Squire & Company Names Chief Executive Officer and Office Managing Partners

Squire & Company Names Chief Executive Officer and Office Managing Partners

Salt Lake City, Utah, UT:

Squire & Company, PC (Squire) announced today that Jonyce Bullock, formerly titled as Managing Partner, will be leading the firm as Chief Executive Officer (CEO) and will also serve as Office Managing Partner for the Orem office.

In addition, Squire announced that Shane Edwards was appointed as Office Managing Partner for the downtown Salt Lake City office.

Jonyce and Shane will continue to serve on both the Executive Committee and Board of Directors of Squire.

“A renewed focus on providing outstanding client service through industry specialization and the addition of the Salt Lake office to our Squire team have resulted in significant growth and expansion during 2018,” said CEO Jonyce Bullock. “To help us be best prepared to capitalize on the opportunities for each of our offices and meet the expanding needs of our clients, we have realigned our organizational structure and made changes in key leadership positions. We are now properly positioned to continue our growth through 2019 and beyond.”

Squire is a locally-owned, full-service accounting and advisory firm offering audit, tax,
transaction support, ERP implementation, wealth management, and outsourced CFO/Controller services. Squire has been in business since 1973 and acquired the Salt Lake City operations in July 2018.

 

Squire and Pinnock, Robbins, Posey & Richins P.C. are now one.

Link to official press release. 

Link to infographic of the merger. 

We’re excited to announce that we have merged with the premier Salt Lake City firm Pinnock, Robbins, Posey & Richins P.C. This merger means a lot of great things for our clients, including a second office in Salt Lake City.

Who is Pinnock, Robbins, Posey & Richins P.C.?

Pinnock, Robbins, Posey & Richins P.C. is an independent, certified public accounting firm that started in 1944. Their shareholders are third generation owners, and in their 75 years of serving the Mountain West area their employees have included past presidents of the Utah Association of Certified Public Accountants (UACPA), the Salt Lake Estate Planning Council, and the Financial Planning Association. Their long history of serving the Mountain West has given them a reputation for honesty and integrity.

James R. Beaudoin, managing partner at Pinnock, Robbins, Posey & Richins P.C,
commented that their “long tradition of excellent client service and of providing employees opportunities for growth will be enhanced by combining the resources of these two great firms.” We believe that their company mission is perfectly aligned with Squire’s mission to provide higher perspective and smarter vision.

What does this mean for our clients?

Our merger with Pinnock, Robbins, Posey & Richins P.C. will allow us to offer advanced expertise to our new and existing clients across many sectors, including construction, manufacturing, nonprofit, professional services, and more. With the combined experience of our respective teams, our accounting and advisory services will expand to accommodate even more clients and industries.

Squire will be inheriting five partners and twenty staff from Pinnock, Robbins, Posey & Richins P.C. to have a total of twenty-one partners and 130 staff. This expanded team will bring many years of knowledge and insight to Squire and will contribute to our long-standing legacy of serving our clients faithfully in the Mountain West.

“With such a strong cultural fit between our two organizations, we believe we will be better together,” said Jonyce Bullock, managing partner at Squire. “Because we share important characteristics like a 100 percent commitment to quality and partnership with our clients, we believe there is deep synergy in our vision for the future.”

The office of Pinnock, Robbins, Posey & Richins P.C. in downtown Salt Lake City will now be a resource for our clients along with our longstanding Utah County office in Orem. You can visit with us at our office in Orem or visit us in our new office in Salt Lake City.

 

Orem Location:

1329 South 800 East
Orem, Utah 84097

Salt Lake City Location:

215 South State Street, Suite 850
Salt Lake City, UT 84111

We’ve been investing in the futures of our clients for over 45 years. With our merger with Pinnock, Robbins, Posey & Richins P.C., we’re ready to invest even more and continue delivering quality services.

When Is NetSuite Right For Me?

Written By Jennifer Amos

As your business grows, your accounting software needs are likely to change. What used to work brilliantly on its own may now require using multiple apps that you have to figure out how to use and then integrate with your current accounting system. It can be difficult to decide whether or not you need to make a shift to a new accounting system.

Many larger businesses that do take the leap to a new accounting software decide to switch to NetSuite. NetSuite is an ERP that allows you to work in multiple modules in the cloud. It’s generally recommended for mid-size businesses to large businesses with a minimum of 50 employees. If your company file is starting to get too large to run properly and you find yourself getting frustrated with the number of outside apps you need to connect with your current system, NetSuite might provide the solution you are looking for.

