2024 Summer Newsletter
September 10, 2024
Katie Thomas, CPA, CFP®, CGMA
President & CEO
Honkamp family grows again
We recently made an exciting announcement: The Brems Group, LLP merged into Honkamp effective August 1.
Brems is a highly respected CPA firm with locations in Cedar Rapids and Coralville, Iowa, and we are thrilled to have the firm’s leaders and nearly 20 employees join Honkamp. The team will continue to serve clients out of those offices.
This move is another step in our growth, with these two offices expanding our footprint in the thriving Cedar Rapids-Iowa City corridor. Read more about it here: Honkamp expands footprint in Cedar Rapids-Iowa City Corridor
New federal filing requirement impacts businesses. When should you file?
With a new federal filing requirement in place, recently launched businesses (i.e., created in 2024) need to act quickly, while longer-established entities might benefit from waiting.
More than 30 million small businesses now are required to report their beneficial owners to the Financial Crimes Enforcement Network, but the timelines to do so are dependent on when your business was created. Once an entity meets the initial filing requirements, additional filing requirements are triggered with each change.
This article outlines those deadlines and our advice, while also providing details on what businesses are impacted and 23 exceptions: A new federal filing requirement impacts businesses (honkamp.com)
New QuickBooks Desktop sunset date approaching
A new deadline is approaching for a change that will impact some businesses using QuickBooks.
In Honkamp’s spring newsletter, we highlighted Intuit’s announcement that it would no longer sell new subscriptions of QuickBooks Pro and Quickbooks Premier after July 31, 2024. Anyone using QuickBooks Desktop Pro/Premier 2021 or older would have to purchase an active subscription plan prior to that date, or they would lose the ability to upgrade forever.
But in June, Intuit announced it had has pushed back the sunset date to September 30, 2024.
That means there still is time for businesses to figure out their next move.
We are here to help. Let Honkamp’s Software Solutions Group assist you in determining if your business is impacted and what your options are.
IRS delays tax deadlines after Iowa, Missouri storms
Taxpayers in some Iowa and Missouri counties that were struck by severe storms recently received welcomed news.
The IRS announced delayed tax deadlines for more than half of Iowa’s counties that were significantly impacted by severe storms in April, May and June. This article includes more details: IRS delays tax deadlines for most Iowa counties due to storms (honkamp.com)
The IRS also delayed tax deadlines in 15 Missouri counties impacted by damaging storms in May. Read more about that here: IRS delays tax deadlines for 15 Missouri counties due to storms (honkamp.com)
Reach out if you have questions about how these declarations might impact you or your business.
New law boosts tax benefits of Iowa 529 plans
A new law significantly increases the cap for tax-deductible contributions to Iowa’s 529 plans.
The law bumps up that tax deduction amount to $5,500 in 2024 for contributions to 529 plans through College Savings Iowa and the IAdvisor 529 Plan, as well as the IAble plan. That’s a 45% increase of the 2023 tax-deductible cap.
Shareholder Josh Miller provides more details on the change and other 529 plan updates here: New law raises cap for contributions to Iowa 529 plans (honkamp.com)
Software enhancement boosts manufacturer
A software enhancement recently paid major and immediate dividends for one of Honkamp’s manufacturing clients in Iowa.
Our firm’s Software Solutions Group upgraded elements of the client’s accounting and business productivity software. The mid-size manufacturer realized two big benefits: improved operational efficiency and increased real-time accuracy of job labor costs.
Read more about the impact our SSG team made with this client – and how we can help evaluate possibilities for other businesses: Software enhancement helps optimize manufacturing operation (honkamp.com)
Drumroll, please
Pardon us while we brag a bit. These honors and achievements are too good not to share: