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The tax world is fast-paced - laws change and so do your needs. It’s our job to sift through the latest information and pass along what is most relevant… And we’re happy to do it.

GRBJ Highlight: IRS updates per diem rates

This Month Rob Westdorp Wrote into the Grand Rapids Business Journal to discuss the IRS per diem rates.   Business travelers have a lot of expenses to keep track of, including hotels, restaurants and transportation. Companies generally use one of two methods to pay for travel-related expenses: reimbursement of actual expenses, which requires the...

business traveler provide receipts to report the actual cost and then request reimbursement; or the IRS-allowed per diem rates, which are daily allowances to compensate for lodging, meals and incidental expenses incurred on business trips. IRS per diem rates are updated annually. The IRS provided the new rates in effect from Oct. 1, 2018, to Sept. 30,... [read more]

Tax Reform: Favorable Depreciation Deductions for Business Vehicles

Considering purchasing a new business vehicle? 2018 may be a good time to do so. Thanks to the Tax Cuts and Jobs Act (TCJA), favorable changes in depreciation rules have been put in place for certain capital expenditures, including vehicles purchased for business use. Luxury Auto Limits Special depreciation rules, known as the ‘luxury...

auto limits’, have been in place for several years. These rules apply to passenger autos, vans and light trucks. Under old law, for most passenger autos, these rules limited first year depreciation to $3,160. For light trucks and vans, these rules limited first year depreciation to $3,560. Now, under the TCJA, the luxury auto limits have... [read more]

Have you Adjusted your Tax Withholding for the New Tax Law?

Melissa Seguin contributes to the Grand Rapids Business Journal frequently, and this month she is at it again to help us make sure our tax withholding’s are on the right track. “We are halfway through the first year of the new Tax Cuts and Jobs Act, or TCJA, and now is a great time...

to review your tax withholdings on your paycheck to make sure you are on track. If your withholding is too high, then you are essentially giving the IRS an interest-free loan. If your withholding is too low, you may be subject to penalty and interest when you file your 2018 tax return.”   Follow Melissa as... [read more]

Lauren Kurtz has advice for you!

Tax Reform Takes a Bite out of Entertainment   There have been multiple changes that have arisen from the Tax Cuts and Jobs Act that will be implemented in 2018. One that business owners may want to keep in mind are the new rules on the deductibility for meals, entertainment and fringe benefits. Historically,...

most meals and entertainment expenses have been 50% deductible for tax purposes, other than a few exceptions. Under the new tax reform, expenses associated with entertainment will no longer be deductible. Most food and beverage expenses will remain 50% nondeductible, but some items that have previously been 100% deductible will now be subject to 50% as... [read more]

2018 Baker Holtz Charity Golf Outing Registration is Open!

We are so very excited to announce that our 5th annual Baker Holtz charity golf outing registration is officially OPEN! This year we are benefiting the Y-Achievers program which assists youth in 6th through 12th grade, with a focus on those who are not achieving their full potential. Our youth find success in and out of...

school by setting and achieving educational and career goals that will result in high school graduation and a successful post-secondary plan. Y-Achievers focuses on developing a pipeline of future leaders. To learn more about the Y-Achievers program, click HERE. To register at our Golf Event taking place August 16th, click here> Golf Outing Registration Form 2018  ... [read more]

West Michigan’s 101 Best & Brightest Companies to Work For

We are honored to be part of West Michigan’s 101 Best and Brightest companies to work for, for the 4th year in a row. We are extremely blessed with our amazing staff who we would not be here without. A huge congratulations is in order for all of the companies who made it to...

the list! You can check out the entire list at the Best and Brightest web page. West Michigan’s 2018 Best and Brightest Companies To Work For®    

GRBJ Highlight: Guidance on HRAs for qualified small employers and their qualified employees

April showers brings May flowers.. or great advice from Katie Evans! This month Katie provides guidance on HRAs for small employers and employees. “Prior to the Patient Protection and Affordable Care Act of 2010, health reimbursement arrangements, or HRAs, had been a familiar item, particularly to small businesses. As a result of the change...

in law, employers have been penalized for providing HRAs to their employees, causing many to turn away from the traditional HRA. In 2016, however, the 21st Century Cures Act was introduced. This new legislation allowed for a modified version of an HRA, which now provides a way for employers to offer qualified small employer health reimbursement... [read more]

GRBJ Highlight: What Level Of Assurance Do You Require?

Seth Hanenburg really hit the nail on the head in this blog from the Grand Rapids Business Journal. Do you know what assurance means to your business? “Assurance. What is it? How does it apply to your business? What are the different levels of assurance? The simple explanation of assurance is confidence. Confidence in...

the accuracy of the financial statements of the company is often a requirement of lenders, shareholders and others who rely on the financial statements to make important decisions. There are different levels of assurance that may be required. A Certified Public Accountant can provide various levels of assurance by performing a preparation, compilation, review, or audit... [read more]

GRBJ Highlight: Cash Flow is King

This January, our own Rob Westdorp partnered with the Grand Rapids Business Journal to discuss cash flow, and why you should prioritize the importance of cash! “As business owners and managers guiding the finances of an organization, or individuals dealing with the household budget, it doesn’t take long to understand the old saying “cash...

is king.” We need cash to pay rent, the mortgage, meet payroll or pay bills. In business it is easy to become enamored with revenue growth and profitability. While both are admirable pursuits, they do not guarantee the long-term success of an organization. Financial statement profitability is a function of accounting standards, rules and theories. An... [read more]

GRBJ: Tips for Year-End Tax Planning

Most of us are familiar with the end of the year to-do lists that don’t seem to end. Thankfully Sara Knoper is here to save the day with some ideas to consider that might put a little extra cash in our pockets for those gifts under the tree. “There is a lot of planning...

that goes into the last few months of the year. Planning trips to see family, planning holiday events, planning shopping trips (or nights on Amazon) to get the gifts the kids have been asking for, etc. The to-do list can be long and the last thing anyone really wants to think about right now is tax... [read more]

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