On October 20, 2017,
Trout, Ebersole & Groff, LLP announced the acquisition of Wolfe Valuation
LLC.Wolfe Valuation LLC was formed by W. Michael
Wolfe, CPA/ABV, CVA in 2015.
"We are so pleased
and very fortunate to have the opportunity for Mike Wolfe to join our team,” said
Todd Harington, CPA, Managing Partner.As a highly regarded business valuation specialist and management
consultant, Mike will bring expertise to the firm's clients through his
knowledge of business valuation, value optimization, and fair value GAAP/IFRS
reporting. Additionally, he has substantial experience with mergers and
acquisitions, valuing business enterprises and closely-held securities, and
Mr. Wolfe has joined
Trout, Ebersole & Groff as a Partner.Prior to forming Wolfe Valuation LLC, Mike spent 13 years as a Valuation
Services Partner and Practice Leader with large regional and national
accounting and advisory firms in the Philadelphia market where he devoted
his entire practice to business valuation and related advisory
Over his career,
he has valued hundreds of businesses and intangible assets for a wide range of companies
including early-stage enterprises to middle-market and public
companies. He has also served as an expert witness in legal proceedings
relative to valuation issues.
Mr. Wolfe is a
frequent speaker on business valuation, intangible asset valuation, and fair
value accounting. He currently serves as the President of the PA
East Chapter of NACVA, is a member of the PICPA Business
Valuation Committee, and is an Adjunct Professor of Accounting in the MBA
Program at USciences in Philadelphia. He holds a B.S. degree in
Accounting from Elizabethtown College, is a CPA, a Certified Valuation Analyst
(CVA) and Accredited in Business Valuation (ABV) by the American Institute of
10/17/2017 TEG Annouces New Hire
Trout, Ebersole & Groff, LLP is pleased to announce that Michelle
Greiner, CPA, has joined our team of accounting professionals. As a Senior
Accountant with over 15 years of experience, Michelle will handle all aspects
of tax services for both individuals and small businesses including tax return
preparation, tax planning, and tax notices.
Michelle graduated from the University of Pittsburgh with a Bachelor
of Science degree in Accounting and a minor in History. She is a member of the
AICPA and PICPA and is actively involved in helping at her children’s schools
and volunteering at the Water Street Mission.
In her free time, Michelle enjoys hiking, reading and spending
time with her husband, and three children.
10/11/2017 TEG Professionals Attend the AM&AA Central PA Chapter Fall Meeting
Trout, Ebersole & Groff, LLP professionals attended the
AM&AA Central PA Chapter Fall Meeting on Tuesday, October 10, 2017.During the event, Jim Gibson, former
Chairman, President, and CEO of Integrity Bank, shared his experience and
advice for selling a business.
Jim is no stranger when it comes to starting, growing, and
selling a business. He served as Chairman, President, and CEO of Integrity Bank
from its inception in June 2003 until it was acquired by S&T Bank in May
2015 at the second highest price of any U.S bank since 2008.
Below are TEG’s Top 3 Takeaways from Jim Gibson’s
1."You don’t sell your business for where you
are today, but where you will be in the future through perceived value.” - Jim
By showing the prospective buyer your consistent growth for
at least three years, you can help to validate your business’s future growth.
2."You go first, you lose!” - Jim Gibson
Just like dating, it is all about the chase! You want the
buyer to have an emotional response to the sell, so it’s important to have the
buyer make the first offer. Even if a buyer asks, "What will it take to buy
your business?”, you should still have them make an offer in order to maximize
your sale price.
3.Hire a Professional
Selling your business’s product or service is not the same
as selling your business! Business valuation is a complex process requiring a
broad knowledge of accounting, finance, economics, taxation, and business. Additionally,
expert application of generally accepted valuation methodologies and diligent
adherence to professional standards is imperative.
Is your company looking to sell, acquire or merge? Trout,
Ebersole & Groff’s team of experienced Business Valuation and M&A
Experts are here to help! For more information, please contact Brian Wassell at
email@example.com or call 717-569-2900.
For more information about the AMAA Central PA Branch, click
10/9/2017 Joshua Gustafson and Joshua Lytle Earn CPA Designation
Trout, Ebersole & Groff, LLP is pleased to announce
Joshua Gustafson and Joshua Lytle have earned the designation of Certified Public Accountant (CPA).
This prestigious certification indicates they have completed the necessary
education, fulfilled the experience requirements, and have passed the uniform
Certified Public Accountant examination which covers auditing and attestation,
business environment and concepts, financial accounting, and reporting
We wish to congratulate Josh Gustafson and Joshua Lytle on
their achievements and for the contributions they have made to our TEG team.
Joshua Lytle is a Lebanon Valley College alumnus. He holds a
bachelor of science degree in accounting and another in economics.He joined the TEG as an intern in 2015 and
was hired full-time in August 2016.
