2024 Winter Newsletter
December 23, 2024
Going digital: Tax time with a tech upgrade
Get ready for the benefits of going digital. We're moving away from mailing tax organizers and instead introducing digital organizers. This upgrade means no more delays and zero chance of your important documents going missing in the mail.
Watch for an upcoming secure email communication that will include information on your tax organizer with options to provide your documents.
Additionally, we’re enhancing your experience even further by converting to electronic invoicing. If you haven’t switched already, this change will keep everything tidy and on time. More details on this transition will be shared shortly.
If you’re already using the TaxCaddy platform, you can kick back and relax. Nothing will change for you.
Three leaders making moves
Our firm welcomed one new principal last quarter, and two more longtime Honkamp leaders will be promoted to that role soon.
Terry Gloriod joined Honkamp in October with about 30 years of experience, including serving as a tax partner with two national accounting firms. His prior roles also include serving as the tax director for a $900 million distribution company as well as a publicly traded energy company. Terry works in our office in St. Louis, Missouri.
Meanwhile, Alex Adler and Ellie Wegmann will become Honkamp principals on January 1, 2025.
Alex has more than 12 years of experience in tax, accounting, consulting and financial statement preparation. He joined Honkamp in 2015 and works in our Davenport, Iowa, office.
Ellie has more than 10 years of experience working with a variety of businesses in the retail, service, restaurant, marketing, rental, manufacturing and health care industries. She joined Honkamp in 2011 and works in our Dubuque, Iowa, office.
Read their biographies to learn more about Terry, Alex and Ellie.
Year-end tax tips
There’s still time in 2024 to position yourself financially for a successful 2025.
Our year-end tax rundown highlights 26 strategies – ranging from A to Z -- to help you maximize savings and plan for the year ahead.
Check it out now and make sure you end 2024 on a high note: 2024 Year-end Tax Letter
Recent ruling impacts Corporate Transparency Act
In case you missed it: A recent ruling temporarily suspended enforcement of the Corporate Transparency Act (CTA) nationally.
It’s important to note that the judge’s ruling is not a repeal of this requirement. Rather, it’s a temporary pause on enforcement.
(As you might recall, the CTA requires millions of small businesses to report their beneficial owners to the Financial Crimes Enforcement Network.)
The U.S. Department of Justice already filed a notice of appeal. The outcome of any appeal is uncertain, but the CTA’s purpose as a national defense tool and its resilience in previous legal challenges suggest that a repeal is unlikely.
With that being said, the situation is fluid and could change at any point.
Check out our Corporate Transparency Act FAQ Sheet for more information on the requirement, which businesses are impacted and the recent court ruling.
Annual updates for Social Security, Medicare
Notable news on the Social Security and Medicare fronts -- Federal officials recently announced changes to the benefits and premium calculations of both programs for 2025.
Retirement Planning Consultant Terry Kane lays out all of the key updates here: 2025 Social Security and Medicare Changes Announced
Illinois law changes impact lessors, out-of-state retailers
Our state and local tax (SALT) team is calling attention to two Illinois law changes taking effect on January 1, 2025, that could impact our clients.
- Out-of-state sellers: The state is significantly changing its sales tax regulations for out-of-retailers.
- Lessors: Illinois will alter the rules for the taxation of leased property, aligning its practices more closely with those of other states.
Our SALT practice leader, Principal Scott Brawdy, examines both new measures and explains the impacts: New Illinois law changes affect sales tax, leased property rules
Tax on EV charging to drive up revenue in Wisconsin
On the other side of the Illinois-Wisconsin border, the northern state will be instituting a new excise tax on electric vehicle (EV) charging on January 1, 2025.
The move aims to generate revenue for maintaining the state's roadways and infrastructure.
An important note: Residential EV charging stations are exempt, except for those at hotels.
Principal Scott Brawdy also shares all of the specifics about this new tax: New Wisconsin tax on electric vehicle (EV) charging in 2025
Trio garner Honkamp’s highest honors
We recently announced the winners of our firm’s most prestigious annual awards: the Arnie Honkamp Firm First Award and the Internal and External Customer Service Stars awards.
This year’s winners are:
- Arnie Honkamp Firm First Award: Executive Coordinator Tracey Waldron
- Internal Customer Service Star: Senior Tax Coordinator June Cosley
- External Customer Service Star: Accounting Manager Joe Hinkel
Learn more about the awards and our winners here: Honkamp announces 2024 annual award winners
Drumroll, please
Pardon us while we brag a bit:
Honkamp Senior Manager Jon Dunham stands out among the crowd of CPAs. He recently was honored as being one of the top accountants in St. Louis:
Jon Dunham named top accountant in St. Louis