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NEW Tax Rules for 2020!

Mitchell & Nemitz, PA

August 6, 2020

Here are several new tax laws passed this year to consider as you start planning your 2020 tax obligation.

donate

  • Make up to $300 of charitable contributions. For the 2020 tax year only,...

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Ideas to Help Local Businesses

Mitchell & Nemitz, PA

June 7, 2020

Shuttered businesses are realizing that lifting lockdown restrictions doesn't mean a return to business as usual. Social distancing guidelines and a public wary of venturing into crowded environments means light customer traffic for many businesses.

Here are several ideas to help local businesses financially as they re-open their doors:

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Thank You for Your Patience

Mitchell & Nemitz

April 8, 2020

We want to thank all of our clients for allowing us to serve you. This year has been an unprecedented time in the history of our country as well as the world. As a result, this has caused many different things to be upended and changed related to our personal and business lives. Not only are we all being subject to stay-at-home orders and social distancing measures, there have been major...

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Update related to Paychecks Protection Program Loans

Mitchell & Nemitz, PA

April 4, 2020

We hope that everyone is continuing to stay safe and healthy. Have confidence that we will make it through all of this. We wanted to give you an update on a few things related to the Paychecks Protection Program (PPP) Loans. If you need any assistance with preparing your information for the PPP loan application or questions about the PPP loan application, please let us...

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Additional information related to the Paycheck Protection Program

Mitchell & Nemitz, PA

April 1, 2020

The following is additional information related to the Paycheck Protection Program from the www.sba.gov website.

A few things to note:

  1. The PPP application is available on the SBA website. 

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Tax Deadlines Move to July 15

Mitchell & Nemitz, PA

March 30, 2020

july date


The April 15 federal income tax filing due date has been moved to July 15, the U.S. Treasury Department and IRS recently announced. Here is what you need to know:

  • The due dates for all tax...

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CARE Act Provisions

Mitchell & Nemitz, PA

March 30, 2020

Hello everyone,

We hope that you and your family are staying safe and healthy during this crazy and unprecedented time in the history of our country. Our goal is to help guide you through this process to help you champion the next month or so personally and in your business.

The following is a summary of the provisions of the Coronavirus Aid, Relief, and Economic Security Act...

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The IRS Data Theft Problem

Mitchell & Nemitz, PA

March 7, 2020

secure pin

Here's how to minimize your risk

What better place for online thieves to target than a database that contains 300 million+ Social Security numbers and a treasure trove of financial...

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How to Take Advantage of the New Retirement Rules

Mitchell & Nemitz, PA

February 7, 2020

The Setting Every Community Up for Retirement Enhancement Act, also known as the SECURE Act, was passed by Congress in late December 2019. Here are some of the features in the new legislation that will help you save more for...

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Fail-Proof Your New Year's Resolutions

Mitchell & Nemitz, PA

January 7, 2020

2020 imageNew Year’s resolutions get a bad rap — and for good reason. They are wildly unsuccessful. Millions of people have well-intentioned aspirations for the new year, but only about one in 10 actually accomplish their goal, according to...

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3 Major Charity Scam Red Flags

Mitchell & Nemitz, PA

December 7, 2019

You’ve probably already received several letters and phone calls from charities asking for donations. Most requests are from legitimate organizations. Some, however, are bogus charities set up by con artists who use the holiday spirit to their financial advantage.

Last year, Americans gave nearly $428 billion to charities, according to Giving USA 2019: The Annual Report on...

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Save Money With These Year-End Ideas

Mitchell & Nemitz, PA

November 7, 2019

There's still time to reduce your potential tax obligation and save money this year (and next). Here are some ideas to consider:

  • Estimate your 2019 and 2020 taxable income. With these estimates you can determine which year receives the greatest benefit from a reduction in income. By understanding what the tax rate will be for your next dollar earned, you can understand the...

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Start preparing now for new overtime rules

Mitchell & Nemitz, PA

July 14, 2016

In May, the U.S. Department of Labor updated the rules for paying overtime. Under the new rules, salaried employees who earn less than $913 per week ($47,476 per year) will be eligible for overtime pay. That's double the annual exempt amount of $23,660 under current rules. The changes take effect December 1, 2016, which means you need to begin reviewing your payroll now, as penalties and...

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Did you pay domestic employees in 2015?

Mitchell & Nemitz, PA

January 12, 2016

Nannies, housekeepers, caregivers – the people who make your home life easier – are your employees, and you're required to comply with income and payroll tax rules. For 2015, you'll need to withhold social security and Medicare taxes when you pay your worker $1,900 or more during the year. You'll also need to provide year-end tax forms and wage statements and file a special...

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Be aware of 2016 payroll rates

Mitchell & Nemitz, PA

January 7, 2016

The Social Security Administration announced the 2016 wage base for computing the amount of payroll tax will be $118,500, the same as 2015. The wage base is the maximum amount of wages subject to the social security portion of the payroll tax you may know as "FICA." The total FICA rate is composed of two parts and the rates for both remain the same for 2016. The social security tax portion is...

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Seeking a full or part-time seasonal Tax Associate

Mitchell & Nemitz, PA

January 6, 2016

We are a growing CPA firm in Wake Forest, NC actively seeking a full or part-time seasonal Tax Associate, with a possibility for permanent employment, to join our team. In addition to our friendly and professional environment, Mitchell & Nemitz, PA offers competitive compensation and a flexible work schedule. Our firm prides itself on client satisfaction, hard work, employee development,...

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Will your employees stay after the holidays?

Mitchell & Nemitz, PA

January 4, 2016

A survey of employees and human resources professionals showed that what employees want and what the professionals think they want may not be the same. According to the survey, one in three employees is looking for a new job. Reasons include salary levels and lack of a clear career path. If employee retention is a problem at your company, perhaps you're not aligning your business interests...

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Plan for changes to social security options

Mitchell & Nemitz, PA

December 31, 2015

A recent law eliminated two social security "loopholes," but you may still be able to benefit in some circumstances. The option to apply for social security when you reach full retirement age and restrict your claim to spousal benefits will only be available if you're age 62 by December 31, 2015. The option to voluntarily suspend your benefits in order to receive them later when they would be...

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Take precautions to avoid gift card fraud

Mitchell & Nemitz, PA

December 28, 2015

Gift cards are a convenient way to give your friends and loved ones "just the right thing" at holiday time. They also give thieves an opportunity to make off with your money, according to a public service announcement issued by the Federal Bureau of Investigation. Read more.

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Need money to pay bills? Raiding your 401(k) is not a good idea

Mitchell & Nemitz, PA

December 21, 2015

When you're short of cash, raiding your 401(k) plan may seem like a good idea. Here are two reasons why it isn't. Read more.

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Good communication keeps your customers happy

Mitchell & Nemitz, PA

December 16, 2015

As a business owner, you know how much effort goes into attracting new customers. So once you've found a new customer, you want to keep that customer as long as possible. Good communication can help. Read more.

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Are you 65 or older? Include these tax breaks in year-end planning

Mitchell & Nemitz, PA

December 15, 2015

Celebrate your 65th birthday with federal income tax benefits. Here are some of the breaks available once you reach age 65. Read more.

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Some tax benefits will increase in 2016

Mitchell & Nemitz, PA

December 11, 2015

Each year, the IRS announces inflation adjustments for more than 50 tax provisions. Knowing these numbers can help with your year-end tax planning. Changes for 2016 (for the tax returns you'll file in early 2017) include an increased standard deduction when you file as head of household ($9,300 for 2016). The standard deduction amounts remain the same as they were for 2015 when you're single...

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Make use of your 2015 gift tax exclusion

Mitchell & Nemitz, PA

December 10, 2015

This year you can give up to $14,000 to as many individuals as you want without any gift tax liability. If you're married and your spouse joins in the gift, you can, as a couple, elect to give $28,000 to each person with no gift tax liability. Once December 31, 2015, has come and gone, your 2015 gift tax exclusion is also gone. If you plan to make gifts this year, remember that your gifts...

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Should you increase your withholding?

Mitchell & Nemitz, PA

November 18, 2015

Will the federal income tax withheld from your wages be enough to meet your 2015 federal income tax liability? If not, you can choose to make estimated tax payments. However, you should be aware that the penalty rules for underpayment of estimated taxes is applied to each installment – meaning you may owe a penalty when your estimated tax payments (plus withholding) total less than 25%...

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Tax planning is good for corporations too

Mitchell & Nemitz, PA

November 16, 2015

If you own a calendar-year corporation, you can benefit from planning moves you make before December 31. For example, corporations can accelerate or defer income or deductions to stay within a certain tax bracket. You'll also want to look at your corporate alternative minimum tax exposure to determine whether you qualify for an exception to the tax. Finally, reviewing estimated tax payments...

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Be aware of credit card "liability shift"

Mitchell & Nemitz, PA

November 11, 2015

Does your business accept credit cards? You may already know of the recent update to a new style of cards embedded with microchips. This new technology, also known as EMV (for Europay, MasterCard, Visa), makes credit card fraud more difficult. Your business is not required to move to the new technology to process these cards. But you should be aware that as of October 1, 2015, your business...

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2016 health care enrollment began on November 1

Mitchell & Nemitz, PA

November 9, 2015

The health insurance Marketplace (www.healthcare.gov) "open enrollment period" began November 1 for 2016 individual health insurance coverage. Open enrollment is the annual period of time during which health insurance companies must accept your application regardless of your health history. Once open enrollment is over – January 31, 2016, for 2016 policies – you can only get...

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Our New Website

Mitchell & Nemitz, PA

Mitchell & Nemitz, PA is excited to announce the recent launch of our firm’s new website. We’ve been working very hard to enhance our website and give our firm a fresh look. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure we continue to meet your needs.

Take a moment to look around...

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Changes to NC sales tax laws

September 19, 2014

Please refer to the link below to see how the changes with NC Sales tax will affect you or your business. Pay close attention to part two, which focuses on the two main areas included in the expansion of sales tax, live event admissions and service contracts. Please do not hesitate to give us a call with any questions or concerns, we are always here to help!

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New E-Verify Requirements for business owners

June 18, 2014

Beginning July 1, 2013, North Carolina employers with 25 or more employees are required to use the E-Verify system to verify the employment eligibility of new employees and to verify their identity.

New companies that sign up for the E-Verify system...

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Goodwill Donation Price List

January 21, 2013

Goodwill Price List

Based on IRS regulations, it's up to donors to document and assess the value of all donations to Goodwill.

Suggested Value List

Ladies Clothing


accessories $2-$8
bathing suits $1-$5
blouses $2-$8
dresses $3-$16
formal...




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