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Steve Struck Promoted to Partner

Growing up in New Jersey, Steven Struck has traded fist pumping “down the shore” for family vacations at the lake. He’s come a long way since beginning his career in accounting. Steve started off his undergraduate studies at Calvin College as a psychology major not knowing which direction he wanted to go. Combining his...

love for helping others with a few business classes and a career placement exam, Steve found his passion in accounting. Anyone who knows Steve knows he loves working with people. He began his career at a large firm and gained a great deal of experience, but he found himself working less with clients which is what... [read more]

GRBJ Highlight: Estate Planning 101

Our firm recently had the privilege of sponsoring an estate planning seminar at the Grand Rapids Community Foundation. The seminar consisted of a panel of three leading Grand Rapids estate planning attorneys discussing key components of estate planning and illustrating its importance with case studies. Overall, it was a very well attended and extremely...

informative event. I trust those who attended left with lots of valuable information. For those of you who could not attend, here is a quick synopsis of estate planning and why it should matter to you. What is estate planning? Estate planning is the process of deciding how you want to have your assets transferred after... [read more]

New Overtime Rule Finally Announced

This morning, the U.S. Department of Labor (DOL) unveiled the final version of the new overtime rules pertaining to employee compensation under the Fair Labor Standards Act. The new rules will go into effect on December 1, 2016 and will affect all businesses. Prior to this change, the rules exempted most “white-collar” employees such...

as executives, administrative employees, and professionals from the overtime rules.  These types of employees did not need to be paid overtime for more than 40 hours worked in a workweek provided they met certain tests.  One such test was that they must have been paid a salary of at least $455 per week, or $23,660 annually... [read more].

HIRING: Tax Supervisor

Baker Holtz is hiring a full-time tax supervisor, The ideal candidate for this position will have 3 to 5 years of tax experience in public accounting. CPA is a must! Great oral and written communication skills are required. Experience with technical tax research and writing preferred. This position will have client management responsibilities and...

will supervise multiple staff associates. He or She will review corporate, partnership and personal tax returns and will also be involved in various tax consulting projects. There are advancement opportunities within the firm. Baker Holtz is built on honor, honesty and respect – the cornerstones of exemplary client service. We are unique in that we don’t... [read more]

GRBJ Highlight: How can I generate extra cash to fund my retirement plan?

This is a question that we hear from our clients quite regularly. It’s great that we’re asked this question, because it implies that the person asking the question — at the very least — is thinking about saving for retirement and recognizes that every dollar coming in and going out counts. As a whole,...

we know we need to save for retirement, but some of us haven’t quite figured out how to come up with the extra funds to do so. Generating extra cash usually doesn’t happen easily on the income side, as this is typically uncontrollable. Your salary is what it is. The ability to free up cash flow... [read more]

GRBJ Highlight: 11th-hour tax tips for individuals

With the April 18 tax deadline fast approaching, it’s essential to assess your tax situation and evaluate potential tax savings areas. The time has come and gone for traditional strategies to reduce tax: It’s too late to contribute to charity, to pay property taxes early or to purchase that computer for your business. All...

is not lost, however. The following are a few 11th-our tips to reduce your 2015 taxes: Fund an IRA by April 18: While it is too late to make extra deposits into your 401(k), it’s not too late to invest into individual retirement accounts. Contributing to a traditional IRA is a tax-smart way to reduce your... [read more]

GRBJ Highlight: Phone Scams Top The IRS ‘Dirty Dozen’

Each year the IRS releases a list of top tax scams and identity thefts called the “Dirty Dozen.” The No. 1 scam identified by the IRS for 2016 is phone scams. In these cases, impersonating “IRS agents” contact taxpayers threatening police arrest, deportation, license revocation and other serious penalties. Since October 2013, more than...

5,000 victims have paid a combined $26.5 million as a result of tax scams. As filing season moves forward it is important to recognize the signs of a scam. Scams come in all different ways. Some victims receive threatening calls with the demand of immediate and direct payment. Other victims are promised large refunds in exchange... [read more]

GRBJ Highlight: New Affordable Care Act Reporting Requirements

If you provide or offer health insurance benefits to your employees, you could be subject to new reporting requirements. Perhaps one of the biggest filing changes this year is the market reforms provisions to the Patient Protection and Affordable Care Act. Under the new revisions, employers are now required to report health care coverage...

they provided, offered or did not offer during the 2015 calendar year to both the IRS and their employees. These rules apply to the following groups: Applicable Large Employers (ALEs) and small employers that provide self-insured health coverage. Applicable Large Employers ALEs are classified as having 50 or more full-time employees, including equivalent employees. In this... [read more]

GRBJ Highlight: Closure of Unintended Loopholes- New Social Security Claiming Rules

Did you know that Social Security had loopholes? We called them claiming strategies! After all, you paid in to Social Security over your working lifetime — shouldn’t you be able to plan to get the maximum in benefits during your retirement years? When Congress unexpectedly eliminated two Social Security claiming strategies as part of...

the Bipartisan Budget Act of 2015, retirement planning got a little more complicated for people who expected to use those strategies to boost their retirement income. What’s changing? Yes, there really is a provision of the budget bill called “Closure of Unintended Loopholes.” It primarily addresses two Social Security claiming strategies that have become increasingly popular... [read more]

GRBJ Highlight: Company Vehicles and Tax Deduction

As 2015 comes to a close, many business owners are seeing a large degree of growth and profitability over the past year. Unfortunately, without some careful planning before the end of the year, that strong bottom line could result in a larger-than-expected tax bill. One way to reduce the tax burden is through the...

purchase of capital assets. Your business might be in need of new machinery, equipment or computers. Through IRC Section 179, the cost of most of these capital expenditures can be deducted in the year the assets are placed in service, subject to certain limitations. For 2015, the maximum expense allowed under IRC Section 179 is still... [read more]

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