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The IRS has announced 2017 optional standard mileage rates for calculating deductible costs of using automobiles (cars, vans and pick-up or panel trucks) in business, medical, moving and charitable capacities. Effective January 1, 2017, these rates will be set to: 53.5 cents per mile for business miles driven (down from 54 cents for 2016) 17 cents per mile driven for medical or moving purposes (down from 19 cents for 2016) 14 cents per mile driven in service of charitable organizations These rates apply to employees, self-employed individuals and other taxpayers. However, taxpayers can always choose to compute the actual costs of operating their vehicles instead of using the standard mileage rates...

On December 1, the IRS made available a new online application that helps taxpayers manage their basic account information. With this user-friendly and secure tool, taxpayers can view their IRS account balance (including the amounts they owe for tax, penalties and interest), as well as continue to utilize several online payment options via direct pay, pay by card and Online Payment Agreement. In the future, the IRS intends to expand this platform’s offerings. Taxpayers must follow a two-step authentication process before using the tool...

The IRS is pushing out the deadline for a couple of Affordable Care Act (ACA) documents. According to IRS notice 2016-70, the due date for providing individuals Forms 1095-B (Health Coverage) and 1095-C (Employer-Provided Health Insurance Offer and Coverage) has been extended from January 31, 2017, to March 2, 2017. Impacted by this development, according to the IRS, are insurers, “self-insuring employers, and certain other providers of minimum essential coverage under section 6055 of the Internal Revenue Code (Code) and for applicable large employers under section 6056 of the Code.” If you are uncertain about your own requirements, speak with your tax consultant...

On November 21, Rehmann opened its new Toledo office at 7124 W. Central Ave. The 65 associates from both of the Firm’s former Toledo locations are now based at the new facility. The relocation will increase collaboration among associates, allowing them to even more effectively serve clients...

As a reminder, the due date for government submission of Form W-2 and Form 1099-MISC reporting amounts in Box 7 (Nonemployee Compensation) were changed as part of the Protecting Americans From Tax Hikes (PATH) Act in 2015. These forms are now due on January 31, 2017.  All other Form 1099s are due on February 28, 2017, if you file on paper, and March 31, 2017, if you file electronically. Copies for employees and payees must be sent by January 31, 2017...

Rehmann has received Inavero’s 2016 “Best of Accounting™ Award,” an honor fewer than one percent of all accounting firms in the U.S. and Canada earned for providing exemplary client service. “Best of Accounting” is the nation’s only award that celebrates superior client service and is based on third-party-validated survey responses from winners’ clients...

Rehmann extends best wishes to Gray Tuttle — principal with the firm’s Healthcare Management Advisors —who is headed to St. Louis, Missouri, to compete in the U.S. Senior Amateur Championship, sponsored by the United States Golf Association (USGA)...

Rehmann has been named to the 2016 list of "Metropolitan Detroit's 101 Best and Brightest Companies to Work For®." A program of the National Association for Business Resources, the competition recognizes organizations that demonstrate exceptional human resources and employee enrichment practices. The winning companies are invited to a breakfast and awards ceremony on Friday, September 23, at the Detroit Marriott at the Renaissance Center. "This award reflects the culture we've established over the course of Rehmann's 75 years in business," said Katie Strehler, Rehmann's Chief Human Resources Officer...

Major changes ahead for not-for-profit financial statements On August 18, 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-14: Presentation of Financial Statements of Not-for-Profit Entities. This pronouncement is the result of the first of two phases of the FASB’s project to improve the not-for-profit financial statement presentation and the understandability of not-for-profit financial performance. The new guidance is the first major change to not-for-profit reporting since the mid-1990s. Changes under this standard impact: Net asset classification Classification and disclosure of underwater endowments Gifts for capital assets Operating cash flows Operating measure disclosures Investment expereturnnses Expenses by nature and function The liquidity and availability of an organization’s resources The ASU is effective for financial statements with fiscal years beginning after December 15, 2017, and for interim financial statements for periods after that date...

Toledo businesses and residents gained access to a broader range of financial services and a deeper bench of experienced advisors on September 1 when Rehmann combined with Sobb Roberts. A CPA firm that's been supporting Toledo clients since 1993, Sobb Roberts offers an array of services, including tax, audit and consulting. That portfolio is set to grow notably with Rehmann's own accounting services added to the mix, as well as its wealth management and corporate investigation offerings. "Expanding our presence in Ohio — Toledo especially — is important to us," said Rehmann CEO Randy Rupp, CPA...

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