Firm Happenings and Financial News

Feb 1

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2/1/2016 7:37 AM  RssIcon

Falco Sult Turns 25 Today!

Today we celebrate twenty-five years of working with quality businesses and their owners, helping to solve their problems and seeing the positive impact it has for them. It's what we love to do and we're so grateful to you all for supporting us over the last twenty-five years.

To celebrate this major milestone, throughout 2016 we will be sharing stories and highlights from throughout Falco Sult's history. We kick it off this month by sharing how we got started and what keeps us driven to succeed.

Congratulations to Bruce and Chris on such a huge accomplishment!

Tax Checklists and Organizers Make Collecting Your Tax Information Easy

Business checklists and personal tax organizers have been sent out for the 2015 tax year. If you would like Falco Sult to prepare your tax return, and you did not receive one or both of these tools for compiling your tax information, please contact us and we'll get you what you need.

Here are some tips for organizing your information that will help get your return filed and your refund in your bank account as soon as possible.

  • Use the tools. Using a checklist for your business tax information or filling out a tax organizer for your personal return means you are more likely to provide your tax preparer with all of the information necessary to complete your return up front. This cuts down on fees and delays related to following up on missing items. "The biggest time saver for me is when the client goes through and completes the organizer and answers the questions. Even if they put 'see supporting docs', I find it helpful," says Ricky Waldmann, CPA and Supervisor at Falco Sult.
  • Use paper clips, rather than staples. Most of your tax information is going to be scanned once it is received. You can help make sure your return is prepared more quickly by removing staples and using paper clips instead.
  • Make sure your totals match the documents. If you are going to summarize expenses or charitable contributions on your organizer, it is helpful for you note whether or not that total includes all of the supporting documentation you are providing with your organizer, or if it is supplemental information. Your return can be completed much more quickly when your totals match the information provided.
  • Report all estimated tax payment information to your tax preparer. Due to the number of tax-related identity theft cases, the IRS is now delaying refunds in instances where they suspect even the slightest hint of fraud. Be sure you report any estimated tax payments, or other tax liability payments, to your accountant in order to be sure it gets reported on your return.

Organizing your information in a clear and complete way helps us prepare your tax return as efficiently as possible. If you would like to make an appointment to discuss your 2015 tax return, please contact us and we'll be happy to help.

Falco Sult Turns 25: How it All Started

Started in 1991, founders Chris Falco and Bruce Sult merged to form Falco Sult & Company, a non-traditional CPA firm in the heart of downtown Redmond. Through community involvement and getting to know their neighbors, Chris and Bruce formed a clientele comprised of local business owners such as themselves. Building relationships with those closest to them was a great start and from there, came further potential business opportunities.

This approach to relationships truly represents what Falco Sult does for their clients. "We know how to 'listen between the lines'," says Chris Falco. "Its never just about numbers, it's about solving problems."

Falco Sult used this approach to develop their mission which is to be the primary resource to help their clients achieve their quality of life dreams. They credit their success to their long-standing clients with whom they have enjoyed seeing grow alongside them over the years.

With growth came new opportunities for Falco Sult, such as working with medium-sized businesses and building a more sophisticated consulting practice. It became clear to Chris and Bruce that their clients wanted more than the typical accounting services performed each year. They wanted someone who knew them, someone that had a first-hand knowledge of what their business does and focused on solving their business issues. They wanted a "Part-Time CFO" to help them grow and provide them with the tools necessary to succeed.

With the Part-Time CFO services, the firm morphed from the traditional CPA firm to one built on business performance consulting. This focus helps business owners in other areas outside of the daily business operations, such as how to grow their business, when and how they should transition their business, and if they have enough money to retire.

Starting with 2 and growing to a staff of 24, the corporate culture of Falco Sult has been "not to be accused of being a bunch of accountants." "We enjoy what we do and that shows," says Sult. "There are periods of high-stress throughout the year that we have to contend with and how you deal with it really influences who you are. Having a sense of humor certainly helps. It keeps us balanced and makes what we do fun."

Humor is an unlikely feature of an accounting firm's character, but for this firm, it is a defining one. It gives way to hosting a positive and friendly work environment. Falco Sult has the privilege of having many long-term employees on staff - Angie Green (Accounting Services Manager, 22 years), Liz Feucht (Principal, 18 years), Kathy Clark (Accounting Manager, 18 years), KariAnne Gow (Accounting Manager, 11 years), Lindsey McDowell (Principal, 10 years), and Marcia Karr (Project and Communications Coordinator, 10 years).

"A lot has changed since I started with these guys," says Green. "It is amazing to see how far they have gone and how much we have grown. We all work really well together and are on the same page. That is the most important piece."

Reimbursing Workers for Medical Coverage Can Lead to a Very Stiff Tax

Firms that reimburse employees for premiums paid for individual medical policies, coverage bought through an exchange, or Medicare could be nailed by an excise tax of $100 a day per employee.

The IRS says these types of employer payment arrangements run afoul of the health care law's market reform rules, whether the reimbursements are done on a pretax or after-tax basis. IRS waived the tax through June 30, 2015 for employers with fewer than 50 full-time employees, but that relief has expired.

S corporations are in the clear for now. They are able to reimburse premiums for their more-than-2% owners without fear of the excise tax until the IRS says otherwise.

There are other exceptions, such as arrangements covering only one employee or retiree-only reimbursement plans. Employers can also offer additional taxable pay to workers, as long as the increase isn't conditioned on their purchase of insurance.

Use Form 8928 to report and pay the $100-a-day-per-employee tax, as well as to request relief for reasonable cause. The deadline for submitting the 8928 is the same as the due date for filing the employer's federal income tax return.

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Falco Sult   |   16150 NE 85th St Ste 203, Redmond, WA 98052   |   425-883-3111   |   Login