Employee Benefit Plan Audit Quality Center is a voluntary membership organization for CPA firms that perform or are interested in performing ERISA employee benefit plan audits. The Center was established to promote the quality of employee benefit plan audits and is governed by an Executive Committee that establishes general policies of the Center and oversees its activities.
Jodi is the Partner in Charge of Assurance Services for HSMC Orizon with over twenty years of experience. She has extensive experience and knowledge of the unique characteristics of employee benefit plan audits. She is a member of the AICPA and the Nebraska Society of CPAs, currently serving on the Continuing Professional Education Committee. She also served on the AICPA National Peer Review Board from 2010 – 2013. Jodi is involved in the Omaha community serving on the boards for CREW Omaha Metro and the Omaha Academy of Ballet. She received her Bachelor’s degree from Midland University in 1992.
“Jodi is dedicated to improving the quality of audit services in our profession,” said Gene Garrelts, Managing Partner of HSMC Orizon. “Her leadership and contributions to this committee will continue to enhance the value and confidence the public has in CPA’s and audits of retirement plans.”Top
(Lee’s Summit, Missouri – May 6, 2016) HSMC Orizon LLC announces the promotion of Tim Coach to Vice President of HSMC Orizon Technology, a consulting practice offering managed services, technology project management, IT security, private hosting and HIPAA compliance services.
Tim leads the technology service team and has been instrumental in reviewing and modifying our service offerings to meet the needs of our clients in the constantly changing IT environment.
Tim has a Master’s of Business Administration from Keller Graduate School of Management and is active in the Veterans’ community as a Combat Veterans Motorcycle Association Chapter Commander.
(Omaha, Nebraska – March 9, 2016) HSMC Orizon LLC is pleased to announce Josh Teut, CPA has joined the firm as Client Service Manager.
“Josh brings a broad range of experience providing tax compliance and assurance services,” said Gene Garrelts, Managing Partner of HSMC Orizon. “We are pleased to have Josh on the team to continue to drive HSMC Orizon’s dedication to our clients.”
Josh joins the firm with more than fifteen years of CPA experience, and has worked with a variety of industries, including manufacturing, real estate, construction, non-profits, and local governments. He is a member of the American Institute of Certified Public Accountants and is active in both the Iowa and Nebraska Society of CPAs. He received a Bachelors degree in Accounting from Buena Vista University.Top
As you may recall, last year the IRS issued new mandatory regulations changing when taxpayers can deduct materials and supplies and how taxpayers can differentiate between repairs and improvements. Those regulations allowed you to rely on a de minimis safe harbor and deduct expenditures that were below $500 IF you adopted an appropriate accounting policy.
After much discussion and lobbying, the IRS has now increased the de minimis limit to $2,500, effective with the 2015 tax year. You are entitled to elect any amount up to $2,500 only IF you adopt an appropriate accounting policy.
Click here to download a sample accounting policy containing the appropriate language to comply with the new regulations. To adopt this policy, fill in your entity name at the top and the dollar amount elected, up to the $2,500 limit. Please provide a copy to us and also retain a copy in your company records.
If you have any questions about your current situation or wish to review your options in making this election, please contact your HSMC Orizon tax professional.Top
This summer, members of the Lee’s Summit office repainted a study room at Pro Deo Youth Center, which provides a safe and fun environment for teens after school and on weekends. In a matter of hours, the study room went from bright orange to soothing blue.
In September, Omaha office staff assisted with the building of a home with Habitat for Humanity in Valley, Nebraska. Staff members quickly learned how to hang drywall and worked alongside the home’s owner-to-be.