Joshua is a member of the firm’s construction and
manufacturing practice groups and is a part of our tax notice team. He works on
corporate audits, reviews, and comps as well as non-profit tax and attest
engagements. In addition, he also works on business and individual tax returns.
Joshua joined Trout, Ebersole & Groff, LLP in 2015 as an
intern and was hired as a Staff Accountant in 2016. He works on Employee
Benefit Plans (EBP), government audits as well as corporate reviews and tax.
Joshua holds a bachelor’s degree in accounting from Messiah
College with a minor in philosophy. Joshua is also the Assistant Varsity Coach
at Trinity High School for the boys’ soccer team.
9/11/2017 Angela Martin Earns CPA Designation
Angela Martin, a Staff Accountant at Trout, Ebersole & Groff,
LLP, has earned the designation of certified public accountant (CPA). This
prestigious certification indicates Angela has completed the necessary
education and experience requirements and has passed the uniform Certified
Public Accountant examination. The four-part CPA examination covers auditing and attestation, business
environment and concepts, financial accounting and reporting regulation.
Angela joined Trout, Ebersole & Groff, LLP in 2015 as an
intern and was hired as a Staff Accountant in 2016. She specializes in Employee
Benefit Plans (EBP), government audits as well as corporate reviews and tax preparation.
Angela holds a bachelor’s degree in accounting from Messiah
College. She’s a member of the AICPA, PICPA and Lancaster Young
We wish to congratulate Angela on this significant milestone in her
8/25/2017 TEG Offices Will Be Closed on Labor Day 9/4/17
Our offices will be closed on Monday, September 4th in observance of Labor Day. We wish you and your family a safe and happy Labor Day weekend!
8/17/2017 Rebecca Shirk Earns CPA Designation
Trout, Ebersole & Groff, LLP is pleased to
announce that Rebecca Shirk has earned the designation of Certified Public
Becca is a vital part of our TEG team! She specializes
in audits, tax, employee benefit plans, non-profit organizations and corporations.
We would like to congratulate Becca on this important
milestone in her professional career.
8/15/2017 Save The Date- TEG Annual Payroll & Business Seminar
8/11/2017 TEG offers QuickBooks Desktop Classes
you’re new to QuickBooks® Desktop, need a refresher, or you want to learn how to
prepare your QuickBooks® file for year end, Trout, Ebersole & Groff, LLP
has a class for you!
take place from 8:30am-12:00pm at The Digital Workshop, which is conveniently
located off Route 283 & Route 30 at 1630 Manheim Pike, Lancaster, PA
17601. The cost is $100/class.
Tuesday, September 19th:
Introduction and Beyond
you a brand new or beginner QuickBooks® Desktop user looking to get a better
understanding of the program’s fundamentals? QuickBooks®: Introduction &
Beyond class, led by CPA and QuickBooks® ProAdvisor Sharon Sacks, will teach
users how to navigate through the software, record deposits and disbursements,
reconcile a bank account, set up users and preferences, and work with lists and
reports. Depending on the class participants' experience, interest and desired
pace of learning, students will learn efficiencies, customizations and
shortcuts to make the most of the program’s features.
you’re relatively new to QuickBooks® Desktop, this introductory class is for
you! Our small group classes, with a maximum class size of 6 students, allows
for a personalized class setting. Computers are provided for hands-on
experience. Sign up today for just this class or take all three QuickBooks®
classes for a well-rounded understanding.
accounts receivable class enables users to effectively coordinate invoicing and
receiving payments from customers. Students will learn how to create and
customize invoices and statements, receive payments and assess finance charges.
Issuing credits, sales tax, and aging reports are also reviewed.
The Accounts Payable class, led by ProAdvisor Krista Gagliardo,
gives users the tools needed to manage accounts payable and banking
transactions through QuickBooks®. Accounts payable topics will cover entering
and paying bills, reviewing aging reports, sales tax, and 1099s. Banking
transactions covered include recording checks and deposits, transferring funds,
credit card purchases, and bank reconciliations.
time and money this year by learning how to prepare your QuickBooks file for
year-end and tax preparation before you submit it to your accountant. During
the class, we’ll review bank reconciliations, accounts payable, accounts
receivable and payroll. We’ll also cover how to clean-up these areas, if
necessary. In addition, we will discuss 1099 & W2 set up and printing
(in-house payroll only) and go over information you should gather for your
this is your first year preparing for year-end or fifth year, this class will
alleviate the stress of getting your QuickBooks file closed and ready for the
new year! Our small group classes, with a maximum class size of 6 students,
allows for a personalized class setting. Computers are provided for hands-on
note that this class is taught using QuickBooks desktop version also called
Pro, Premier, or Enterprise. It will not use either the QuickBooks Mac or
QuickBooks Online version applications. Please contact us if you have questions
about the version.
us about our Group, Custom, Non-Profit & Veteran rates!
8/1/2017 TEG Welcomes New Hires
Trout, Ebersole & Groff, LLP is pleased to welcome Korin
Martin, Hannah Baumer, and Josiah Schendel to our team of accounting
Get to know
TEG’s new professionals!
Korin is a Lancaster County native. After graduating from Manheim
Central High School, she earned her Bachelor of Science degree in Accounting from
Korin decided to become an accountant after taking an
accounting class in high school. "I
enjoyed how logical accounting was and the continuous learning that would be
necessary to stay up-to-date with the latest business and tax laws and trends,”
Hannah M. Baumer
Messiah College alumni, Hannah Baumer, developed a love for
accounting in high school.
"I took my first accounting class in high school, and all of
the material clicked.I loved the class!
It became something I could see myself enjoying as a profession,” recalls
Hannah also enjoys hiking, playing volleyball, and cooking.
Josiah graduated in May of 2017 from Lebanon Valley College
with a Bachelor of Science degree in Accounting. Josiah is not only passionate
about accounting but enjoys being physically active and exploring Lancaster
City. His favorite part about being an
accountant is building relationships with his clients and helping their
business to succeed.
7/20/2017 TEG Wins 2nd Place at the Harrisburg Mile
Trout, Ebersole & Groff, LLP had 20 professionals participate in this year's Harrisburg Mile Corporate Challenge. The 1 mile race benefitted the East Shore YMCA to help support its programs and scholarships.
We'd like to congratulate TEG's Team 1 for winning 2nd Place in the Corporate Challenge and TEG Intern, Tom Fitzgerald, for earning 2nd Place Overall with a run time of 4:46.51! Great job to everyone who participated in the race, despite the rain.
Trout, Ebersole & Groff, LLP is very pleased to announce
the promotions of the following employees.
Senior Accountant 1
TEG would like to congratulate these employees and wish them
continued success in their new roles!
6/28/2017 TEG Ranked in the top Three for Best Accounting Firm
The results for Central Penn Business Journal’s Reader Rankings
are out! Trout, Ebersole & Groff,
LLP would like to thank you for voting us in the top three Best Accounting
Firms for CPBJ’s first ever Reader Rankings!
Central Penn Business Journal’s "Reader Rankings"
is a survey which allows consumers to vote for the businesses which they believe
are the best in Central Pennsylvania. At Trout, Ebersole & Groff, LLP, our
professionals strive to provide the highest level of quality service to each
client. Thank you for trusting your financial & business strategy needs to
6/26/2017 Independence Day Holiday Hours
In honor of Independence Day, our offices will be closed on Monday, July 3rd & Tuesday, July 4th. We will reopen on Wednesday, July 5th.
We wish you and your family a safe and happy holiday!
6/12/2017 Matthew E. Burkhart Earns CPA Designation
Trout, Ebersole & Groff, LLP is pleased to announce Matthew E.
Burkhart has earned the designation of Certified Public Accountant (CPA).This prestigious certification indicates Matt
has completed the necessary education and experience requirements and has
passed the uniform CPA examination. We wish to congratulate Matt on this significant
milestone in his professional career.
6/7/2017 Sean Post, CPA Graduates From Leadership Lancaster's Core Class!
Lancaster Leadership's Core Class is not in a school or for the standard student! This nine month program is geared towards advancing participants' knowledge of Lancaster County and to improving their leadership skills with the intent to better help serve the volunteer community.
Participants attend twelve full day sessions and one evening session. During their training, they learn about
law & justice
health and human services
Upon graduation, participants have learned skills such as negotiation, collaboration and team building, trusteeship, visioning, conflict mediation and resolution, facilitation, personal evaluation, problem solving and decision making to develop them into Lancaster County community leaders.
"Leadership Lancaster was an
incredible experience that provided insight into so many different aspects of
Lancaster County. I gained knowledge and resources that will help me be
successful in my servant leadership roles." - Sean Post, CPA
For more information about Leadership Lancaster's Core Class, clickHERE.
5/31/2017 TEG Partner Brian Wassell Attends AICPA's G400 Community Meeting in Chicago
Trout, Ebersole & Groff, LLP was represented by partner
and CPA Brian Wassell at the (AICPA) American Institute of Certified Public
Accountants' G400 Community Meeting in Chicago. This unique event provided an opportunity
to network and share best practices with other top CPA firms. Brian was able
to learn more about cyber security, growth strategies, leadership strategies,
among other current accounting topics.
5/19/2017 Memorial Day Hours
In honor of Memorial Day, our offices will be closed on Friday, May 26th through Monday, May 29th. We will reopen on Tuesday, May 30th.
We wish you and your family a safe and happy holiday!
