Newsletter

2017 WKMR Connection

Personal, Financial and Legal Record Organization - Part Two

Winter 2017

by Marge Buchholz, CPA/ABV, CVA

 
In the fall 2016 Issue of the WKMR Connection Newsletter I wrote an article that discussed the importance of organizing your personal, financial and legal records, sharing the following organizational tips:
 
Create a list of your financial, investment and insurance information
Create a list of your family’s personal information

Tax Facts 2016/2017

Winter 2017

The IRS recently announced standard deductions, contribution limits, mileage rates and other Federal taxation updates for 2017. 

Making the Most Out of Miscellaneous Deductions

Summer 2017

 
Miscellaneous deductions are tax breaks that generally don’t fit into a particular tax category.  They can help reduce taxable income and the amount of taxes owed.  For example, some employees can deduct certain work expenses like uniforms as miscellaneous deductions.  To do that, they must itemize their deductions instead of taking the standard deduction on their tax return. 
 
Here are several tips in dealing to think about when dealing with miscellaneous deductions:  

Beware of Scammers – Protect Your Information

IT Corner – Winter 2017

 
These days, cybercriminals are at it like never before and identity theft is everywhere. By taking a few simple steps, you can better protect your personal and financial data online and at home from these scammers.
Cybercriminals continue stealing large amounts of personal data from people all over the world. They can use that data to file fraudulent tax returns or commit other crimes while impersonating the victims.
Please consider these steps to protect yourself and your data:
 
Keep Your Computer Secure

Not-For-Profit External Financial Reporting - Part 1

Summer 2017

by Elise Zuleger, Accounting Associate

 
In this first article of a five part series, the discussion will involve the general concept of not-for-profit (AKA nonprofit) accounting and what must be reported when providing information externally. The succeeding parts of the series will break down each financial statement that is required to be reported,  giving further insight into each.
 
When must a not-for-profit organization externally report their financials?
 

Buying Your First Home

Winter 2017

by Ryan Brasch, CPA

 
There comes a time in most people’s lives when they decide to transition from renting to buying their home.  Every individual’s home-buying experience is different as it depends on a multitude of variables.   From your budget to your lender, to your own personal preferences on what you are looking for in a home, there are a lot of factors to think about before you start the process.  This article gives some tips and insight into the home buying process and hopefully help to make the experience as painless and efficient as possible.
 

What Has WannaCry Taught Us?

IT Corner – Summer 2017

The global ransomware attack dubbed WannaCry marked an unwelcome precedent in the dark world of cybercrime. It is the first cyberattack that combined ransomware with the self-propagating power of a “worm” to generate a wide-ranging global attack, affecting some 200,000 computers in more than 150 countries with the toll still rising. The hackers behind the scheme took standard ransomware and were able to replicate it on a global scale.
 

WKMR News

WKMR News – Winter 2017

 
Welcome New Team Members
WKMR would like welcome the following new staff members:
Nate Wasser and Elise Zuleger have both joined the Brookfield office as Staff Accountants.  They both worked as interns for the firm prior to joining the team full-time this month.
Michael Bahr and Kristin Gross have both joined WKMR in the Oconomowoc office as Staff Accoutants
 

What's Happening at WKMR?

WKMR News – Summer 2017

 
WKMR Welcomes New Staff Members
WKMR recently welcomed two new team members.
Andrew Bainbridge has joined WKMR as the Firm Administrator.
Erin Halfen joined our Oconomowoc Office as an Administrative Assistant.
 
We welcome you both and are proud to have you as part of the team.
 
WKMR is Pleased to Announce the Following Promotions

2016 WKMR Connection

Personal, Financial and Legal Record Organization - Part 1

Fall 2016

by Marge Buccholz, CPA/ABV, CVA

Did you ever have to look for something and you just couldn’t find it? You know you’ve got it somewhere and you had it put safely in a certain place, but everywhere you look it’s just not there.  It’s frustrating when you can’t find even that one thing you are looking for. Now think about what will happen when you pass away and your family has to not only work through the difficult grieving process, but in the midst of that, take care of all the specifics to settle your estate.  Will they know where to find everything they will need?  Will they miss something important?

NFPs - Types of Monetary Donations

Fall 2016

by Jeni Caldwell, CPA

Not-for-profit organizations (NFP) are largely supported by donations, contributions, and grants from the public and/or government. When a donor gives a NFP money, there are different ways this money can be recorded and used based on the wishes of the donor.

Update on Chip Card Technology

IT Corner – Fall 2016

Back in October 2015, retailers experienced a liability shift when the onus for absorbing the cost of counterfeit transactions shifted from the banks to the individual merchants if the retailers had not migrated from swipe card systems to the newer EMV technology. Those merchants who installed EMV (chip) technology in their cash register networks by the October deadline were able to continue to enjoy liability protection from the card issuers.

Changes to Social Security

Fall 2016

The Social Security Administration (SSA) announced that the maximum amount of wages in 2017 subject to the 6.2 percent Social Security tax (old age, survivor, and disability insurance) will rise from $118,500 to $127,200, an increase of more than 7 percent. By comparison, the 2016 wage base was unchanged from 2015.
 
The maximum amount of Social Security tax a taxpayer could pay will therefore increase from $7,347 in 2016 to $7,886.40 in 2017, an increase of $539.40.
 

WKMR News

WKMR News – Fall 2016

 
Team Members Celebrate Milestone Anniversaries
Congratulations Dennis Wegman, Kim Mattila-Kasten and Roland Johnson! These team members are celebrating milestone anniversaries at WKMR. 
Dennis is celebrating 35 years!
Kim is celebrating  15 years! 

2015 WKMR Connection

Summer 2015 - WKMR Connection

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  • The Switch to EMV
  • Safeguarding Your Volunteers and Your Organization with Effective Risk Management
  • WKMR Firm News
  • Legal Settlements and Potential Tax Consequences
  • Business Succcession Planning:  The Basics

Winter 2015 - WKMR Connection

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  • The Affordable Care Act - Changes for Businesses in 2015
  • Reporting Donated Services for Not-For-Profits
  • Tax Facts 2014/2015
  • IT Corner - Technology: Resolutions for You and Your Business
  • WKMR Firm News
  • The Importance of a Periodic Business Valuation for Small Business Owners

Spring 2015 - WKMR Connection

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  • Wisconsin Sales and Use Tax for Manufacturers
  • To Gift or Not to Gift?
  • Client Profile: Ebenezer Child Care Centers
  • WKMR Firm News
  • IT Corner:  Windows Server 2004 Support Ends July 14, 2015
  • WKMR - Supporting Your Success, Here's HOw.

2014 WKMR Connection

Fall 2014 - WKMR Connection

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  • Debt Discharge Income - Real Estate Foreclosures
  • Some Potential Pitfalls of Running a Non-Profit Organization Like a Business
  • IT Corner:  Protect Yourself From Retailer's Security Breaches
  • IRS Announces Retirement Plan Contribution Limits for 2015
  • WKMR Firm NEws
  • Client Profile:  Stanek Tool Corporation

Winter 2014 - WKMR Connection

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  • Paul Sheahan Earns CFE Credential
  • IRS Issues New Rules for FSAs
  • 2013/2014 Tax Facts
  • Client Profile:MK Cellular
  • WKMR Firm News
  • New Pre-Refund Process to Protect Wisconsin Citizens from Identity Theft
  • Upcoming Seminar
  • IT Corner:  Don't Click On These Links

Spring 2014 - WKMR Connection

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  • Does Your Non-Profit Organization Have a Gift Acceptance Policy?
  • Beware of Scams
  • IT Corner: Hair & Dust: The Slow and SIlent Computer Killer
  • Creating a Personal Budget
  • Client Profile - Halen Homes

Summer 2014 - WKMR Connection

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  • WKMR Named as Top Workplace for a Second Year & Receives Recognition for Ethics
  • Form 1099-MISC:  When Do You Need To File?
  • Amendments to Retirement Plans Required to Recognize Same Sex Marriage
  • Fraud:  Is Your Business a Potential Victim?
  • Client Profile:  Healics, Inc.
  • WKMR Firm News

2013 WKMR Connection

Winter 2013 - WKMR Connection

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  • Overview of the Tax Provisions in 2012 American Taxpayer Relief Act
  • Wisconsin Tax Update
  • IRA Announces Simplified Option for Claiming Home Office Deduction
  • WKMR News

2012 WKMR Connection

Spring 2012 Update

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  • Returning Heroes and Wounded Warrior Tax Credit
  • Wisconsin Corporate Annual Reports can be Filed Online
  • Getting Yourself Organized and Gaining Peace of Mind - Part Two
  • Scam Alert
  • Wisconsin Business Incentives
  • Client Profile: Miltec, Inc.
  • Client Profile: Prevention and Protection of Abused Children, Inc.
  • Update Correction

Summer 2012 - Update

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  • New Required Retirement Plan Fee and Expense Disclosures
  • Update Gets an Update
  • Time Running Out on Rare Estate Planning Opportunity
  • Residential Energy Efficiency Property Credit
  • WKMR Firm News
  • Client Profile: SE10
  • Client Profile: The Women's Center
  • Are Your Passwords Up to the Test

Fall 2012 - WKMR Connection

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  • Prepare for Disaster by Safeguarding Tax Records
  • Health Savings Accounts
  • What is e-discovery?
  • WKMR News
  • Client Profile
  • 2012/2013 Tax Facts

