| 401 (k) Audits |
| Is your employer-sponsored retirement plan in compliance with federal regulations?
Are you aware of your company's annual audit and tax return filing requirements?
Do you realize there are severe penalties for not being in compliance with ERISA, DOL and IRS regulations?
If you answered "NO" to any of these questions, you can count on our expertise to ensure that your retirement plan is in compliance.
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| Section 125 Plans |
| Demonstrate your commitment to offering your employees a competitive benefits package by exploring and implementing strategies to increase their take-home pay.
Schmoyer and Company helps employees increase their take-home pay and enables employers to reduce their payroll taxes by implementing Section 125 Plans, Medical Flexible Spending Accounts, and Section 129 Dependent Care Plans.
These IRS approved plans allow you to save income tax dollars on health benefits, unreimbursed medical expenses, and dependent childcare expenses.
Section 125 Plans
Medical Expense Reimbursement plans allows employees to use pre-tax dollars to pay for out-of-pocket medical expenses not covered by insurance. Deductibles, co-payments, prescriptions, dental expenses, vision care, glasses, contacts, and chiropractic care are just a few of the approved eligible expenses available to employees. They are designed for employer groups who are interested in reducing employee taxes as well as employer matching FICA taxes. Employees save 22.65% to 35.65% depending on the tax bracket. The employer saves matching Social Security (FICA) plus unemployment taxes for approximately a 10% savings.
Section 129 Dependent Care Plan allows employees to use pre-tax dollars to pay dependent care expenses. This could include child or adult dependents.
A simplified Premium Only Plan (POP) allows employees to make their required premium contributions to employer group health and group term life insurance plans with pre-tax dollars.
Schmoyer and Company, LLC can set up and implement these types of plans for your business. We have the knowledge and expertise to help ensure that you and your employees get maximum savings and tax benefits. We provide all the necessary documents and create the foundation for smooth administration of your plan. Our services include the required annual filing of Form 5550 and can include plan accounting. |
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| Health Care |
| Schmoyer and Company has extensive experience in health care accounting. We prepare Medicaid and Medicare cost reports for over 40 skilled nursing facilities. We have extensive knowledge of Medicare and Medicaid regulations and have three former Medicaid auditors and a former Medicare auditor on staff. We represent clients in Medicaid and Medicare audits and related appeals, including PRRB.
Healthcare services we offer are as follows:
Auditing and Accounting Tax Services and Planning Medicaid/Medicare Cost Reports Reimbursement and Compliance Consulting MDS/RUGs Management Medicaid/Medicare Audit Appeals Pre-Surveys/Mock Surveys Quality Assurance Consulting Billing Training and Review 401(k) Audits Business Tax Credits Small Business Services and Payroll
Memberships and Affiliates: SCHCA (SC Health Care Association) SCNHA (SC Nursing Home Association) SCARCH ( SC Association of Residential Care Homes) SCANPHA (SC Association of Not-For-Profit Homes for the Aging) GNHA (Georgia Nursing Home Association)
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| Eldercare |
| Increasingly, people are living to ages where they either need institutional care or assistance in remaining in their own homes. Family members are not as readily available to assist in their elders' financial care as in the past. Schmoyer and Company now offers a valuable service to third parties (children, relatives, and/or concerned parties) by providing assurance that financial responsibility are maintained for elderly family members. This service relies on the expertise of a CPA serving as the coordinator and ensurer of the quality of services provided.
We offer the following services: accounting for routine financial transactions with review for reasonableness and adherence to established criteria; supervision of investments and accounting for the estate; receiving, depositing and accounting for elder's income; paying bills and conducting routine, ongoing financial transactions for elder; and supervision of household expenditures. Family members may determine all controls allocated to Schmoyer and Company, LLC A complete accounting will be provided to the family on a periodic basis. |
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| Business Tax Credits |
| We regularly review your company's eligibility for business tax credits. Certain factors may make you eligible for specific state and/or federal employment and empowerment zone tax credits such as:
South Carolina Tax Credits
The New S.C. Job Tax Credit is available for companies that create new jobs for at least 10 employees during a calendar year. The type of industry and the county location in SC determines the tax credit. The tax credit ranges from $1,500 to $4,500 per employee, depending on the county. The credit is available for a 5 year period.
Employer Tax Credits are available for companies that hire individuals that have received Family Independence payments from the State. A credit of as much as $5,500 per employee is possible.
Federal Tax Credits
A Welfare to Work Credit is available for companies that hire individuals who have received long-term family assistance. A credit of as much as $3,500 for the first year and $5,000 for the second year, per employee is possible.
A Work Opportunity Credit is available for companies that hire individuals who are classified in certain target groups (such as veterans on food stamps, disabled individuals, and others). A credit of as much as $2,400 per employee is possible. |
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| Accounting Services |
| Providing financial information to our clients in a timely and accurate manner is a commitment that we feel can not be compromised. Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis. Our firm provides a full range of cost effective accounting services including the following:
*General ledger & financial statement preparation
*Bookkeeping (Monthly/Quarterly/Annual)
*Accounting system setup for new businesses
*Computerized payroll services
*Business tax return preparation (Sales & Use/Business Property)
*Personal financial statements
*Litigation support |
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| Audits, Reviews and Compilations |
| We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's profitability and efficiency. We provide financial reporting on all three levels of assurance:
*Audit- an intensive examination with the highest level of assurance
*Review - some analytical procedures conducted with limited assurance
*Compilation - based upon client information provided and used primarily for internal use. |
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| Bookkeeping/Write-Up |
| Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis and are the foundation of a successful business. Our qualified staff can assist you with the day-to-day tasks associated with bookkeeping. |
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| Financial Statements |
| We can assist you in the preparation of your financial statements in accordance with professional standards, but express no opinion or any other form of assurance on the underlying information included in them. The financial statements produced can be a useful tool for management for making financial decisions. |
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| Business Entity Selection |
| Choosing the form of entity of your business (e.g. "S" corporation, sole proprietor, limited liability company…) is a crucial decision that can have longstanding tax implications, positive or negative. We can assist you in evaluating the pros and cons of each entity type to help you determine the most advantageous form of business for your company. |
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| Tax Services |
| We prefer to take a proactive vs. reactive approach to tax services. By keeping current on new tax laws and legislation, we are in a position to identify key tax planning opportunities that minimize both your current and future tax liabilities. We provide our individual and business clients with the taxation expertise and knowledge that they deserve throughout the year. Tax services offered include but are not limited to:
*Tax planning & return preparation
- Individuals
- Corporations
- Partnerships
- LLCs/LLPs
- Estates, trusts & gift
- Not-for-profit organizations
*Taxing authority representation
*Divorce and support issues
*Tax effects of buying/selling a business |
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| Tax Planning & Preparation |
| Tax planning and preparation form a winning combination for our successful individual and business clients. Whether you are an individual or a multi-tiered partnership, our experienced staff can develop tax strategies that take advantage of new tax laws and legislation. |
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| IRS Representation |
| During our years of experience dealing with many taxing authorities, we have achieved a level of competence that can ensure our clients they are being properly represented before the various federal and state tax agencies. |
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| Payroll Services |
| As a business grows, it must hire more employees, which can result in increased payroll administration. We can assist you in implementing the controls necessary to ensure a reliable, efficient, and effective payroll system. Our firm can also help you develop a payroll system and prepare all necessary payroll tax returns in a timely manner. |
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| Sales Tax Services |
| Many of our clients are responsible for collecting and submitting sales taxes in many different vicinities. We can assist your company in the compilation of information and preparation of sales tax returns in an efficient and timely manner. |
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| Estate & Trust Tax Preparation |
| Effective estate and gift planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. We can guide you through the complex process of getting your financial affairs in order. |
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| Accounting Software Selection & Implementation |
| With the number of computerized accounting software packages available for small businesses and individuals growing every day, selecting one that is right for you has become increasingly difficult. As accounting professionals, we are exposed to most programs through trade journals and actual use. Our experienced staff can help you choose and implement the system that best fits your needs. |
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| Computer Consulting |
| Whether you are contemplating the addition of new computer hardware or overhauling your network, our experienced staff can assist you with many of the difficult decisions that must be made when designing your business' computer systems. |
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