5/18/2017 Megan Senkowski, Nicole Cradic & Krista Showers Present at PICPA Employee Benefit Plan Conference
Megan Senkowski, Nicole Cradic, and Krista Showers,
all CPAs at Trout, Ebersole & Groff, LLP, attended the Pennsylvania
Institute of Certified Public Accountants (PICPA) Employee Benefit Plan
Conference on May 18th in Lancaster. Megan, Nicole, and
Krista spoke on "Beyond 401(k) Plans – A&A Considerations for Other
Employee Benefit Plans.”
The PICPA Employee Benefit Conference offers
essentials to auditors of employee benefit plans and covers the latest
technical standards, compliance rules and regulatory issues related to such
PICPA is the premier statewide
resource for top-class continuing professional education programs, professional
networking, business-friendly advocacy, thought leadership, and a full range of
services for accounting professionals. PICPA’s programs and services are
a springboard for growing camaraderie, confidence, and commitment in the world
Krista serves on the PICPA Employee Benefits Plan
Committee including the conference planning and technical subcommittees.
5/8/2017 Krista Showers Presents at Annual PAFPC Conference in Seven Springs
Krista Showers, CPA, CEBS, and partner at Trout,
Ebersole & Groff, LLP, gave two presentations at the 48th
Annual Pennsylvania Association of Federal Program Coordinators (PAFPC) Conference
in Seven Springs, PA.
On Monday, May 8th, Krista spoke on "Proper Use
& Fiscal Accountability for Title I Funds to Meet Student and Teacher
Needs” and "Top 10 Audit Findings – Things That Will Cost Your School
Money & Negatively Impact Achievement.” These sessions were part of
the Pennsylvania Inspired Leadership (PIL) Program. PIL is a statewide,
standards-based continuing education program for school and system
leaders. This comprehensive, cohort-based program is focused on developing
the capacity of leaders to improve student achievement.
The purpose of the PAFPC is:
To promote an exchange of
knowledge, experience, and ideas concerning federal programs in order to enable
the members to serve educational entities with greater effectiveness and
To disseminate information
concerning resources available from the federal government so that greater use
can be made of these resources.
To supplement and assist the
flow of information and constructive comment from the offices of the
Pennsylvania Department of Education that are responsible for the
administration of federally supported educational programs.
To provide advice and counsel
regarding federal programs to any member and/or organization seeking to serve
the educational needs of the community, the state or the union.
To provide training institutes
or workshops in the area of federal program.
5/3/2017 Tax Amnesty Notices
On April 21, 2017, Pennsylvania began a 60 day tax penalty and
interest amnesty program. As a result, some taxpayers have received a tax
notice with the headline "Pennsylvania Tax Amnesty Program”. Most
of the tax notices relate to "unfiled” tax returns (income, sales, use, etc.),
with some going back 40 years. Many of these returns have been
incorrectly flagged in the PA system as "unfiled”.
If you’ve received one of these
notices, please don’t ignore it. Simply forward the notice to your TEG
contact. We’ve established a system to resolve these notices effectively
and efficiently. We do not recommend
attempting to resolve these notices on your own; the call center phone numbers
provided on the notice will not provide resolution guidance unless there is
actual tax owed.
Our offices will be closing at noon on Fridays starting Friday May 5th, 2017 through September 1st, 2017.
Normal hours will resume the week of September 4th.
3/10/2017 Linda Bell Appointed to AMA's Heart Walk Executive Leadership Team
Linda Bell was appointed to American Heart Association’s
Heart Walk Executive Leadership Team. Linda is the Director of Business
Development with Trout, Ebersole & Groff, LLP. She previously served
as the Co-Chair for the Lancaster Heart Ball and served as a Member of the
Lancaster Heart Ball Sponsorship Committee.
The American Heart Association is a non-profit
organization with a mission of building healthier lives free of cardiovascular
disease and stroke.
3/8/2017 Matt Burkhart Appointed Board Treasurer for LCGA
Matthew E. Burkhart has been appointed Board Treasurer for the Lancaster County Golf Association. Matt is a Senior accountant with Trout, Ebersole & Groff, LLP. He graduated from Messiah College in 2013 with a Bachelor of Science degree in Accounting.
3/7/2017 Megan Senkowski Elected as Treasurer for Lancaster Early Education Center
Megan Senkowski, CPA was elected as Treasurer for the Lancaster Early Education Center. Megan is an Audit & Attest Supervisor with Trout, Ebersole & Groff, LLP. She graduated from Villanova University in 1999 with a Bachelor of Science degree in Accounting. She received the designation of Certified Public Accountant in 2001.
The Lancaster Early Education Center is a non-profit charitable organization committed to providing affordable, high quality early care and education to children from low-income working families.
3/7/2017 Sandy Nonnenmocher Appointed to Workforce Development Board
Sandra L. Nonnenmocher, CPA, MST has been appointed to the
Lancaster County Workforce Development Board as a private sector business representative. Sandy is a Tax
Manager with Trout, Ebersole & Groff, LLP. She graduated from Albright
College in 2004 with a Bachelor of Science degree in Accounting.She received her Master of Science degree in
Taxation from Philadelphia University in 2011.
Krista A. Showers, CPA, MBA, CEBS, has been appointed to the
Board of the Lancaster County Community Foundation. Krista has been a Partner
with Trout, Ebersole & Groff, LLP for over 14 years. She previously
served and continues to serve the Lancaster County Community Foundation as a
member of their finance committee.
The Lancaster County Community Foundation helps people
who love Lancaster County invest in the future of our community. Since 1924
they have been helping people establish permanent funds for the causes they
care about and making grant investments to organizations that create a stronger
and more vibrant quality of life for all of us.
Today LCCF holds nearly $95
million dollars in community assets that help support Lancaster every year.
These resources are unique because they mean that this year, and every year,
the Community Foundation will invest a portion of this money back into
community benefit organizations and the emerging needs of Lancaster County.
3/1/2017 Krista Showers Recognized for CEBS CPE-Compliance
Krista A. Showers, CPA, MBA, CEBS, Partner, Trout, Ebersole &
Groff, LLP has been recognized for attaining continuing professional education
(CPE) compliance in the Certified Employee Benefit Specialist program for a
two-year period. She is a graduate of the Certified Employee Benefit Specialist
(CEBS) program, co-sponsored by the International Foundation of Employee
Benefit Plans (IFEBP) and the Wharton School of the University of Pennsylvania.
Krista earned the CPE-compliance distinction by attesting to
completing 30 hours of required continuing professional education over the last
two years. All graduates of the CEBS program are subject to this requirement.
One of the most widely recognized and respected
professional credentials, the Certified Employee Benefit Specialist program is
a unique, university-developed curriculum covering all aspects of the total
compensation body of knowledge. Krista earned her CEBS designation in
2/17/2017 QuickBooks® Desktop Classes Presented by TEG
Looking for training on QuickBooks®? Let us help
you. We’re offering three Desktop classes in April including Introduction
& Beyond, Accounts Receivable, and Accounts Payable.
Classes will be taught by our QuickBooks® ProAdvisors.
All classes will be held at The Digital Workshop located at
1630 Manheim Pike, Suite7, Lancaster, PA.
Trout, Ebersole & Groff, LLP is pleased to announce that Jensen Appleman
has earned the designation of Certified Public Accountant (CPA).This certification indicates that Jensen has
completed the necessary education and experience requirements and has passed
the uniform CPA examination. We wish to congratulate Jensen on this important milestone in her professional career.
2/9/2017 Travis Oot YPN's Spotlight of the Month
Travis Oot, CPA and senior accountant at Trout, Ebersole & Groff, is a member of the Lancaster Chamber's Young Professional Network (YPN). Travis was featured in the YPN Spotlight for February.
The Young Professional Network (YPN) provides Lancaster Chamber member young professionals (YPs) (suggested age 40 years and under) with a setting to build relationships and develop professionally. The program also helps to cultivate these future leaders and provide them with opportunities for making connections and developing their careers so that they can help shape the future of Lancaster County.
Today kicks off our tax season hours! Our
doors will be open from 7:30 am to 6:00 pm Monday through Friday and 8:00 am to 12:00
pm on Saturdays until April 15th. Start gathering your tax documents -
we are waiting to see you!
1/17/2017 Krista Showers Serves as Preliminary Judge for PA FBLA Event
Showers, CPA, CEBS, partner at Trout, Ebersole & Groff, LLP, served as
preliminary judge of the Pennsylvania Future Business Leaders of America
(FBLA)Partnership with Business event for the 2017 State
Leadership Conference. As such, she was one of three judges that
reviewed all financial business plans.
FBLA helps students develop leadership abilities, and prepare for entry
into, and advancement within, a business or business-related occupation.
Members learn how to engage in business enterprise, how to direct the affairs
of a group, and how to compete honorably in competitive events. These
activities help prepare students to be better employees and better citizens.
1/16/2017 Travis Oot Receives CPA Designation
Trout, Ebersole & Groff, LLP is pleased to announce that Travis Oot has earned the designation of Certified Public Accountant (CPA).This certification indicates that Travis has
completed the necessary education and experience requirements and has passed
the uniform CPA examination. We wish to congratulate Travis on this important milestone in his professional career.
12/21/2016 2017 IRS Mileage Rates
The IRS has released the 2017 optional standard mileage rates that
employees, self-employed individuals, and other taxpayers can use to compute
deductible costs of operating automobiles (including vans, pickups and panel
trucks) for business, medical, moving and charitable purposes.
