WHAT WE DO
Professional Tax Representation
We are a specialized group comprised of highly qualified and experienced Accountants, former IRS Agents, Officers & Tax Specialists. Our firm specializes in professional tax representation and problem resolution in Federal and State matters. Our specialization is in the taxation representation arena and is 100% of our focus..
We can help you with your business tax problems. We provide timely tax education/CPE to our preparers through our partners at the MSU income Tax Schools. We also provide comprehensive and customized payroll solutions for your business.
Keeping Current on Tax Laws for Individuals and Businesses
Our partnerships provide us with the best tools available to help our clients overcome their issues with both IRS and state tax problems. We are able to use these resources to research and develop our expertise in taxes on a continuing basis.
Our partners provide information on education and course study to become an Enrolled Agent, along with the tools needed for continuing education for EAs, CPAs and Tax Preparers. Classes are held regularly to keep all those involved in individual and business taxes updated on the latest tax laws.
TAX FACT: SALE FINANCING
My client informed me that she has a buyer for some assets, and she is willing to finance the sale herself. What tax ramifications will result from this sale?
The transaction in question is regarding installment sales, so you will first need to verify that the assets sold meet all the qualifications for installment reporting. You will also need to remind your client that any depreciation recapture must be recognized as ordinary income in the year of the sale, thus the recapture portion of the gain cannot be deferred.
If the sale qualifies, report the sale on Form 4797. Part III of Form 4797 will compute any depreciation recapture required to be recognized as ordinary income with any remaining gain being transferred to Form 6252 for recognition as principle payments received.
Please refer to IRS Publication 537 - Installment Sales for more information.
TAX FACT: CHURCH CLIENT
My client is a church that has just gone from having a lay employee to just having the minister as an employee only. He meets all the rules to be considered a minister and an employee for income tax purposes and self-employed for Social Security and Medicare purposes. He has not asked us to withhold any federal income taxes. Do they still have to file 941 forms, even though they have no taxes withheld or to deposit?
If the church has no other employees, except the minister, and they are not withholding any federal income taxes, there is no filing requirement for the 941. IRS Publication 15 states, “Each quarter, all employers who pay wages subject to income tax withholding (including withholding on sick pay and supplemental unemployment benefits) or social security and Medicare taxes must file Form 941 unless the employer is required to file Form 944 or the following exceptions apply.” The minister’s wages are not subject to any type of withholding as they are considered self-employed and pay quarterly estimates for their taxes. A W-2 must still be issued by January 31 reporting all wages paid, in box 1 and in box 16 (if in a state with income tax). There will not be any entry for boxes 2, 3, 4, 5 or 6. The amount of non-taxable Housing Allowance can be reported in Box 14, but it is not required.
Fun facts about Scioli and Associates
We proudly represent clients in all 50 states.
cups of coffee
calls per month
new clients a week
WHAT OUR CLIENTS SAY ABOUT US
"We loved the compassion and knowledge that all the staff members had; it gave me confidence that my husband and I would get through this difficult time. Your firm is flawless in our eyes! Your company helped my husband and I start over after a financial tsunami! It is still difficult, but I never once had to worry about the [representation] your company handled for us. Your firm really had our backs [and] helped get our feet back on the ground! Thank you!"
"Since we have been able to work with [Scioli & Associates], payroll hasn't been that thing we try to avoid. Our Advocate has been very helpful and professional, and we enjoy working with them."
"The best part of their payroll services is knowing all of the proper documents are filled out and sent to the right State and Federal offices. It makes it easier to run our business."
"You're, by far, the most professional group I have worked with ever. I hope I don't need you in the future, but if I do, I'll be able to sleep and not worry!"
"The compassion with which the very professional services were delivered is what I liked best. The representation was excellent, clear, and timely advice was given by my Advocate. The entire staff treated us well and completely resolved our difficult issues!"
"I really liked how prompt everyone was with getting me information and returning my calls and requests. Also love that everything is explained to me very simply so I fully understood what was happening in my case. Thank you!"
"Everything was expedited, structured, and had a well organized resolution. I liked the expertise in the area of representation and ability to work effectively. Clear, concise information, direction, and advice were given by our Advocate. Great work!"
"There is no way for a lay-person to navigate with all the legalities of the IRS; not allowing anyone to talk to them unless you know how and who and when to speak to them. Each person at Scioli's was always customer centered, responsive, and respectful. I liked that their professionalism, respect, and timeliness to take action resulted in a FINAL RESOLUTION! I am very grateful this nightmare is over and I very much appreciate my Advocate, the Accounts Manager, and all of the other office professionals that I have worked through. They reflect the ultimate costumer service delivery model!"
"Very satisfied with service. [Our Advocate] was extremely helpful in a very difficult process. Their guidance was timely and accurate. I would recommend [Scioli & Associates] to anyone dealing with an IRS audit."
"I always felt [my Advocate] was honest with me and I'm quite sure they did all that they possibly could do to resolve my issue in a positive was for me. Although that did not work out, I'm confident they did their very best."
"I felt that we were well represented and Scioli's acted in our best interest. Everything was explained in simple terms and all of my questions were answered. I never felt rushed on the phone. I felt that I would not have survived without Scioli's".