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If area manufacturers had a crystal ball to peer into and see how a Donald Trump presidency will impact their businesses, they would surely want to use it right about now. Dozens of financial executives within area manufacturing businesses attended Thursday’s Gilmore Jasion Mahler Financial Executive Roundtable events in Findlay and Maumee to get some insight from experts. Like many people, two days after the stunning results of the election, they were eager to gain some perspective.

Both crowds heard from RSM US LLP National Tax partner Tom Windram, whose expertise is in federal credits and incentives. Gilmore Jasion Mahler is an independently owned member of the RSM US Alliance.

Political science professor Robert Postic of The University of Findlay presented at The Findlay Inn roundtable and Dr. Sam Nelson of the University of Toledo lent his perspective for the crowd at Brandywine Country Club in Maumee.

Tom Windram’s presentation focused on Trump’s proposed changes to corporate tax structure on the campaign trail and how they differ from the stance of House republicans.  

Trump Proposals, some key points:

Business tax reform:

• Lower rates for all types of business
• Encourage capital investments
• End inversions
• Tax foreign earnings as earned, eliminate deferral

Individual tax reform:

• Lower tax rates for all (12, 25, 33 percent)
• Eliminate and reduce tax deductions and credits
• Child care credit

Also featured at this week's roundtables: a potentially valuable resource for attendees: The UT Center for Family Owned & Privately-Held Business. Members and roundtable attendees Todd Hendricks, Jr., Chief Operating Officer with Pioneer Industrial Systems and Rob Bleile, President of American Timber and Steel Corp. shared their thoughts on the value of membership in the Manufacturers' Corner portion of the Maumee event. The Center's Director Debbe Skutch and Assistant Director Angie Jones addressed Findlay roundtable attendees. The Center was created in the early 1990's as a resource for family businesses within the northwest Ohio/southeastern Michigan region.

Gilmore Jasion Mahler established the roundtable events to provide a way for area manufacturing & distribution financial executives to come together and share best practices. Past topics have included the state of Ohio manufacturing, social media for employee engagement, company culture and mergers & acquisitions. The next GJM Manufacturing & Distribution Financial Executive Roundtable is scheduled for February 9, 2017.

Describe your role at GJM: I work with business clients, and help them maintain their books throughout the year, as well as assisting with tax planning.  I also get involved with some miscellaneous excel projects.  I am currently certified in QuickBooks Online to be our resident QuickBooks ProAdvisor, with desktop certification coming soon.

What do you think is most gratifying about your work? The critical thinking that it can take to help solve client issues with their books.  I love problem solving.

How long have you been with the Firm? Almost 3 years.

What do you like best about working at GJM? The flexibility and the great team environment.

What community organizations or events are you involved in? I am a volunteer football coach at Seneca East High School in Attica.  I’ve always been a football fan, and although Seneca East was a rival high school for me, living in Attica and my cousin being the head coach made me want to help out.

How do you like to spend your spare time? Currently it is spent with my kids and wife, studying for the CPA exam, coaching football, or watching some University of Toledo football games.

Any stories or anecdotes that you think help to convey “who you are?” Amongst my friends, I am known as the lucky one, always happening to be in the right place at the right time for things to happen.  But my argument is a quote from the philosopher Seneca, “Luck is what happens when preparation meets opportunity.”

What is something people may be surprised to find out about you? I have an associate’s degree in Web Design/Digital Imaging in addition to my accounting degree.

GJM Tax Partner Charlie Heid recently appeared on WTOL/Fox Toledo News with a look at the tax plans outlined by presidential candidates Hillary Clinton and Donald Trump. Both candidates recently updated their plans during speeches outlining their economic platforms. The summary looks at key components to each plan, including individual taxes, corporate taxes and capital gains.

Individual Income Tax Rates

Current:

10%, 15%, 25%, 28%, 33%, 35%, 39.6

Clinton Plan:

Keep these, but add 43.6% bracket for those with income above $5M

Keep ACA (3.8% surtax)

Trump Plan:

12%, 25%, 33%

Repeal ACA

Capital Gains/Qualified Dividends:

Current: 0-20% (depending on tax bracket)

Clinton Plan:

47.40%

Trump Plan:

No mention of any changes

Estate Tax Rate

Current: 40%, $5.45M exclusion

Clinton Plan:

45%, $3.5M exclusion

Trump Plan:

0%

Corporate Tax Rate:

Current: tops out at 35%

Clinton Plan: no mention of any changes

Trump Plan: 15%

Charlie Heid specializes in tax, serving clients across many industries. He heads up the Gilmore Jasion Mahler Manufacturing Specialist group as lead tax partner. Charlie appears monthly on Fox Toledo News, sharing tax and money information with the station’s viewers.

President Biden has signed into law the $1 trillion Infrastructure Investment and Jobs Act approved by the U.S. House of Representatives. The law will bring infrastructure investments across the country, including improved roads, railroad lines and other public transportation infrastructure.

The new law will also do away with what’s become an important benefit for businesses around the country still working to recover from the financial impact of the COVID-19 pandemic. The Infrastructure Investment and Jobs Act will end the Employee Retention Credit (ERC) early for most businesses. Expanded to certain employers as a result of the American Rescue Plan Act, the ERC had applied to the third and fourth quarters of 2021. Now the ERC will end with the third quarter of this year. In other words, any wages paid out after September 30 of this year won’t be eligible for the ERC.

If your business planned to take advantage of the ERC for the fourth quarter, be sure to be in touch with your GJM team so you can make the necessary adjustments in your business planning as we approach yearend.

We continue to watch developments in Washington, D.C. with the Build Back Better Act as lawmakers continue to work to come to an agreement. The proposed legislation addresses climate policy, social spending and would bring many tax policy changes. Lawmakers are hoping to pass something in the next couple of weeks.  

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 and provides comprehensive services including assurance, business advisory, tax, risk advisory, healthcare management and outsourced accounting. The firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities.

Gilmore Jasion Mahler, LTD (GJM) is pleased to announce the addition of a new partner, several staff promotions, and some additional new team members in recent weeks.

Ryan Leininger, CPA, CVA recently joined the firm as a consulting and assurance partner. Ryan is a graduate of Defiance College, where he received his undergraduate degree. He obtained his master’s in accountancy from Bowling Green State University and brings to his leadership role over 16 years of experience in public accounting. His areas of specialization include construction & real estate and manufacturing & distribution. Ryan is also a Certified Valuation Analyst (CVA).

Other staff promotions, effective January 1, 2022 include:

Heidi Ferguson, CPA promoted to tax senior manager, Alex Spieker, CPA promoted to assurance senior manager, Ben Lochbihler, CPA promoted to senior manager, Dana Lumbrezer, CPA promoted to assurance manager, Kim Rodriguez, CPA promoted to tax manager, Tim Merkel promoted to IT manager and Travis Reamsnyder, CPA promoted to tax supervisor.

New team members in recent weeks include Charlie Kettinger, assurance senior associate, Shelby Lashaway, administrative associate, Lindsey Stoots, administrative associate, and several tax team members including:

Matthew Alic, CPA, tax manager

Shobhana Govindarajan, senior associate

Arlena McDaniel, EA, senior associate

Dana Frost, senior associate

Robin Maas, associate   

“To those just joining the firm: Welcome to the GJM team. I’m also very pleased to see so many of our valued team members grow in their roles within the firm,” says GJM Managing Partner Kevin Gilmore.    

There are currently several opportunities at GJM for those just beginning their careers, and for more experienced professionals in tax, assurance, and risk advisory. Learn more at GJMLTD.com/careers.

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 and provides comprehensive services including assurance, business & transaction advisory, healthcare management advisory, outsourced accounting, and risk advisory. The firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution, nonprofit, private equity and utilities.