The 2017 standard mileage rate has decreased to 53.5 cents per mile
for business uses and 17 cents per mile for medical and moving uses. It remains
at 14 cents per mile for charitable uses. For purposes of computing the
allowance under an FAVR plan, the standard automobile cost may not exceed
$27,900 ($31,300 for trucks and vans).
The updated rates are effective for deductible transportation
expenses paid or incurred on or after January 1, 2017, and for mileage
allowances or reimbursements paid to, or transportation expenses paid or
incurred by, an employee or a charitable volunteer on or after January 1, 2017.
12/20/2016 Share the Warmth
Ebersole & Groff, LLP shared the warmth this
holiday season with a scarf, hat, mitten, and glove drive. Over 325 items
were donated to the CAP of Lancaster’s Domestic Violence Shelter (DVS). DVS provides
a safe, temporary shelter for victims of domestic violence.
Thanks to all our staff, clients and friends who
donated items for this year’s drive!
12/20/2016 Holiday Hours
Warmest wishes for a happy holiday season!
Our offices will be closed onMonday, December 26th and Monday, January 2nd.
12/14/2016 New Law Gives Relief To $100/Day ACA Penalty By Creating Small Employer HRAs
On December 13, the president signed a new law permitting
small employers to reimburse medical expenses tax-free without offering group
health coverage. This is potentially a huge win for many businesses and
their employees but comes with some restrictions.
Employers that did not offer health insurance had been
prohibited from reimbursing employees for their health expenses and insurance
premiums. These reimbursement arrangements were considered non-compliant group
health plans under the Affordable Care Act and were subject to excise taxes of
$100 per person per day.
Under the new law, starting January 1, 2017, small employers
that do not offer health benefits can provide reimbursement through a Qualified
Small Employer HRA (QSEHRA), without being subject to the excise tax. To
qualify, the following requirements must be met:
employer is not an Applicable Large Employer required to offer coverage to
full-time employees under ACA.
employer does not currently offer health care coverage to any employees.
is funded by the employer only, with no employee contributions.
reimburses eligible medical expenses (including individual market premiums) for
the employee and dependents.
maximum employer contribution is $4,950 and $10,000 for individual and family
The law also grants retroactive transition relief to small
employers who have previously reimbursed employees' medical expenses.
In addition to the requirements above, a business
deciding to implement a QSEHRA must do the following:
no later than 90 days before the beginning of the year a written notice to each
eligible employee which includes:
A statement of the amount of the employee's
permitted benefit under the arrangement for the year;
A statement that the eligible employee should
provide the plan information to any health insurance exchange to which the
employee applies for advance payment of the premium assistance tax credit;
A statement that if the employee is not
covered under minimum essential coverage for any month, the employee may be
subject to tax under the ACA individual mandate for such month, and
reimbursements under the arrangement may be includible in gross income.
coverage under a QSERA on the same terms to all eligible employees.
Benefit variations based on insurance policy
pricing differences due to age or coverage tiers are allowed.
Employers can exclude those who have not
completed 90 days of service, reached age 25, or are part-time/seasonal
employees from eligible employees.
proof of coverage from employee before reimbursing expenses.
12/9/2016 TEG Names Karen R. Shenk to Partnership
Trout, Ebersole & Groff, LLP is
pleased to announce that Karen R. Shenk, CPA, CVA, CFE was admitted to the firm’s
partnership effective December 1, 2016.
"We are pleased to welcome Karen to
the Trout, Ebersole & Groff, LLP partnership,” said Todd Harrington,
Managing Partner. "Karen has quickly emerged as a leader in our firm, through
her dedication to building relationships and helping our clients achieve success,”
Karen manages all aspects of financial
reporting. She also engages in business consulting and advisory services, and
performs quality control reviews for many of the firm’s clients.
Karen is a member of the firms
Manufacturing, Construction, Not-for-Profit, and Forensics Practice Groups. She
is also a member of the firm’s Business Development, Client Service and Quality
Control Committees, and chairs the firm’s Attest Services Committee.
Karen is a 2014 graduate of Leadership
Lancaster, a board member of Lancaster Early Education Center, and serves on
the Finance Committee for the Power Packs Project.
12/8/2016 2016 Annual Payroll & Business Seminar Materials
Thank you for attending Trout, Ebersole & Groff's 2016 Annual Payroll & Business Seminar on December 7th. Please see below links for additional information.
With the year-end
rapidly approaching, you may have questions regarding how a Donald Trump
presidential administration paired with a Republican-dominated Congress might
impact your taxes for 2016 and beyond. Tax situations are different for
everyone but a common thought process for the near future is to defer ordinary
income to 2017 and accelerate deductions to 2016 when feasible and practical.In a very broad summary, here are some of the
tax change proposals by either President-elect Trump and/or the GOP:
expect these changes:
Lower and consolidated tax rates
Increased standard deductions but elimination of
Limitation on the maximum amount allowable for
Repeal of the estate tax (with a possible limit
on the amount permitted to be "stepped up at death” for purposes of computing
gain or loss for income tax purposes)
Elimination of the alternative minimum tax
Repeal of the net investment income tax
Business may expect
Lower corporate business tax rate
Elimination of the alternative minimum tax
Increased expensing of tangible assets
Immediate deductions for manufacturing
investments (in lieu of interest expense deductions)
Immediate expensing of intangible assets
Revision of the net operating loss carryback and
Fixed tax rates for income and distributions for
S corporations and partnerships
Although we expect
some changes to the tax laws, nothing is for certain.As we become aware of significant tax law
changes, we will be sure to communicate those changes with our clients.
Based on the
information available to us now and to the extent it is possible, deferring
ordinary income to 2017 and accelerating deductions to 2016 appears to be an appropriate
approach.For example, if there are
charitable intentions you are considering for 2017 or an outstanding charitable
pledge, it might make sense to fulfill that obligation in 2016.Because everyone’s tax situation is unique,
if you are interested in doing any tax planning or would like more detail
regarding President-elect Trump and/or the GOP’s positions on tax reform, please
contact our office to discuss your specific tax planning needs and objectives.
12/1/2016 TEG Announces New Managing Partner
Trout, Ebersole &
Groff, LLP is pleased to announce that Todd Harrington, CPA, CVA, CGMA,
Partner has been appointed as the new Managing Partner of the firm effective immediately.He succeeds Donald F. Johnson, Jr., CPA
who had management responsibility from 2010 to 2016.
Under Don's leadership, the firm grew from 65 employees to
over 100 professionals with offices in both Lancaster and the Capital Region.In addition to his responsibilities for
overall operation of the firm, he also served as the chair of the firm’s
Management Committee. Don actively participated in the firm’s
Construction, Governmental, and Not-for-Profit Practices Groups and served on
the Quality Control Committee.
Todd joined the firm in 1996 and was admitted as a Partner
in 2007.He was the recipient of Central Penn Business Journal’s Forty Under
40 Award in 2010, and a 2012 graduate of Leadership Lancaster.
Todd serves a wide array of clients in manufacturing,
construction, real estate, and professional services. His areas of
specialization include audit and attest services, mergers and acquisitions, tax
planning and preparation, and business consulting and valuations.He currently chairs the firm’s Quality
Control Committee and Manufacturing Practice Group.He is also an active participant in the
firm’s Construction Practice Group.
Todd is a member of the American Institute of Certified
Public Accountants, the Pennsylvania Institute of Certified Public Accountants
– Accounting and Auditing Procedures Committee, the National Association of
Certified Valuators and Analysts, and the Chartered Institute of Management
Accountants. He is also a member and active participant in Vistage.Todd currently serves on the Board
and Finance committee for Water Street Ministries.
Todd lives in Lancaster County with his wife and three
11/22/2016 Thanksgiving Office Hours
Wishing you a Thanksgiving overflowing with peace, love and laughter.
Our offices will be closed Thursday, November 24th and Friday, November 25th.
11/7/2016 Proposed Regulations Related Internal Revenue Code Section 2704 Could Eliminate Certain Valuation Discounts Related to Family Controlled Entities
On August 2, 2016, the U.S. Treasury Department released proposed regulations under section 2704 of the Internal Revenue Code. The proposed regulations are designed to reduce the availability of valuation discounts used in valuing transfers of interests in family controlled entities among related parties.
For decades, appraisers have applied certain valuation discounts to account for the lack of control and lack of marketability present in minority shares of closely-held securities. Empirical studies show that the market places great value on voting control and ready liquidity. Conversely, the lack of these attributes should indicate a lower (discounted) value. The effect of valuation discounts is to lower the estimate of value of the underlying transferred security and thereby potentially lowering the overall transfer (estate, gift, generation skipping) tax paid. Appraisers and estate planning professionals argue that such discounts commonly applied in family wealth transfers are prudent, legitimate and market-based. The Internal Revenue Service has argued such discounts applied in the transfer of family controlled entities are designed solely to limit transfer taxes.
The proposed regulations are currently in a 90 day public comment period. There is no question that there will be disagreement with the proposal regulations from the estate planning community during this comment period. A public hearing has been scheduled for December 1, 2016. Any final regulations may be substantially different from the proposed regulations. While it is too early to know exactly what the final regulations will include, it is never too early to begin planning. If adopted, the regulations will not be effective until the date of publication (or later) of a Treasury decision adopting the proposed regulations as final. Most planners close to the situation indicate that the earliest such regulations would become effective would be in January 2017. As such, the fourth quarter of 2016 is a critical planning period for estate, gift and family business transfer transactions.
The proposed regulations are complex. A detailed discussion of the proposals is outside the scope of this article. The following points represent major categories of changes in the proposed regulations, none of which are beneficial to family business transfers.
Limitations on "deathbed” transfers
Expanding the concept of "control” of certain entities
Modification of the concept of "applicable restrictions”
The addition of a new category of "disregarded restrictions”
A new definition of "family control”
As with most financial planning matters, each situation is unique. We strongly advise you to seek counsel from your trusted legal, estate and financial advisors regarding how these proposed regulations may impact your overall estate planning situation. A proactive approach to planning is always prudent, regardless of the outcome of any pending regulations.
Trout, Ebersole & Groff’sestate, tax and business valuation experts are ready to assist you with your unique situation and offer proactive advice and assistance as you navigate the ever increasing complexity of government regulation and taxation.
11/3/2016 TEG Visits Mission Central
A group of professionals from the Trout, Ebersole & Groff, LLP Capital Region office visited with the executive director of Mission Central in Mechanicsburg for a tour of the facility and to discuss their mission.
Mission Central is the mission warehouse of the Susquehanna Conference
of the United Methodist Church. Since it’s beginning in 2002, Mission
Central has had 3 points of focus: Disaster Response, Mission Outreach
and Mission Education.
10/27/2016 TEG Voted #1 by the Readers of Lancaster County Magazine
Trout, Ebersole & Groff, LLP would like to thank the readers of Lancaster County Magazine for voting our firm as the "Best of Lancaster" in the Professional Services category again in 2016!
Click here to see who else was voted as "Best of Lancaster".
Lancaster County Magazine's "Best of Lancaster" Reader's Survey is the area's original reader's poll. Established in 1990 featuring results determined by reader feedback, the "Best of Lancaster" Readers' Survey has become a touchstone for excellence among local businesses and organizations.
10/25/2016 Tiffany Bender Appointed to Lancaster Symphony Orchestra Board
Trout, Ebersole & Groff, LLP is pleased to announce that Tiffany Bender, CPA has been appointed Board Treasurer for the Lancaster Symphony Orchestra. Tiffany is a Senior Accountant with the firm. In it's 70th season, the Lancaster Symphony Orchestra provides live musical performances to enrich, entertain and educate the south central PA community.
10/24/2016 TEG Exhibits at Lancaster Chamber Business Expo
On Friday, October 21st, Trout, Ebersole &
Groff, LLP participated in the Lancaster Chamber’s 2016 Business Expo.The event was held at Spooky Nook Sports
Complex in Manheim.The Expo gave TEG
professionals the opportunity to network with vendors, prospects, clients and
other local business professionals. The event featured educational workshops as
well as exhibits. TEG's booth featured a new exhibit.TEG professionals also participated in the
"Launch Party" which was held on Thursday evening from 5-7pm.
10/24/2016 Chris Johnson Receives CCIFP Designation
Trout, Ebersole & Groff, LLP is pleased to
announce that Chris Johnson, CPA has earned the professional designation of
Certified Construction Industry Financial Professional (CCIFP) from the Institute
of Certified Construction Industry Financial Professionals. Chris has completed the necessary education and
experience requirements and has passed the written examination necessary to
earn this credential.
10/4/2016 TEG Welcomes Two New Managers
Trout, Ebersole & Groff, LLP is pleased to announce and
welcome Arleen Steiner, CPA/CFF, CVA and Arthur Amelio, Jr., CPA to the firm. "We are excited to have these two professionals join our firm,” said
Todd Harrington, CPA, CVA, CGMA, Managing Partner. "Both bring a wealth of
experience and industry knowledge, and we see them as important additions to
the Trout, Ebersole & Groff team in providing exceptional service and value
to our clients.”
Arleen is a manager in the Tax Services group
and will focus on litigation support, fraud investigation, forensic
accounting, bankruptcy support and tax planning. She is a certified public
accountant, certified valuation analyst, and is certified in financial
forensics. Arleen also provides expert testimony in litigation cases. Prior to
joining Trout, Ebersole & Groff, LLP, Arleen was employed with Baker Tilly,
SF&Company and Greenberg & Company, LLC.
Arthur is a manager in the Audit Services
group and will be responsible for all aspects of financial statement
engagements including planning, field work, financial statement preparation,
and governance communications. Art serves clients in the following industries
including municipal government, school districts, non-profit organizations, higher
education institutions and wholesale industries. He also services employee benefit
plan engagements. Prior to joining Trout, Ebersole & Groff, LLP, Art was
employed with CliftonLarsonAllen.
For over 87
years, Trout, Ebersole & Groff, LLP has provided quality accounting,
auditing, tax, and business consulting services to clients throughout Central
Pennsylvania. The firm consists of 100+ professionals who provide comprehensive
financial services to individuals, businesses, agencies and other