2024 Spring Newsletter
April 24, 2024
Katie Thomas, CPA, CFP®, CGMA
President & CEO
Say hello to Honkamp Payroll
We are thrilled to announce the launch of Honkamp Payroll, LLC, a full-service payroll and human capital management company. Based in Dubuque, Iowa, Honkamp Payroll is committed to delivering top-notch services tailored to meet the diverse needs of businesses across various industries and geographic locations. They’re here to help streamline payroll processes, allowing business owners to focus on what matters most: growing your business and shaping the future.
For more information, reach out to Jarrod Haiar at jarrod.haiar@honkamppayroll.com.
Dynamic duo
Our firm recently announced the promotion to principals for two leaders who have grown within our organization, Kyle Boardman and Jennifer Faust. Both have worked their entire careers at Honkamp.
Kyle has more than 11 years of experience in public accounting and is a member of the firm’s construction industry team. He works in our Hiawatha, Iowa, office.
Jennifer has 12 years of experience in public accounting and her specialties include large, complex pass-through and corporate returns, and multi-state taxation, including income tax and sales tax. She works in the firm’s Davenport, Iowa, office.
Read their biographies to learn more about Kyle and Jennifer.
ICYMI, new filing requirement for businesses
It’s officially here: A new filing requirement affecting more than 30 million businesses went into effect on January 1.
It requires that beneficial ownership information be submitted for many small businesses across the country.
Is your business impacted? Find the answer quickly. This article provides details on what businesses are impacted and the 23 exceptions: New business filing requirement effective January 1, 2024 (honkamp.com)
A quick QuickBooks update
An upcoming change could impact some businesses using QuickBooks.
Intuit announced it will no longer sell new subscriptions of QuickBooks Pro and QuickBooks Premier after July 31, 2024. This will affect businesses using QuickBooks 2021 and older versions, as it will require them to be on an active subscription plan by that date.
Businesses can continue using their existing version of QuickBooks after the sunset date of July 31, but if they are not on an active subscription plan by then, they will lose the ability to upgrade forever.
Let Honkamp help you determine if your business is impacted and what steps need to be taken. Email quickbooks@honkamp.com, and we can discuss your options.
Big tax package, uncertain future
Earlier this year, the U.S. House of Representatives passed a $78 billion tax package that could have major ramifications for businesses and individuals if signed into law.
“If” is the key word, as more than two months later, it has not been taken up by the Senate yet.
The bill, called the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024), remains in the hands of the Senate. It is unclear if the measure will be taken up or has enough support in the narrowly divided Senate to be passed, according to legislative experts.
Read more about the bill here: $78 billion tax package could have major ramifications(honkamp.com)
Calling all high-schoolers
Know a teen who would like a glimpse into the world of accounting?
This summer, Honkamp will offer a free accounting program in both Dubuque and Davenport, Iowa, designed for high school sophomores, juniors and seniors.
It’s a great opportunity for students to join a group of their peers to learn more about accounting careers and hear about Honkamp’s tax, audit and accounting departments.
Learn more about the program, including dates and times and how to apply: Free summer accounting program for high school students (honkamp.com)
Taxing times
Sure, it’s great to work while in your pajamas on the couch, but the rise of remote workers can have tax implications for businesses.
Principal Jennifer Faust tackles this topic, including the impacts when it comes to sales and income taxes. What does it mean for your business? How remote workers affect tax considerations for businesses (honkamp.com)
One streak continues, while another starts
The streak continues: Honkamp again has been recognized as one of the Midwest’s top accounting firms by Accounting Today. We recently were named a 2024 Top 10 Midwest CPA firm, and the publication listed Honkamp as among its “firms to watch.” We also remain the fastest-growing Iowa-based firm highlighted. Honkamp has been named a Top 10 Midwest CPA firm by Accounting Today each year for more than a decade.
Meanwhile, Honkamp recently landed on two prestigious national lists compiled by one of the country’s biggest newspapers. USA Today selected Honkamp as one of 100 firms on its inaugural “America’s Most Recommended Tax Firms” list. The publication also named Honkamp as one of 100 firms on its inaugural list of “America’s Most Recommended Accounting Firms.” Honkamp was the only firm headquartered in Iowa to make either list.
Drumroll, please
Pardon us while we brag a bit more. These honors are just too good not to share: