O'Dell & Company CPAs

01/29/2025

New office space update! It's been an extremely challenging 23 days from demo to completion but we did it and moved in today! A huge thanks to all of our contractors, designers technology pros and movers for the quick turn. We are grateful to be settled and ready for another successful tax season! 🙏

01/06/2025

01/06/2025

New office space coming in early 2025! A solid day of "demo" - always a good way to workout some frustrations and kick off the remodel!

11/12/2020

CPA Firm – Tax Accountant

(Starting at $60,000 and up, based on experience -- full-time)

We are a growing CPA firm with over 30 years of history and a long-standing reputation for excellent client service and professional results. Our experience began in the Big Four firms and we have adopted the same standards for excellence in a small firm environment. We enjoy providing our business clients with personalized advice and guidance to achieve the goals they set. We offer an array of accounting, business and individual tax preparation services to our clients that make us a trusted resource on a year-round basis. Our history of employing long-term, year-round team members has consistently produced benefits for both clients and staff.

The position requires 5+ years of tax return preparation experience. A qualified candidate has solid tax return preparation skills for 1040, 1065 and 1120S tax returns and is comfortable working with adjusted trial balance software. You should be able to prepare a set of workpapers and identify appropriate adjusting journal entries to properly adjust the numbers to agree with reconciled balances. To accomplish this, you have a working knowledge of debits and credits as well as a solid understanding of the relationship between the balance sheet and the income statement. Bookkeeping skills, general ledger and reconciliation skills are essential. You have a general knowledge of the tax law as it pertains to business and individual tax return preparation. Quickbooks, ProSystem fx Tax, payroll processing and sales tax experience will be advantageous.

To be successful in this position, you must have the following: You are dedicated, trustworthy and reliable. You take initiative and your positive attitude, determined work ethic and professionalism make you a valuable team member. Organizational skills and multi-tasking abilities are second nature based on your experience in other professional positions. You have strong analytical skills and attention to detail. Personal responsibility, accountability and humility are strong attributes of your character. You also have excellent computer skills. You have a friendly and flexible personality.

You will be supported by great systems and pleasant surroundings conducive to a happy and productive workplace. We utilize cloud technology that may allow you flexibility to work partially from home, partially at our location. We believe in work/life balance and we insist on a positive encouraging culture. We offer regular work hours year-round with opportunities for flex hours in off-peak times. We have a competitive compensation plan based on experience level and opportunities for periodic bonuses. We have excellent benefits including health, vision and dental insurance, paid-time-off, holiday pay and a retirement plan with employer matching.

To apply, email your resume (including salary history) and describe in less than seven sentences why you are interested in this position and why we should meet with you. If we like what we see, we’ll set a time for you to spend some time with us.

07/18/2018

When maintaining or updating your company’s website, trust is an essential building block. For starters, convey to visitors that you’re a bona fide business staffed by actual human beings. Include an “About Us” page with the names, photos and short bios of owners and key staff members. Clearly and widely provide general contact info as well. Also, watch out for spelling and grammar mistakes. These are often viewed as red flags for scamsters. Regularly ensure all links are active as well. Contact us for other ideas and info.

07/17/2018

Post-TCJA, certain strategies that were once tried-and-true will no longer save or defer tax. But some will hold up for many taxpayers. And they’ll be more effective if you begin implementing them this summer, rather than waiting until year end. Consider these three: 1) Take steps to stay out of a higher tax bracket, such as accelerating deductible expenses. 2) Bunch medical expenses into 2018 to exceed the low 7.5% of AGI deductibility floor. 3) Sell depreciated investments to generate losses to offset realized gains. Contact us to discuss your midyear planning.

07/17/2018

Fun fact: Sit back and enjoy your frequent flyer miles.

07/16/2018

Close-up on the new QBI deduction’s wage limit

The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships, S corporations and, typically, limited liability companies (LLCs). It can equal as much as 20% of QBI. But once taxable income exceeds $315,000 for married couples filing jointly or $157,500 for other filers, a wage limit begins to phase in.

Full vs. partial phase-in

When the wage limit is fully phased in, at $415,000 for joint filers and $207,500 for other filers, the QBI deduction generally can’t exceed the greater of the owner’s share of:

• 50% of the amount of W-2 wages paid to employees during the tax year, or
• The sum of 25% of W-2 wages plus 2.5% of the cost of qualified business property (QBP).

When the wage limit applies but isn’t yet fully phased in, the amount of the limit is reduced and the final deduction is calculated as follows:

1. The difference between taxable income and the applicable threshold is divided by $100,000 for joint filers or $50,000 for other filers.
2. The resulting percentage is multiplied by the difference between the gross deduction and the fully wage-limited deduction.
3. The result is subtracted from the gross deduction to determine the final deduction.

Some examples

Let’s say Chris and Leslie have taxable income of $600,000. This includes $300,000 of QBI from Chris’s pass-through business, which pays $100,000 in wages and has $200,000 of QBP. The gross deduction would be $60,000 (20% of $300,000), but the wage limit applies in full because the married couple’s taxable income exceeds the $415,000 top of the phase-in range for joint filers. Computing the deduction is fairly straightforward in this situation.

The first option for the wage limit calculation is $50,000 (50% of $100,000). The second option is $30,000 (25% of $100,000 + 2.5% of $200,000). So the wage limit — and the deduction — is $50,000.

What if Chris and Leslie’s taxable income falls within the phase-in range? The calculation is a bit more complicated. Let’s say their taxable income is $400,000. The full wage limit is still $50,000, but only 85% of the full limit applies:
($400,000 taxable income - $315,000 threshold)/$100,000 = 85%

To calculate the amount of their deduction, the couple must first calculate 85% of the difference between the gross deduction of $60,000 and the fully wage-limited deduction of $50,000:
($60,000 - $50,000) × 85% = $8,500

That amount is subtracted from the $60,000 gross deduction for a final deduction of $51,500.

That’s not all

Be aware that another restriction may apply: For income from “specified service businesses,” the QBI deduction is reduced if an owner’s taxable income falls within the applicable income range and eliminated if income exceeds it. Please contact us to learn whether your business is a specified service business or if you have other questions about the QBI deduction.
© 2018

07/11/2018

Today’s accounting software can perform adequately for years, but improved features are being created all the time. Here are three key considerations to help you decide when to upgrade: 1) Your users’ tech savvy needs to align with the system’s level of sophistication. 2) Costs matter: Set a firm budget and focus on only needed functions. Also look into add-ons such as free trials, initial training and ongoing support. 3) If you haven’t already integrated your accounting software with other systems, doing so is advisable. We can provide further guidance.

07/10/2018

While donations to charity of cash or property generally are tax deductible (if you itemize), donations of time or services aren’t. But you potentially can deduct out-of-pocket costs associated with volunteer work, such as supplies, uniforms, transportation and even travel. To be deductible, the costs can’t be reimbursed or be “personal, living or family” expenses. And they must be directly connected to the services you’re providing and be incurred only because of your volunteering. Additional rules apply; contact us with questions.

07/03/2018

“Going green” at home can reduce your tax bill in addition to your energy bill, all while helping the environment. To reap all three benefits, you need to buy and install certain types of renewable energy equipment in your home. For 2018, you may be eligible for a tax credit of 30% of expenditures for installing qualified solar electricity generating equipment, solar water heating equipment, wind energy equipment, geothermal heat pump equipment and fuel cell electricity generating equipment. Additional rules and limits apply. To learn more, contact us.

07/03/2018

Executive compensation has become an increasingly complex topic over the years, and the Tax Cuts and Jobs Act has added a couple more wrinkles. One provision gives eligible employees who receive compensatory stock options or restricted stock units a five-year reprieve on income tax liability incurred when they gain unencumbered access to that economic benefit. Another tightens limits on publicly held companies’ ability to deduct the cost of executive pay exceeding $1 million. We can explain both changes further and help you factor them into your exec comp plans.