 

Advantages of NetSuite

 

  • NetSuite handles all of the hardware, software, upgrades, and security. You can easily access it from any browser using your login regardless of electronic device.
  • NetSuite allows you to customize your software package to meet your needs by choosing the specific products you would like to add such as CRM, HR, compliance, project management, warehouse management, and much more. While you can integrate some outside apps with NetSuite, you may find that they already have a ready-to-go addition to meet your needs.
  • NetSuite grows with you. In addition to customizations, you can also expand your company across countries, languages, currencies, and subsidiaries without having to set up their own company files from scratch.
  • NetSuite encourages collaboration regardless of location and language. It allows you to assign tasks, use approval processes, and automate accounting steps.

 

Disadvantages of NetSuite

 

  • NetSuite does cost significantly more than other alternatives such as QuickBooks Enterprise and Microsoft Dynamics. The cost for implementation on its own can run into the tens of thousands of dollars. After that, they have a subscription model.
  • NetSuite does not have an easy to access way to have questions answered through Google search engines or YouTube videos like QuickBooks does. Usually you will need to contact either NetSuite’s customer service or a firm like Squire to address issues.
  • NetSuite Pricing can get confusing depending on the number of add-ons, which is why they request you speak with them about a quote instead of listing the prices directly on their website.

 

If you are interested in learning more about NetSuite, please contact us. We have a NetSuite team ready to answer your questions and assist with implementation if you feel it is the right solution for you.

John O’Leary – Squire Client Appreciation Event

 

CLICK HERE TO REGISTER

 

Live Inspired

Squire Client Appreciation Event

Date: 

October 4th, 2018

Time: 

Two Sessions, 4 PM and 7 PM

Location: 

Larry H. Miller Megaplex Theaters at Thanksgiving Point

2935 North Thanksgiving Way, Lehi, Utah

Cost: 

Free to Squire Clients

Details:

Please join Squire for an evening of John O’Leary, a #1 National Bestselling Author & Speaker. 

Expected to die. Now teaching others how to truly live.

In 1987, John O’Leary was a curious nine-year-old boy. Playing with fire and gasoline, John created a massive explosion in his home and was burned on 100% of his body. He was given 1% chance to live.

This epic story of survival was first showcased in his parents’ book, Overwhelming Odds, in 2006. Originally printing 200 copies for friends and family, his parents have sold 60,000+ copies, most in back-of-room sales at John’s speaking events. It was this book that first invited John to embrace his miraculous recovery and share it with the world.

John inspires 50,000+ people at 100+ events each year. He speaks to companies and organizations across industries, such as: sales, healthcare, business, safety, marketing, financial services, faith, education and insurance.

Consistently described as “the best speaker we’ve ever had,” John receives nearly 100% of his engagements from referrals. His schedule is a testament to the power of his message and who he is as an individual. His emotional story-telling, unexpected humor and authenticity make each of his presentations truly transformational.

John’s first book ON FIRE: The 7 Choices to Ignite a Radically Inspired Life was an instant #1 National Bestseller; 100,000+ copies have sold and it has been translated into 12 languages. John’s Live Inspired Podcast is a top 20 for business on iTunes & Inc. Magazine. His online community is 200,000 strong.

John considers his greatest success to be his marriage to his wife Beth, their four children and his relationships with friends and family

John’s Website

CLICK HERE REGISTER HERE

Who Can You Claim as a Dependent on Your Tax Return?

In the eyes of the IRS, “dependent” can mean much more than a biological child who lives with you.

Numerous individuals may depend on you for financial support. You might be sending money to a niece to help her through college or occasionally paying bills for an aging parent. And there are always those college kids who need extra money sometimes for books and activities and clothes.

Can you consider them “dependents” on your income tax return if you send them funds on a regular basis?

The IRS goes beyond the “nuclear family” when it defines the entry on your Form 1040, but there are limits. Here’s who you can’t claim;

  • Anyone who is not a U.S. citizen, U.S. resident alien, U.S. national, or a resident of Mexico or Canada
  • A married individual who is filing jointly as a dependent (exception granted if the person is only filing if he or she is requesting a refund of estimated or withheld tax paid)
  • Anyone – if someone is claiming you (or your spouse, if you’re filing a joint return) as a dependent

Note: As with many things IRS, there are exceptions to most rules. Questions? Ask us.

