New Tax Laws Change Refunds Based on Withholding Rates
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Another tax season is behind us, and this one held some unpleasant surprises for many who may rely on their tax refunds to pay off debt, fund a vacation or beef up their savings.
Due to the new tax laws, the government changed the amount of taxes withheld during 2018, resulting in a bump in take-home pay and an overall decrease in taxes paid. Those who are used to getting a sizable refund received smaller refunds or may have ended up owning in some cases.
Check Your W-4
Although the Internal Revenue Service issued notices last year about the lower withholding rates that might lead to lower (or no) refunds, some folks were caught off-guard by the changes. If you need help reviewing your own withholding rates, please contact our office. We are here to help you manage your tax liabilities in a way that supports you and your financial goals.
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From our own accounting services department, a notice to business owners who issue payroll:
"The Social Security Administration is sending out notices via U.S. Postal Service mail (not e-mail) to employers if there is a discrepancy between a name and a social security number on a person's W-2 form.
Here's a link for the notice on the SSA's website.
"If you receive notice regarding one of your own employees, contact your payroll service provider. If we are assisting with your payroll, please let us know and we'll be happy to help!"
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We are proud to announce that our firm has joined
CPAmerica, Inc., an accounting association of independent, certified public accounting firms. Membership in CPAmerica provides shared best practices, networking opportunities and access to expert resources for us, resources we are eager to leverage in order to continue to best serve our clients' growing needs.
"We are excited to bring Mathieson, Moyski, Austin & Co. into the CPAmerica community," said Alan Deichler, president of CPAmerica. "They now belong to a group that is determined to improve through sharing and where members support each other's success."
Our participation in this community is an exciting partnership with Crowe Global which has members in more than 750 offices in more than 130 countries, ranking among the top 10 global accounting networks.
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Our People Make a Difference
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Our intern
Iqra Majid was honored at a dinner where she presented at the
Arthur J. Schmitt (AJS) Future Leaders Class of 2019 Service Projects Presentation, held April 16 at
Benedictine University in Lisle. The
Mathieson, Moyski, Austin & Co. team showed up in force to support her and to acknowledge her success.
The project, entitled “Special Needs Program: Super Special Spring,” included offering supervised play for children and resources for parents of children with special needs. Iqra and her partner in the project,
Marleen El-Zabet, also persuaded Westmore Elementary School in Villa Park to create a playground with accommodations in the next two years, a project in which both young ladies plan to stay involved.
“I’d like to recognize my advisor,
Dr. Sandra Gill, who helped tremendously with moral support and guidance throughout the project,” said Iqra. “And special thanks to all the people from Mathieson, Moyski, Austin & Co. who attended the dinner. I love the team and am grateful to be part of it!”
Iqra, an Arthur J. Schmitt scholar, is an accounting and business analytics major at Benedictine and expects to graduate in May 2020. She’s a great addition and we are proud of her and her contribution to our firm, our clients and the children and families who benefited from her project.
(Pictured, L to R: Brad McDonald, Nataliya McDonald, CPA, Cindy Gunderson, Vince Salinas, Shannon Bachara, CPA, Dan Bauers, Marleen El-Zabet, Kim Scroggs, CPA, Iqra Majid, John Straus, CPA, Judy Progo, Zaid Siddiqui]
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Special thanks to our clients for trusting us with your business during our busy season, and to our team for all their hard work. We made it through another tax season!
April isn't just known for tax day--it's also the month in which we celebrate Earth Day. At Mathieson, Moyski, Austin & Co., we recycle paper, plastic and aluminum and we no longer use styrofoam cups. Let us know if you have some innovative ways to help the environment--our "Green Team" is always looking for other ways to contribute to keeping the earth safe and clean.
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Ron Austin, CPA
Brian Eisenmenger, CPA
Brian Hagene, CPA
Brett Mathieson, CPA
Mike Moyski, CPA
John Straus, CPA
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