Posts Tagged ‘brandon cangany’

Be Intentional … Take a Vacation

By Brandon Cangany, CPA
Manager, Tax Services
bcangany@sponselcpagroup.com

As the summer sun peeks out of the clouds, now is perfect the time to plan a getaway! But are you hesitant to step away from the office and worried about leaving your work behind? With proper notice and planning, there’s no shame in taking a vacation. Just sit down with your manager to work out a schedule and determine who can take over your tasks while you’re gone. They’ll be grateful for the heads-up!

This also applies to you, Mr. or Ms. Business Owner!

It is not only important to reinforce to your workforce that vacations are important, but the business owner should take time away as well. For all the reasons stated below, everyone can benefit from some “R & R” to return renewed and refreshed!

Time away recharges your batteries and sharpens your focus. When you’re deep in the hustle and bustle of the business world, you can lose sight of larger goals and priorities — especially those personal goals and objectives that get lost in the daily press of responsibilities. Amid the rapid flurry of emails and daily tasks, you may forget what is truly important, and you should not allow immediate but less important tasks to take over your calendar! Slowing down helps you gain perspective on your career path as well as your life outside of work. These long-term perspectives grow clearer when you step away from your desk.

Fun with family soothes the soul. Spending time with loved ones is often the best escape from the stress of our workday lives. It’s important to reward yourself and have some fun with those you hold most dear. Time with them will remind you what you’re working for in the long run and the quality of life you’re striving to provide them and the REAL importance they provide to you.

You’ll return to work refreshed and ready to rock! Everyone needs time off. You shouldn’t feel guilty about it. In fact, you’ll be a stronger performer and your business will benefit if you give yourself a break every once in a while. So, kick back, take a load off and come back revitalized! Your respective stakeholders (employees, managers, customers, vendors, etc.) will appreciate your renewed energy and improved ATTITUDE!

If we can assist you with achieving success in your business or personal affairs, please contact Brandon Cangany at (317) 613-7899 or email bcangany@sponselcpagroup.com.

The Deep Dive: Changes to Fringe Benefit Rules for Employers

Brandon CanganyBrandon Cangany, CPA
Senior, Tax Services
bcangany@sponselcpagroup.com

Each Thursday for the next few weeks, Sponsel CPA Group will present The Deep Dive, a closer look at individual aspects of the new tax reform and how they might affect you or your business.  Click here for last week’s column.

Business Deduction is Denied for Entertainment Expenses – The Tax Cuts and Jobs Act eliminates the 50% deduction for business-related entertainment expenses for amounts paid or incurred after December 31, 2017. Under the new law, no deduction is allowed for: (1) an activity generally considered to be entertainment, amusement or recreation, (2) membership dues for any club organized for business, pleasure, recreation or other social purposes, or (3) a facility used in connection with any of the above items.

However, the restrictions on deducting entertainment expenses don’t apply to nine types of expenses listed in Code Sec. 274(e), including the following:

  • Expenses for goods, services and facilities that are treated as compensation to an employee on the employer’s income tax return and as wages of the employee for withholding purposes.
  • Expenses paid or incurred by the taxpayer, in connection with the performance of services for another person, under a reimbursement or other expense allowance arrangement, if the taxpayer accounts for the expenses to that person.
  • Expenses for recreational, social or similar activities (including related facilities) primarily for the benefit of the taxpayer’s employees, other than highly-compensated employees.

As a result of the tax law change, Sponsel CPA Group recommends that taxpayers set up an “entertainment” account (separate from their meals account) within their general ledger in order to capture the now non-deductible entertainment expenses.

Business Deduction is Limited for Employer Provided Meals – The new law provides that the 50% limit on the deductibility of business meals is expanded, for amounts paid or incurred after December 31, 2017, to meals provided through an in-house cafeteria or otherwise on the premises of the employer. Under prior law, these expenses were 100% deductible by the taxpayer. For tax years beginning after December 31, 2025, the new law will disallow an employer’s deduction for expenses associated with meals provided for the convenience of the employer on the employer’s business premises, or provided on or near the employer’s business premises through an employer-operated facility.

Business Deduction is Denied for the Cost of Providing Qualified Transportation Benefits – The new law provides that no deduction is allowed, for amounts paid or incurred after December 31, 2017, for the expense of a qualified transportation fringe benefit (e.g., parking and mass transit), but the exclusion from income for such benefits received by an employee is retained. In addition, no deduction is allowed for any expense incurred for providing any transportation, or any payment or reimbursement, to an employee of the taxpayer for travel between the employee’s residence and place of employment, except as necessary for ensuring the employee’s safety.

If you have any questions about tax reform changes, please call Brandon Cangany at (317) 613-7899 or email bcangany@sponselcpagroup.com.

Woehler, Cangany promoted to Senior

Aimee WoehlerBrandon CanganyWe are pleased to announce the promotion of two key members of our team to Senior staff accountant: Aimee Woehler of the Entrepreneurial Services department and Brandon Cangany of Tax Services. Aimee joined Sponsel CPA Group in 2014, and Brandon arrived the year after. Both have proven their expertise and dedication to bringing value to our clients. Congratulations to them both!

Sponsel CPA Group promotes Brandon Cangany

Brandon CanganySponsel CPA Group has promoted Brandon Cangany to Senior accountant in its Tax Services department. He joined the firm as a Staff accountant in 2015 after graduating from IUPUI’s Kelley School of Business, earning double majors with distinction in finance and accounting.

His duties include preparing tax returns for individuals, corporations, pass-through entities and non-profit organizations, as well as tax planning, projections and tax notice responses.

“Brandon has proven time and again the dedication he has for our firm, and the value he strives every day to bring to our clients,” said Nick Hopkins, Partner and Director of Tax Services. “We take great pride in recruiting and developing some of the top young accountants in Central Indiana.”

Employee Spotlight — Brandon Cangany

Brandon CanganySince joining the firm nearly two years ago, Brandon Cangany has obtained his CPA license and greatly expanded his base of knowledge to serve Tax Services clients. As a Staff accountant, his duties include preparing tax returns for individuals, corporations, pass-through entities and non-profit organizations, as well as tax planning, projections and tax notice responses.

Brandon graduated from IUPUI’s Kelley School of Business, earning double majors with distinction in finance and accounting. He served two accounting internships before joining Sponsel CPA Group, and is a member of the Indiana CPA Society (INCPAS).

A diehard athlete, he grew up playing virtually every sport there is before focusing on tennis, playing in the semi-state doubles champion his senior year of high school. He also is a BIG fan of the IU basketball team, attending as many games as he can. In addition to playing sports, Brandon enjoys traveling, exploring the outdoors, going to movies and spending time with family and friends.

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