Member News

Member Announcement features a variety of announcements from Chamber members.News releases should be one or two brief paragraphs. Photos must be professional headshots in either color or black and white, labeled with the persons last name, and must be 300 dpi at full size and saved in a tif or jpg format. Send your information to Brenda Farner.

 

 


sullivanphotoSullivan Photography won the WeddingWire Bride's Choice Awards 2012!

This means they are in the top 5% of Wedding Pros nationwide! The WeddingWire Bride's Choice AwardsTM recognizes the top local wedding professionals from the WeddingWire Network that demonstrate excellence in quality, service, responsiveness and professionalism. Unlike other awards in which winners are selected by the organization, the WeddingWire Bride's Choice AwardsTM are determined solely by the reviews from over 1.2 million newlyweds.

sullivan

 

pya

New Law Keeps Payroll Tax Cut in Place Through February 2012

On December 23, after a grinding, down-to-the-wire battle, Congress passed H.R. 3765, the "Temporary Payroll Tax Cut Continuation Act of 2011" (TTCA). The bill was signed into law by President Obama shortly thereafter. The tax provisions of the TTCA consist of a two-month temporary extension of the payroll tax cut in place for 2011, plus a parallel extension of a lower Self-Employment Contributions Act (SECA) tax rate on self-employment income.

History. The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees, and self-employed workers: one for Old Age, Survivors, and Disability Insurance (OASDI), commonly known as the Social Security tax; and the other for Hospital Insurance (HI), commonly known as the Medicare tax. Before passage of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (2010 Tax Relief Act), the FICA tax rate was:
• 7.65 percent for employees and employers (6.2 percent OASDI and 1.45 percent HI)
• 15.3 percent for self-employed taxpayers (12.4 percent OASDI and 2.9 percent HI)

There is a maximum amount of compensation subject to the OASDI tax (the wage base), but no maximum for HI. (The wage base is $106,800 for 2011 and $110,100 for 2012.)

Temporary tax cut for 2011.For remuneration received during 2011, the 2010 Tax Relief Act reduced the OASDI tax rate under the FICA tax by two percentage points to:
• 4.2 percent OASDI for employees only
• 10.4 percent OASDI for self-employed taxpayers

Additionally, a self-employed taxpayer is allowed an above-the-line income tax deduction of 59.6 percent of the self-employment tax. This new percentage, 59.6 percent, replaces the 50 percent allowed under pre-2010 Tax Relief Act law for this portion of the deduction.

New law. Under TTCA, the two-percentage point OASDI tax rate reduction is extended to apply to covered earnings paid in the first two months of 2012 to employees and self-employed taxpayers.


TTCA also provides for a recapture of any benefit a taxpayer may have received from the reduction in the OASDI tax rate for remuneration received during the first two months of 2012 in excess of $18,350 (i.e., two-twelfths of the 2012 wage base of $110,100). The recapture is accomplished by a tax equal to two percent of the amount of wages received during the first two months of 2012 that exceed $18,350.


If you would like to discuss the impact of this new legislation on you or your business, please contact Doug Yoakley or Elizabeth Wright at PYA, (800) 270-9629.

WE ARE REQUIRED BY IRS CIRCULAR 230 TO INFORM YOU THAT THE FOLLOWING DISCUSSION WAS NOT INTENDED OR WRITTEN TO BE USED, AND IT CANNOT BE USED, NOR RELIED UPON, BY ANY TAXPAYER FOR THE PURPOSE OF AVOIDING ANY PENALTIES THAT MAY BE IMPOSED UNDER FEDERAL TAX LAW. THE ADVICE WAS WRITTEN TO SUPPORT THE PROMOTION OR MARKETING OF THE TRANSACTIONS OR MATTERS ADDRESSED IN THE DISCUSSION. EACH TAXPAYER SHOULD SEEK ADVICE BASED ON ITS PARTICULAR CIRCUMSTANCES FROM AN INDEPENDENT TAX ADVISOR.

 

davesStephen C. Daves, Jr. Joins the Shareholders of Pinkstaff, Simpson, Hall & Headrick, P.C.

New hire expands the firm's CPA and consulting services to include audit and assurance

Knoxville, Tenn. -Pinkstaff, Simpson, Hall & Headrick, P.C. shareholders recently welcomed Maryville native Stephen Daves as a partner in the auditing and assurance firm, PSHH Audit and Assurance Services, PLLC.


Daves brings more than 14 years of accounting experience, including audits, reviews and compilations of financial statements, benefit plan audits, OMB A-133 Single Audits, internal control evaluations, agreed upon procedure engagements, tax return preparation, tax planning, business consulting and accounting assistance services.


"We are delighted that Stephen has joined us in this venture, particularly given the depth of experience he brings that reach far beyond all aspects of accounting," said Scott Headrick, President. Daves earned a Bachelor of Science in Business Administration with a concentration in Accounting and a Master of Accountancy degree from the University of Tennessee, Knoxville.

Daves is a current member of the American Institute of Certified Public Accountants and the Tennessee Society of Certified Public Accountants.  A 2004 graduate of Leadership Blount and an alumnus of Maryville High School, Daves' community involvement includes serving as treasurer on the Maryville City Schools Foundation board. Daves also has been active with the United Way of Blount County, Blount County Chamber of Commerce, Blount Memorial Foundation, Boys and Girls Club of Blount County, Blount County Historic Trust and First United Methodist Church of Maryville. Daves resides in Maryville with his wife and two daughters.

 

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