Posts Tagged ‘beth mcgraw’

Employee spotlight: Beth McGraw

Beth McGrawBeth McGraw joined the firm five years ago, and has since made an impact in the Entrepreneurial Services department. She specializes in QuickBooks Desktop and Online consulting, bookkeeping services, preparing payroll and sales tax returns, and preparing financial statements and compilations.

A Senior staff accountant, Beth is a QuickBooks Certified Pro Advisor. She previously worked in public accounting for six years in her Indianapolis hometown before joining Sponsel CPA Group. She graduated from IUPUI Kelley School of business with a bachelor’s degree in finance.

Beth and her husband, Josh, wed nine years ago and have two children, Camren, 8, and 5-year-old Kelby. In her spare time, Beth enjoys volunteering for her children’s school activities, spending time with her family, reading and exercising. Beth and her husband are also owners of a new gym near Bargersville, where Josh is a coach.

New Healthcare Reform Penalties Set

Beth McGrawThe IRS has set new penalties associated with the Affordable Care Act (ACA), commonly referred to as Obamacare. They have been increased for failure to file information returns, which includes Forms W-2, 1094-C and 1095-C. The penalties are reduced if the forms are filed late.

The changes apply to 2015 forms filed in 2016. Here is a rundown of the new penalties and other pertinent information.

Failure to file required forms:

  • Per form penalty of $250 (formerly $100)
  • Calendar year penalty limit of $3 million (formerly $1.5 million)
  • For businesses with gross receipts up to $5 million, the maximum calendar year limit is $1 million

There are lower penalties if forms are submitted after the deadline:

  • Submitted within 30 days of deadline — $50 penalty (formerly $30)
    • Maximum calendar year limit — $500,000 (formerly $250,000)
    • For businesses with gross receipts up to $5 million, the max calendar year limit is $175,000
  • Submitted on or before August 1st — $100 penalty (formerly $60)
    • Maximum calendar year limit — $1,500,000 (formerly $500,000)
    • For businesses with gross receipts up to $5 million, the max calendar year limit is $500,000

If the IRS identifies that failure of filing the required information returns is due to intentional disregard, the per form penalty has increased to $500 (formerly $250).

This information is especially important for our clients who are Applicable Large Employers (greater than 50 full-time equivalent positions). If they do not file the required Form 1094-C and 1095-C’s in 2016 for tax year 2015, they will be subject to the above penalties.

The IRS has stated that if a good faith effort is made to file the returns on time for the tax year 2015 filed in 2016, there will not be penalties for errors made on the forms.

If you have questions about how ACA penalties could impact your organization or would like referrals for experts who assist with filing the required forms, please call Beth McGraw at (317) 613-7862 or email

Reduced FUTA tax for 2015

Indiana Gov. Mike Pence recently announced the state will pay off the federal unemployment loan, approximately $250 million, using cash reserves. As a result, businesses will not have to pay the Federal Unemployment Tax Act (FUTA) credit reduction of 1.8% on up to $7,000 in wages for each employee for 2015. Some companies may accrue for this additional FUTA liability in January 2016, and will be able to reverse their accrual. Click here to contact Beth McGraw in our Entrepreneurial Services department if you have any questions.

Employee spotlight: Beth McGraw

Beth McGrawA Senior in the Entrepreneurial Services department, Beth McGraw has been with the company for just over three years, primarily focusing on QuickBooks consulting, preparing payroll, bookkeeping services, and corporate, individual and property tax returns. She is a QuickBooks Certified Pro Advisor.

A native of Indianapolis, she earned her bachelor’s degree in finance from the IUPUI Kelley School of Business, and served for six years in public accounting before joining Sponsel CPA Group.

Growing up in the Fountain Square area, Beth was an active dancer and violinist in her youth, and received the Lilly Endowment Community Scholarship while attending Perry Meridian High School. She and her husband, Josh, have been married for seven years and have two children: Camren, 6, and Kelby, 3. In her spare time Beth enjoys Crossfit training, reading, movies and volunteering as a teacher in her church’s preschool ministry.

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