2011 WKMR Connection

Spring 2011 Update

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  • Scam Alert
  • 2010 Tax Relief Act Creates 100 Percent Write Off for Heavy SUVs Used Entirely for Business
  • IT Corner - Services That are Easy on the Budget
  • Medical Expenses - What Can You Deduct?
  • Client Profile: Behavioral Measures Midwest, LLC
  • 2010/2011 Tax Facts
  • Firm News

Fall 2011 Update

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  • New Guidance on Tax Treatment of Cell Phones
  • Getting Yourself Organized and Gaining Peace of Mind
  • IRS Offers Filing and Penalty Relief for 2010 Estates
  • IT Corner: Pros and Cons of Password Management Tools
  • Client Profile: Clarcorp Industrial Sales, Inc.
  • Client Profile: Capri Communities, LLC.
  • Firm News

Winter 2011 - Update

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  • Important Changes to the Purchase of Savings Bonds
  • Federal Unemployment Taxes (FUTA) Increase for 2011 and 2012
  • IT Corner - Don’t Just Click It
  • 2011/2012 Tax Facts
  • Client Profile: Hemophilia Federation of America
  • Firm News

2010 WKMR Connection

June 2010 Update

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  • Watertown Office Move
  • Two New Tax Benefits Aid Employers Who Hire and Retain Unemployed Workers
  • Why You Need to Know About Sweep Accounts
  • Health Care Reform Act - Small Businesses
  • What You Don't Know, But Should, About Your Copy Machine
  • Client Profile: V&L Tool, Inc.
  • Save Time and Money with Remote Check Imaging
  • WKMR Firm News

Fall 2010 Update

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  • On-Line Security Reminders and Tips
  • New 1099 Provision
  • Most Small Business Act Provisions Apply Immediately or Retroactively Some Apply Prospectively
  • 2010 Roth IRA Conversions
  • Health Care Reform Tax Changes
  • Client Profile: Germantown Iron & Steel and Advantage Research, Inc.
  • How will the New Health Care be Paid for?

March 2010 Update

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  • Be Aware - Consumer Alert
  • Haiti Relief Donations Qualify for 2009 Tax Deduction
  • COBRA Premium Assistance for Individuals Terminated from Employment in 2010
  • Economic Development Tax Credit
  • Client Profile: Triad Construction, Inc.
  • WKMR Firm News
  • Federal Estate and Generation-Skipping Tax Changes
  • Bill for Roth IRA Conversions Approved
  • WKMR-Doing our Part to Go Green

2009 WKMR Connection

December 2009 Update

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  • Wisconsin IRA Conversions
  • Be Aware of Use Tax
  • First-Time Home Buyer Credit Extended
  • 2009/2010 Tax Facts
  • Client Profile: Addiction Resource Council
  • Business Standard Mileage and Other Rates Decrease for 2010
  • WKMR - Doing Our Part to Go Green
  • WKMR Firm News
  • Higher Tax Rates Higher Likely in 2011

March 2009 Update

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  • IRS Extends Deadline for Sponsors of Section 403(b) Written Plans
  • Fraud Alert
  • Tax Provisions in the American Recovery and Reinvestment Act of 2009
  • Worker, Retiree and Employer Recovery Act of 2008
  • IT Corner - The Backup - Revisited
  • Client Profile - Milwaukee Bearing & Machining, Inc.
  • WKMR Firm News
  • Standard Mileage Rates for 2009

June 2009 Update

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  • IT Corner - New Computer: No Problems or Know the Problems?
  • Law Offers Special Tax Breaks for Small Business
  • Wisconsin Joins Streamlined Sales Tax Governing Board
  • Client Profile - H.P. Johnson Co., Inc.
  • Changes Regarding COBRA Continuation Coverage under ARRA
  • Firm News

September 2009 Update

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  • Charitable Contributions: Intention Does Not Equal Deduction
  • Congratulations WKMR Clients
  • Recent Law Changes Encourage Taxpayers to Make Homes Energy-Efficient
  • WKMR - Doing Our Part to Go Green
  • Donating Items to Charity
  • Client Profile: Tailored Label Products, Inc.
  • WKMR Firm News
  • 2009 Tax Breaks Ending Soon

2008 WKMR Connection

December 2008 Update

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  • Year-End Tax Tips
  • Elimination of WT-6 Coupon Booklet
  • Wisconsin Unemployment Insurance Update
  • Firm News
  • Surviving the Credit Crisis
  • Reminder - Disregarded Entities Must Pay Their Own Employment Taxes Next Year
  • Our History - The Fourth Decade 1998-2008
  • Interesting Facts from 1998
  • IT Corner - Going Wireless...Safely
  • 2008/2009 Tax Facts

October 2008 Update

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  • Tax Credit Offered to First Time Home Buyers
  • Congratulations Future 50 Award Winners
  • IT Corner - Backing Up to Stay Ahead
  • Our History - The Third Decade 1988-1998
  • Interesting Facts From 1988
  • 2008 Year End Planning