Based in Salem, Oregon in the heart of the beautiful Mid Willamette Valley Fischer, Hayes & Associates, P.C. offers a range of financial services for individuals, local, and regional businesses including agricultural, hospitality, retail, medical, and manufacturing.
Founded in 1981, Fischer, Hayes & Associates, PC has developed into one of the Willamette Valley’s leading Certified Public Accounting firms with a reputation for excellence based on integrity, expertise, and concern for the well-being of our clients. Our firm provides services delivered by our team of knowledgeable professionals who are committed to their clients and our community.
Our firm currently employs 11 Certified Public Accountants (CPA’s), and additional experienced accounting staff to provide a full range of accounting and business services to support our clients in proactive planning and creative strategy to successfully achieve their financial goals. These services include tax services, financial statement assurance, business valuation, litigation support, and management consulting.
We also provide information, guidance, training, and support for all types of financial needs throughout the cycle of life, family, or business. Employees of the firm range from grandparents to new parents, and we understand how to provide the financial knowledge and planning required over the span of time.
We take great pride in our client relationships and the varied industries that we serve and are second to none in the support and concern that we demonstrate to all our valued clients and our community.
The Secretary of State, Corporation Division has verified they have received several complaints about a scam that has been targeted at unsuspecting professionals. They have posted a scam alert on their homepage. Business owners do need to file an annual report with the Corporation Division of the Secretary of State office. However, the form should be sent directly to the Corporation Division; there is no need to use this third party service.
Read news alert here
If you are planning to make significant equipment purchases in the fourth quarter this year, we want to alert you to potential tax savings if you accelerate those acquisitions to before October 1, 2014.
Under current law, the limitation on the amount of capital purchases that can be immediately expensed is $25,000 (plus a modest inflation adjustment); if total purchases exceed $200,000 the immediate deduction is reduced until no immediate expense is allowed if purchases exceed $225,000. This is a significant reduction from the limitations of the past few years.
Purchases above the limitation amount must be depreciated over a period of years determined by the nature of the asset. Under the depreciation regulations, if more than 40% of annual purchases are made in the fourth quarter, the first year depreciation expense is significantly lower. Making those same acquisitions by September 30, 2014 may result in higher depreciation expense deductions in the current year. For example, a $100,000 piece of equipment, with a five year life, purchased in December of 2014 may yield a 2014 deduction of $5,000. This is a significant reduction from the limitations of the past few years.
There is a bill in Congress to restore the higher expensing limits used in 2013 (H.R. 4457), but it is uncertain it will pass due to the dysfunctional Congress. Please understand that you will receive the full deduction for your equipment purchase over time no matter when it is purchased, but purchasing a little earlier this year may significantly increase the amount of that deduction that you can take in 2014.
As always, if you have any questions or wish to discuss this further please do not hesitate to call. We would be happy to calculate the numbers for your intended acquisitions.