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Gilmore Jasion Mahler’s Adele Jasion Receives Award

Adele Jasion PMP Pals Award Gilmore Jasion MahlerA heartfelt congratulations to Gilmore Jasion Mahler Audit Partner Adele Jasion, who was recently awarded the Gabriella Graham award for her advocacy on behalf of patients diagnosed with pseudomyxoma peritonei or PMP, a rare cancer that originates in the appendix.

A six year survivor, Adele is the treasurer for PMP Pals, a global volunteer-run organization offering hope to those fighting this rare cancer. She is also a board member for the organization and handles emails and phone calls from new patients and their families who are often reeling from a recent diagnosis.Adele Jasion receives award

“When patients and caregivers contact PMP Pals, Adele's is the first voice they hear… She is able to share her experience, match patients with others who can guide them through this difficult journey, and most importantly, give them hope,” says PMP Pals President and survivor Chris Piekarski.

Piekarski says the award was named for PMP Pals founder Gabriella Graham, who passed away in 2014. He says the award was created by The University of Pittsburgh Medical Center (UPMC) to honor advocates who fight tirelessly for patients as Gabriella did.

Adele received the award at last week’s 13th annual International Symposium on Regional Cancer Therapies, where surgical oncologists share knowledge on pioneering/breakthrough treatments for specific regions of the body, like the abdomen and chest.

Hundreds of physicians from around the world attended the gathering, which was presented by the Society of Surgical Oncology in Jacksonville, Florida. PMP Pals volunteers and board members were also in attendance, including Adele, who was surprised with the award which was presented by Dr. Laura Lambert of the Huntsman Cancer Institute at The University of Utah.

Adele Jasion PMP Pals Award Gilmore Jasion Mahler“Gabriella Graham gave me hope and inspiration in fighting such a rare cancer,” says Adele.  “I benefitted greatly from her efforts and was determined to make sure her legacy continued. It is my privilege to try to provide that same hope and inspiration to other patients. I am honored to receive this award.”

While Adele may have been surprised by the recognition, Piekarski says the rest of the PMP Pals board wasn’t surprised at all. “We're just glad her efforts have been recognized.”

S Corporation vs. C Corporation Decision

sign that says S Corp versus C Corp, Gilmore Jasion MahlerWith a new corporate tax rate of 21% now in place, many businesses are asking if perhaps they should change their business classification with the federal government from an “S” Corp to a corporation (sometimes referred to as a “C” Corp) to take advantage of the lower corporate tax rate. Your window for making that decision (and having it take effect for the entire 2018 calendar year) closed on March 15, but you can still make the change.

An S Corp is a “pass-through” entity that passes its income through to the individual level for the purposes of taxation. A corporation would be subject to taxation at the new corporate tax rate of 21%.

Gilmore Jasion Mahler (GJM) tax experts are fielding this S Corp vs. C Corp question from many clients across multiple industries. While it may sound like an obvious move to make, they will tell you that each business must examine the pros and cons of such a move with a trusted tax advisor.

GJM held an education event on the Tax Cuts and Jobs Act and examined the S Corp vs. Corporation question, citing some examples that showed remaining an S Corporation could actually mean lower taxation for some businesses (versus taxation at the new 21% corporate rate).

If your business wanted to revoke your S Corporation election effective January 1, 2018, then you needed to make that decision by March 15, 2018. Now that the deadline has passed, you can still make the change, but you need to be aware that your revocation would be effective on the date indicated in your revocation election to the IRS. For example, if you elect to revoke your S Corporation election on June 30, 2018, you would file a short period S Corporation return for January 1-June 30, 2018. You would then file a Corporation return from July 1-December 31, 2018.

Now is the time to have this important discussion with your tax advisor, as such a move could have significant financial implications for your business. 

Deanna Hall Gilmore Jasion MahlerTax Partner Deanna Hall contributed this blog. Learn about GJM’s expertise in Tax and meet our team. If you're interested in receiving more informational articles and tax strategy ideas direct to your inbox, be sure to sign up for our free GJM tax newsletter Focus. You may also want to consider signing up for some of GJM's free quarterly industry newsletters, including The Manufacturer (for those in manufacturing & distribution), On-Site (construction & real estate), Practice Management Advisor (physician practices and other healthcare entities) and The Expert (with a focus on business valuation and litigation support). You can sign up here for any of GJM's free newsletters.

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting services and provides comprehensive services including assurance, business advisory, tax, risk advisory and healthcare management. The Firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities

Physician Hospital Contract Negotiations

Many physicians are making the decision to give up their independent medical practices and seek hospital employment. Is it time for you to make a move? Gilmore Jasion Mahler Managing Partner Kevin Gilmore helps physicians regionally and nationally with contract negotiations. 

Learn about Gilmore Jasion Mahler's Healthcare Specialist team and the expertise they have to offer. Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting services and provides comprehensive services including assurance, business advisory, tax, risk advisory and healthcare management. The Firm's professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities

Changes to 529 College Savings Plans

Charlie Heid interviewed on WTOL with Amanda FayA popular tool for parents trying to save for their child’s college education is now even more helpful for families. Gilmore Jasion Mahler’s Charlie Heid tackled the topic during his monthly appearance on WTOL’s “Your Day.” It’s called a “529” plan and is basically like a 401K, but it saves for your child’s education instead of your retirement. It’s an investment account that allows families to let money grow tax free to help pay for a child’s college education. It’s become a popular savings tool to ease the financial burden for parents who want to pay for their child’s college education.

The new tax law now allows families to use up to $10,000 a year in 529 funds for elementary and high school costs as well as college costs.

Some more good news is that the tax deduction you can take has also doubled in Ohio from $2,000 per child to $4,000 per child. That change was part of the budget bill passed last year in Ohio. The Michigan deduction is $5,000.

There is no annual limit for contributions to a 529 plan, but keep in mind you or a family member (like your kids grandparents) can give up to $15,000 a year (or $30,000 per married couple) to your child’s 529 account without having to pay any federal gift tax.

While these are state-run plans, you don’t have to use the 529 plan for your state. You may find you like the rate of return better on an out of state plan.

529 plans pay for college related costs (and now high school and elementary school costs) including:

  • Tuition
  • Mandatory fees
  • Room and board

Be aware, there are fees associated with 529 plans, so you need to ask questions and inquire about potential administrative fees or an application fee. Sometimes these fees can be waived, for example, if you maintain a certain balance, or agree to electronic only document delivery. Also be aware that a 529 plan could impact your child’s eligibility for financial aid based upon need.

529 plans are sponsored by states, state agencies, or sometimes educational institutions. There’s a nice website collegesavings.org established by the National Association of State Treasurers called the College Savings Plan Network with some good information. You can search info on any state’s 529 plans.

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting services and provides comprehensive services including assurance, business advisory, tax, risk advisory and healthcare management. The Firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities.

GJM’s Bob Bobek on Starting a New Construction Project

Are you a contractor about to start a new project? Partner Bob Bobek, CPA leads GJM's Construction & Real Estate team and says there are some critical questions to ask before moving forward.

Bob works closely with many construction businesses as a trusted advisor in key business decisions. Interested in learning more about issues, regulations and tax strategy specific to the construction industry? Sign up for GJM's free industry newsletter On-Site. Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting services and provides comprehensive services including assurance, business advisory, tax, risk advisory and healthcare management. The Firm's professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities.