Posts Tagged ‘josie dillon’

Employee Spotlight – Josie Dillon

Josie DillonJosie Dillon is a native Hoosier.  She grew up in Mooresville, Ind., and earned her bachelor’s degree in accounting from the University of Indianapolis.

In 2016 she was promoted to Manager in the Tax Services department after demonstrating her commitment to serving clients and bringing value to their organizations.

She performs a large spectrum of tax-related services from a wide array of industries. Her work includes tax consulting and compliance services, including federal and multi-state tax filings for businesses, individuals, not-for-profits and trusts. She also performs tax planning and projections.

Josie has volunteered with the Center Grove school system for a number of years. She currently serves on the board of the Center Grove Education Foundation and was recently elected as Treasurer. She is also a finance volunteer at Emmanuel Church in Greenwood.

This year Josie and her husband, Ryan, celebrated 10 years of marriage. She spends most of her free time with her family, especially daughters Rebecca, Rachel and Dani. Josie is a member of both the Indiana CPA Society and American Institute of CPAs.

Board appointments for Sponsel team members

Jennifer McNettJosie DillonLila CasperSponsel CPA Group has always made civic involvement a cornerstone of our company culture. Many of our team members serve in a voluntary capacity with local nonprofit groups. We are pleased to recognize three new board appointments of our staff:

  • Lila Casper was appointed to  the Audit Committee for Second Helpings, which repurposes unused food for the hungry.
  • Josie Dillon was recently elected as Treasurer of the Center Grove Education Foundation, on whose board she also sits.
  • Jennifer McNett was elected Treasurer by her fellow board members of Dress for Success, which provides professional attire for those in need.

Thanks to all three for their service to the community!

Guard Against IRS Tax Scams

Josie DillonBy Josie Dillon, CPA
Manager, Tax Services

For the average person, getting a threatening phone call from the IRS would stoke a great deal of fear and anger. But many of these and similar ploys are tax scams perpetrated by criminals out to rob you of your tax refund, or simply steal your identity and drain your bank account.

The IRS has reported a huge increase in phone scams in recent years. Taxpayers will receive a phone call from someone claiming to be an IRS agent threatening people with arrest, deportation, revocation of professional licenses and other terrible results if they do not comply with demands to pay a bogus tax bill.

Some of the most sophisticated scammers will even use “ID spoofing” technology, so your phone’s caller ID function will make it look like the local IRS office is calling.

Or, instead of threats, the caller may tempt you with offers of a huge refund far larger than you’re entitled to. Sometimes these calls will be a live person, or recorded “robo-calls.” There is also an uptick in “phishing” emails that lure people into clinking on a link and having their personal data stolen.

The reason the problem is so prevalent is that these shady tactics work. Since 2013 tax scams have hurt more than 5,000 victims to the tune of $26.6 million, according to the IRS.

There are other types of scams that include unscrupulous return preparers, fake charities and inflated refund claims. For a complete rundown of the IRS’ “Dirty Dozen” of common scams, click here.

Here are things the IRS will never do:

  • Call to demand immediate payment, nor will the agency call about taxes owed without first having mailed you a bill.
  • Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe.
  • Require you to use a specific payment method for your taxes, such as a prepaid debit card.
  • Ask for credit or debit card numbers over the phone.
  • Threaten to bring in local police or other law-enforcement groups to have you arrested for not paying.

If you suspect foul play, the IRS advises you to immediately hang up the phone and not reply to a suspicious email. Call their scam reporting hotline at (800) 366-4484. Or file a report with the Federal Trade Commission by clicking here.

Stay alert for scams that use the IRS as a lure. Tax scams can happen any time of the year, though they are more common at tax time.

If we can assist you with any tax-related issue, please contact Josie Dillon at (317) 613-7841 or email JDillon@sponselcpagroup.com.

Year End Planning for Section 179 and Bonus Depreciation Deductions

Josie DillonBy Josie Dillon, CPA
Manager, Tax Services

The Protecting Americans from Tax Hikes Act (PATH) of last year retroactively extended tax year 2015 provisions that had expired. Today we’d like to talk about how that relates to Section 179 tax deductions and bonus depreciation, including ways the state of Indiana does not conform with PATH.

The Section 179 deduction largely affects small- to medium-sized businesses by allowing them to take immediate deductions on the purchase of equipment and software. After PATH the deduction is permanently set at $500,000. Companies that exceed a total of $2 million in qualifying purchases will have the Section 179 deduction phased out dollar-for-dollar until their purchases hit $2.5 million, at which point the deduction will be totally eliminated. Starting in 2016, the phase-out limitation is indexed for inflation.

Section 179 deductions can be taken within the same tax year as purchase, otherwise known as an immediate deduction, as opposed to other types of business deductions that are capitalized through depreciation over a number of years.

Qualifying property must be “tangible personal” property, so real estate does not qualify, nor does intangible property such as copyrights or patents. Qualified real property will see the $250,000 cap eliminated in 2016.

To take advantage of the Section 179 deduction for the 2016 tax year, equipment and software must be purchased and placed in service before the end of the year. So if your organization is considering any needs for equipment or software, it may be wise to act soon.

Another notable change for 2016 is that air conditioning and heating units placed in service this year are now eligible for Section 179 expensing.

Bonus depreciation has been extended until 2019 through PATH, including 50 percent bonus depreciation for certain “New” property placed in service in 2016 and 2017. This phases down to 40% in 2018 and 30% in 2019.

To qualify for bonus depreciation, the property must be (1) tangible depreciable property with a recovery period of 20 years or less; (2) water utility property; (3) computer software; (4) qualified leasehold improvement property.

In March 2016 Indiana Gov. Mike Pence signed Public Law 204-2016, which updates the state’s conformity date of the Internal Revenue Code to January 1, 2016. As a result, Indiana differs in some ways with federal deductions extended by PATH.

On Section 179, Indiana has an expensing limitation of $25,000 and a phase-out limitation of $2 million. Federal 179 deductions taken in excess of $25,000 must be added back to the Indiana return.

Indiana does not recognize bonus depreciation; therefore, the federal deduction taken for bonus depreciation must be added back to the Indiana return.

Other states besides Indiana may or may not conform to the federal PATH provisions. We would be happy to consult with you on details for other state filings.

If we can assist you with any tax-related issue, please contact Josie Dillon at (317) 613-7841 or email JDillon@sponselcpagroup.com.

Three promoted to Manager

Jo-Ann LewandowskiJosie DillonLisa Blankman

 

 

 

 

 

 

 

 

We are pleased to announce that Jo-Ann Lewandowski, Josie Dillon and Lisa Blankman (left to right) have received promotions to Manager. They have all impressed us with their hard work and diligence on behalf of our valued clients. Congratulations!

 

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