Qualifying Child

You can, however, claim a Qualifying Child as a dependent on your income tax return. In order to do so, the individual must:

  • Be your son, daughter, stepchild, foster child, brother or sister, half-brother or –sister, stepbrother or stepsister – or a descendant of anyone in those relationships.
  • Be younger than 19 at year’s end (and younger than you) or a student who is younger than 24 at the end of the year (and younger than you) or totally/permanently disabled (any age).
  • Have resided with you for more than 50 percent of the year.
  • Have depended on you for support; can’t have been responsible for greater than 50 percent of his or her own annual support.
  • Not file a joint income tax return for the related tax year (unless only to claim a refund/withheld or estimated tax paid).

Keep in mind, too, that an individual can only be considered a Qualifying Child by one person. The IRS has rules for determining who can claim the child. If you’re in this situation, we recommend you let us help you sort this issue out.

Qualifying Relative

You may also be able to claim a Qualifying Relative as a dependent. This individual must be living with or related to you, but not be anyone’s Qualifying Child. He or she must bring in less than $4,050 in annual gross income, and be supported—usually, more than half—by you. 

A Complex Issue

As you might guess, there are numerous other IRS rules legislating the claiming of a dependent on your income tax return. We’re available to address this issue and any others related to your taxes.

Year-End Check

As we close out the 2017 calendar year, we’d like to first wish you a very pleasant holiday season. We’d also like to get in some reminders of the financial tasks you should be doing in December before the tax year ends. Have you, for example:

  • Made all charitable donations?
  • Combed through your Accounts Receivable to see who needs follow-up?
  • Paid all bills through the end of the year, and reimbursed any expenses due?
  • Paid all payroll taxes?
  • Paid all estimated taxes?
  • Worked on your 2018 budget?
  • Paid all you intended to into retirement accounts?

Year-end is a good time to create the critical accounting reports you need to keep a close watch on your financial status (Balance Sheet, Cash Flow Forecast, etc.). If you haven’t been doing this regularly, and even if you have, you need to do so as we get ready to welcome 2018.

This is fairly easy to do if you’re using accounting software, but these reports can be difficult to interpret and analyze. We’ll be happy to step in and take care of these for you. We look forward to working with you in 2018!

Missed the 2016 Tax Deadline? Filing a Past-Due Tax Return

You missed the April filing deadline. What now?

For whatever reason, you didn’t file an income tax return by April 18, 2017. Don’t wait until next year, and don’t think that the IRS won’t notice. You need to do something about it now.

If you didn’t file because you didn’t think you’d have enough money to pay your tax bill (or you waited too long and simply couldn’t complete your tax preparation), you could have applied for an extension. The IRS still expects you to send in what you think you’ll owe, but if you pay at least 90 percent with the extension, you may avoid some penalties. You’ll then have six months to pay all taxes due and turn in your tax return.

At the very minimum, complete and send in the Form 4868 by the April deadline with some payment if this happens again. The IRS wants to hear from you at filing time.

It’s too late to file this for the 2016 tax year, but for future reference, this is the form you’d complete to request an individual extension. Many businesses would use the Form 7004. Both forms represent requests for six-month extensions.

Making Good

File and pay as quickly as you can, whether or not you can pay the entire amount due. That’s what the IRS says to taxpayers who missed this year’s deadline. This will minimize penalties and interest charges (the agency charges interest, a failure-to file penalty, and a failure-to-pay penalty if you owe). You may be able to avoid these if the agency accepts your reason for being delinquent.

There’s no penalty if you’re due a refund, but you must file for it within three years.

How do you file? You cannot file electronically after the extension deadline in October, either on the IRS servers or through commercial software or websites. You’ll have to file a paper return. You can either send a check along with your return or use the IRS’ online payment options. 

What if you can’t pay the total due? The IRS offers options here, including applying online to make installment payments and requesting a temporary delay.

Warning: Remember that the IRS will not send you an email or make a phone call demanding immediate payment. Such a request is part of a phishing scam.

Planning Ahead, Always

How do you keep this from happening again? Our suggestion is that you start doing tax planning year-round. Tax planning should really be a part of your overall financial planning, and it’s something you need to be thinking about all year.

We can help you in several ways here, by:

  • Working with you to understand what you should be doing every month and quarter to increase your understanding of your ongoing income tax obligation.
  • Make recommendations when your company is planning to make large purchases. We can advise you on timing and on how you should be claiming the acquisition on your tax return.
  • Going over your business expenses with you. Do you know what items should be recorded, categorized, and included when you file?
  • Creating reports that will help you calculate your quarterly estimated taxes.
  • Preparing your income taxes when the time comes.

By always considering the tax implications of your income and expenses, you accomplish three things. You make smarter purchases – and at times when you need the deduction. You’re less likely to get a big, ugly surprise at filing time. And you may well be able to minimize your obligation to the IRS.

Still sitting there with a pile of receipts and forms from an unfiled 2016 return? Let us help you get back on track.

 

How Do You File an Amended Tax Return?

Its’ easy to make mistakes when you’re doing your own tax preparation. The IRS has a special procedure for fixing them.

 

That sense of accomplishment you feel after you’ve filed your income taxes can turn quickly to dread if you realize later that you made a mistake. What do you do now?

The IRS knows that this will happen to some taxpayers every year. The tax code is so complex, and if you prepare your taxes manually, you’ve probably been shuffling a lot of papers around.

So, first: Don’t panic. You can fix this. The IRS offers what’s called an amended return, the Form 1040X, for just this type of situation.

If you’ve made a mistake on your income tax return, you’ll be able to file a Form 1040X.

What IRS forms does the 1040X cover?

If your original tax return was filed using a Form 1040, 1040A 1040EZ, 1040NR, or 1040NR-EZ, you should file a Form 1040X to amend that return.

 

What if I realize I made a math error?

The IRS will make the necessary corrections, so you usually don’t need to file an amended return. However, you should submit one if there was an error related to your filing status, income, deductions, or credits.

 

I forgot to file my Schedule B. Should I file an amended return?

Usually, no. The IRS will request missing forms and schedules from you.

 

Can I file a Form 1040X electronically?

No. You must submit a paper return.

 

How much time do I have to file a Form 1040X?

You can usually file an amended return up to three years after the date on your original income tax return or within two years of actually paying the taxes – whichever date is later. Look at the above image of the Form 1040X. You must indicate the year of the return you’re amending by checking a box or entering a year after This return is for calendar year…

 

What if my amended return entitles me to an additional refund?

Don’t file a Form 1040X until you’ve received the first refund. Once that’s in hand, you can file the amended return and cash the check. Keep in mind that it can take up to 16 weeks for the IRS to process an amended return. It may not even appear in the system for three weeks after you’ve mailed it.

The IRS Form 1040X uses a three-column approach to help you illustrate where errors have occurred. 

I realized that I owed more income tax than I sent, but it’s only March. Can I file a 1040X and include the additional funds?

Yes, as long as it’s received by the April due date for that specific year. You’ll avoid taxes and penalties.

 

Can I check on the progress of my amended return?

Yes. Go to this IRS page. You’ll need to supply your birthdate, Social Security number, and Zip code. You’ll be able to view the status of your return: received, adjusted (refund, balance due, or no changes), or completed.

 

Accuracy and Thoroughness Critical

The Form 1040X is not the most complicated of the standard IRS forms, but neither is it the simplest. It’s critical that you complete it absolutely correctly, so you don’t start having to amend your amended returns.

The completion of your Form 1040X can be delayed for a variety of reasons, including the presence of errors. It may take more than 16 weeks to process because it’s:

  • Incomplete
  • Unsigned
  • A victim of fraud or identity theft.
  • In need of additional information.

 

Avoiding Amended Returns

We can help you determine whether you need to file an amended return at all, and if so, how you should fill out the form.

If you don’t want to risk going through this whole thing again, talk to us about getting you started with year-round tax planning. It makes the whole tax preparation process (which we can handle for you, too) much easier and less stressful. We’ve worked hard with other individuals and small business to minimize their tax obligations, and we can do the same for you.

Preparing for 2017 Taxes: 5 Things You Can Do Now

Your income tax obligation needs to be on your mind year-round. Here are some ways you can get a jump on your 2017 taxes.

Summer’s over. The kids are back in school. And soon, there’ll be only three months left in 2017. If you haven’t started thinking about how to minimize your income tax obligation for this year, there’s still time.

Whether you’re a small business or an individual taxpayer, year-round tax planning is more than just a way to make tax preparation an easier, faster process. By keeping taxes in mind as you go through every 12-month period, you’ll be able to see where you might take specific actions early that will have impact on what you end up owing. Make it a habit, and you’ll find that it just comes naturally to consider the tax implications of purchase and sales decisions.

Create a System

Effective tax planning requires more than just saving receipts and organizing tax-related documents in physical or digital file folders – though that’s a good start. Create a system in early January that you can maintain throughout the year (of course, a lot of your information will be stored in your accounting or personal finance application, if you use one). But you should be saving statements, receipts, sales forms – anything related to your income and expenses that will eventually feed into IRS forms or schedules.

Evaluate Your Expense-Tracking

Businesses: How do you—and your employees, if you have them—keep track of daily expenses? You may have forms like purchase orders and bills for the big ones, but you probably buy things on occasion that are just documented by paper receipts. How do you categorize and organize these so you won’t miss any when it’s time to complete a Schedule C? Is there a better way?

Do any of your employees make trips on behalf of your business? You really should consider subscribing to an online service that automates the process of creating and approving expense reports. If you’re not aware of these options, ask us.

Know Your Tax Forms

Individuals and businesses file some of the same forms and schedules, but some, of course, are different. Your previous years’ tax returns can be good resources for you. Refer to them occasionally as you go through the year and do some comparing, especially if you must pay quarterly estimated taxes. You may not remember from year to year what’s deductible and what’s not. Revisiting your returns will jog your memory and remind you.

Consider Generosity

Are you having a good year? You’ll have an idea of how your financial health is if you’re keeping up with income and expenses. You don’t have to wait until the end of the year to do any charitable giving that you’re going to do (although it’s usually best to hold off until the fourth quarter).

Learn How Changes Will Affect Your Taxes

This is so important for individual taxpayers. Did you get married or divorced, or have a child? Did you move? Buy or sell a home? Get a raise or, conversely, lose regular income for some reason? Did you have educational expenses? All these life events—and more—can change your income tax obligation.

Businesses often experience major changes, too, and your financial state at the end of the year is way harder to predict than it is for an individual with W-2 income. Stay on top of the impact of deviations in income and expenses created by events like the introduction of new products (or the loss of existing ones), personnel fluctuations, and major acquisitions.

Comprehensive Planning

Tax planning should be an element of your overall financial planning. If you have a business or household budget, you’re way ahead of the game. You can compare your actual income and expenses every month to those you built into your budget. A budget can be a tremendous tool as you plan for the current year’s taxes. If you’ve never created one, or if you’ve never stuck to one successfully, we can help you with this.

We’d also be happy to work with you periodically throughout the year on taxes. We can get you set up with financial software if you’re not already using it and advise you on ways to work toward minimizing your 2017 obligation now.

Squire & Company Named NetSuite’s VAR of the Month

Squire has been named in the month of August, 2017, NetSuite’s VAR of the month!

Q&A with Reuben Cook at Squire & Company

 

What qualifies your company as the VAR of the month?

As we compiled the results from last year, our NetSuite practice has grown by 627% since the prior year.

 

 

What makes your company successful?

There are two things we believe to be a competitive advantage for our firm as a VAR.

First, we staff our team with individuals who are both accountants and technologists. Most of our advisors are CPAs and hold certifications in the products they support. Our clients appreciate our consultants’ understanding of both the business processes and the accounting impact as they carry out the technical configuration.

Second, we take a process-oriented approach to our implementations, which extends beyond the application itself. To ensure a successful go-live, the users should understand the business process before it enters the system, the process within the system, and what happens after the system. A lot of implementers focus their implementation around functional areas and don’t even ask about anything outside of the application. The reality, however, is that business processes span across functional areas, occur in and out of the system, and they need owners to resolve conflicting needs across the functional areas. A good example of this is the purchase of inventory. This procurement process includes Supply Chain, the Warehouse, Accounting, and may include Sales to help identify demand. When all of these functional areas are focused on the process as a team, the ERP will support their business process and not act as a distraction from it.

How are you growing your firm? How do you plan to continue to grow?

Our firm’s ERP success is primarily related to our industry specialties within the Wholesale/Distribution, Manufacturing, Software, and Direct Selling verticals.

We plan to continue this growth by identifying the unique needs of these industries and enhancing solutions specifically designed to meet their common needs. This allows us to provide the depth our clients are looking for, while allowing our resources to be used efficiently from client to client. We provide a holistic approach to include resources beyond just the ERP, including accounting, finance, compliance, tax, and strategic business needs.

What opportunities do you see in the market?

When we look at the ERP market in 2017 and beyond, there is a continued adoption and shift toward cloud solutions. There will be a tipping point soon where most decision makers for ERP initiatives within a company have used or adopted a cloud solution at a previous company. Past experience with a cloud ERP is a huge enabler for future cloud purchases. In 2016, the percentage of companies using on-premise software as a primary financial system dropped to 32 percent. Cloud ERPs are still grabbing market share from on-premise systems for the time being, but will soon be competing against itself, so identifying the best of the cloud will become even more important.

Secondly, the practice of integrating systems together is becoming more and more commonplace. Now that the technology can support effective real-time processing, businesses want their systems in a seamless ecosystem, and sometimes include their business partners within that ecosystem. The days of having independent and disparate CRM, e-commerce, ERP, and warehouse management systems are over. They need to either be under one roof or talk to each other efficiently. Par for the course is evolving and ERP implementers can either get on board or become obsolete.

 

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