Choose a full-service Virginia Beach CPA firm that delivers quality.

Located and established in Virginia Beach since 1995, Stephen Merritt, CPA, P.C. is dedicated to providing tax preparation and accounting services for small to medium sized businesses as well as their owners and families throughout the Hampton Roads area.  It is our goal to maintain a strong relationship with various prominent local businesses predominately in Virginia Beach, Norfolk, Portsmouth, Chesapeake, and Suffolk.

Our experience stretches into, but is not limited to such industries as real estate, insurance, and marine, residential and commercial contracting.  Our accounting and tax services include but are not limited to bookkeeping, QuickBooks training, Financial Statements preparation, Compilations, Reviews and Audits, individual, corporate and payroll tax return preparation and new business formation.

It has been our pride to be an efficient, customer service oriented firm focused on reporting and communicating to our clientele for all their financial concerns.  Our firm consists of a seasoned staff headed by partners, Stephen and Barbara Merritt, both with over twenty-five years of public accounting experience.Meet our Office Mascot, Louie!

Our client base spans individuals and businesses with revenues in excess of $20 million.  We attribute our firm's current growth strictly to client referrals, and that growth only occurs when client satisfaction is our top priority.

Thank you for visiting our site and considering Stephen Merritt, CPA, P.C. for your accounting needs. Contact us today by email or call our office at 757-420-5778.

 

taxreturnNews Archive

IRS Publishes Interim Guidance on Stock Basis Reporting
President Signs Repeal of Extended 1099 Requirements
With the 2010 Tax Relief Act, Congress Puts Businesses in the Spotlight for a Second Time in Three Months
Health Coverage Tax Credit Reverts to 65%
IRS Releases Collection Financial Standards
IRS Debunks Frivolous Tax Arguments
House Passes 1099 Repeal
Don't Be Scammed by Fake IRS Communication
Interest Rates Increase for the Second Quarter of 2011
House Committee Sends 1099 Repeal to the Floor
Second Special Voluntary Disclosure Initiative
Obama Budget to Kick Off U.S. Battle on Spending
President Obama's Plan to Win the Future by Making American Businesses More Energy Efficient through the "Better Buildings Initiative"
New 1099 Rules:Presient Obama Offers Hope of Some Relief
IRS Kicks Off 2011 Tax Season
New Social Security Withholding Tax for Employers
Payroll Tax Cut to Boost Take-Home Pay for Most Workers
Tax Package Mailing to End Following Growth of e-File
 

News

August Newsletter, 2016

A few excerpts from this month's articles:

The True Cost of Higher Education

In-state college students spent nearly $20,000 for tuition, fees, room and board, on average. However, those numbers are all published costs, sometimes known as the “sticker price.” The College Board provides net prices, which may be more indicative of actual outlays by parents and students.

Make the Most of College Financial Aid

The Free Application for Federal Student Aid (FAFSA) is a complex form with many questions. Some of the questions request tax return information. Our office can help if you have difficulty with any FAFSA tax questions.

Campus Tax Credits Can Top Tax Deductions

Besides financial aid, specific tax benefits can reduce the net cost of sending a child to college. You can claim one of three major tax breaks on your return—American Opportunity Tax Credit, Lifetime Learning Credit, tuition and fees deduction.

Using IRA Money to Buy a Business Can Be Dangerous

Business owners may need capital to support growth, and the money in their IRA can be tempting. Nevertheless, the pitfalls can be steep, as illustrated in a recent Tax Court case.

August Tax Calendar

Use our handy Tax Calendar for important dates and reminders for August, 2016.


 

 

What the New Federal Fiuciary Rule Means to Investors

In April, the U. S. Department of Labor made headlines with its final rule covering conflicts of interest among investment advisers. The new rules also have a message for investors. Learn what you need to know about cost and whether you're getting your money's worth.

ETF's Can Be Plain or Fancy

Exchange-traded products have grown to over $3 Trillion in assets. Many supporters of a fiduciary standard for advisors believe that the new rules favor ETFs as being in the best interests of many investors.

Distaster Planning Vs. Succession Planning

Business owners should have an exit strategy; a plan for the time when they are either unwilling or unable to keep running the company.

Read More on the above articles in our July 2016 Newsletter

 


 

Final FSLA White Collar Exemption Rules Announced

The Department of Labor (DOL) has released its final ruling on the new salary threshold for certain employees to qualify as exempt from minimum wage and overtime under the Fair Labor Standards Act’s (FLSA) white collar exemption. Read more on the key points from the DOL on our blog


June Newsletter, 2016

A few excerpts from this month's articles:

Should You Pay Summer Interns?

Each year, many companies—large and small—offer summer internships. The interns are frequently college students between academic years, and they usually are unpaid. Recently, such arrangements have come under fire from those contending interns should be put on the payroll.

