Our Blog

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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