Meet your Amatics Team

Paul Uithoven, CPA on Business Taxes

Paul is a CPA and Shareholder at Amatics with 24 years of experience in the field. He received a B.S. in Accounting from Montana State and also completed his certification as a Certified Valuation Analyst (CVA). While he works with both individuals and businesses on tax preparation, his areas of specialty includes working with farming, ranching and real estate clients.

“I enjoy being a part of client’s decision making process and seeing the effectiveness and results of preplanning versus dealing with issues after the fact,” he says.

When Paul’s not working his favorite place to eat is Café Zydeco (namely for their bread pudding) and he is also an avid golfer who also enjoys walks with his family.

Paul offered some advice for those clients facing the task of completing business taxes:

Why should even a small business go with an accounting firm to do taxes instead of Business Taxes for Dummies or other programs?

A business owner should use a CPA firm to prepare business tax returns because we generally are able to save more in tax than the cost of our services.

Many times, business owners are not aware of deductions or credits that may be available to them. This can range from purchasing and depreciating a new asset used in their business, to claiming the domestic production activities deduction to issues related to providing health insurance for employees.

Additionally, I think many business owners think our services are more expensive than they actually are. This simply isn’t the case. Also, we are able to help with more than just income taxes. We can assist with payroll processing, payroll tax reports and bookkeeping services, ranging from keeping a complete set of books to providing assistance on an as-needed basis.

What are some upcoming changes to filing business taxes that all business owners should be aware of?

There are several changes for 2016. For example, Partnership Returns are due March 15th. C Corporations with a calendar year end are due April 15th.

2016 W-2s need to be filed with the IRS by January 31st, which is a change from February 28th in previous years.

Only the last digits of employee’s social security number need to be on W-2. Finally, the IRS has issued proposed regulations that would curtail the use of valuation discounts as they apply to family owned closely held business.

These rules are prospective, so they will only take effect once final regulations are issued.

Are there any tax resources you recommend business owners read?

The Kiplinger Tax Letter is a good source for quick info on tax changes. It isn’t free, but is a terrific reference.

Subscribe to Kiplinger Tax Letter Here
Need help with business taxes?
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