Planning for Today's Pensions

Millions of people have a form of pension that kicks in after age 70½. At that age, required minimum distributions (RMDs) typically begin from retirement plans, such as traditional IRAs and 401(k)s. With proper planning, RMDs can serve as a long-term pension and also provide benefits to a surviving spouse.

Putting Your Money into Timeshares

millions of Americans own timeshares. Surveys indicate that purchasers tend to be well educated, with comfortable incomes. Can so many capable and accomplished people all be wasting their money?

Read More on the above articles in our June 2016 Newsletter

 


 

May Newsletter, 2016

A few excerpts from this month's articles:

Health Insurance and Divorce

The fine points of paying for health insurance after a divorce will vary by your specific circumstances, including the terms of current coverage and state law. That said, here are some general thoughts to help you in this area.

Fun and Games...and Taxes

Gambling winnings are taxed as ordinary income, with tax rates as high as 39.6%. Some large winnings, such as lottery payouts, can be spread over many years, which also spreads the tax bill. Taking a smaller amount in consecutive years may reduce the effective tax rate on those winnings.

New Law May Boost C Corporations

The recently-signed Protecting Americans from Tax Hikes Act of 2015 reinstates some expired tax benefits retroactively and makes them permanent. On the list is the 100% tax exclusion of the gain from sales of qualified small business stock (QSBS).

Read More on the above articles in our May 2016 Newsletter


April Newsletter, 2016

A few excerpts from this month's articles:

Special Report on the Protecting Americans from Tax Hikes Act of 2015

Last December, President Obama signed the Protecting Americans from Tax Hikes (PATH) Act of 2015 into law. The new law contains several tax benefits for individuals and companies. This month's article covers some of the main tax rules that have been affected.

Higher Education Tax Breaks

In 2009, Congress replaced the Hope Scholar-ship Tax Credit with the American Opportunity Tax Credit (AOTC). Compared with the Hope credit, the AOTC offers more annual tax savings and is available to people with higher incomes.

Tax-Free Investment Gains

For more than 20 years, Section 1202 of the tax code has offered benefits to investors in certain small companies. Generally, non-corporate investors can use this tax break if they buy stock in companies that met specified criteria. Learn more in this month's newsletter.

Business Tax Benefits

The tax code includes Section 179, which permits first-year deduction (expensing) of amounts spent for business equipment. This provision formerly allowed annual deductions up to $25,000. After $200,000 of equipment outlays, the allowance phased out, dollar-for-dollar. Now, the higher Section 179 limits are permanent. Read more in this month's newsletter.

Read More on the above articles in our April 2016 News.


 

March Newsletter, 2016

A few excerpts from this month's articles:

Deducting Charitable Gifts

This article will cover the rules on cash contributions: donations by cash, check, electronic funds transfer, debit or credit card, or payroll deduction. Separate rules apply to noncash donations; contact our office if you have questions about noncash contributions.

Tax-Efficient IRA Withdrawals

Many people save for retirement by putting pretax dollars into an employer-sponsored retirement plan, such as a 401(k). Those dollars may be rolled into an IRA and can maintain the tax deferral. Learn now to avoid possible penalties for future withdrawals.

Cybersecurity for Business Owners

Hackers and identity thieves may step up attacks on small and medium sized companies that often do not have strong defenses in place, so they may be vulnerable. Your company’s customer data and banking information may be targets. Dealing with electronic theft can be costly and time consuming—and extremely stressful. Learn how to put protection in place.

Read More on the above articles in our March, 2016 News.


February Newsletter, 2016

A few excerpts from this month's articles:

Deducting Interest Paid

Among the itemized deductions on Schedule A of Form 1040, you'll find "Interest You Paid". Note that not all interest can be deducted on your return. Read our February newsletter for info or give us a call at 757-420-5778.

The IRS May Put You on Hold

Be prepared for a long wait this year when calling the IRS with your questions. Due to the increase in tax code complexities and budget cuts, this will result in many more frustrated callers. Give us a call instead with your questions or concerns.

Portability in Estate Planning

A relatively new tax code provision, known as portability can simplify the process of passing money to your heirs without triggering estate tax. Should you use portability in your overall wealth transfer planning? We can help you make that determination - give us a call today.

Read More on the above articles in our February, 2016 News.


 

January Newsletter, 2016

A few excerpts from this month's articles:

Deducting Taxes Paid

When you file your 2015 federal income tax this year, you can take a standard deduction. However, taking the time to itemize deductions can be a tax saver. Learn more in this month's newsletter.

Deducting IRA Contributions

The deadline for 2015 IRA contributions is April 18, 2016. Workers and their spouses who were under age 70½ at year-end 2015 can each contribute up to $5,500, or $6,500 for those 50 and older. For traditional IRAs, income limits don’t apply. Learn more about deduction limits based on plan participation.

Going Outside to Sell Your Company

For business owners who are seeking a successor, the right person, such as a co-owner, partner, or younger family member may not be an option. Here's what you need to know when going outside to find a buyer to take your place and run the company.

Read More on the above articles for January, 2016


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