Maillie LLP

We might be a little biased, but we’re confident—Maillie is the perfect place to launch your career. ⚡️ 🌱As a recent graduate or early career professional, you'll be part of a team committed to your growth and success. ✨From day one, you'll gain hands-on experience, collaborate with our leadership (including partners!), and explore different paths to find what truly excites you. Ready to find your fit? 👉 Visit https://lnkd.in/etTUiXNS. #NowHiring #JoinOurTeam #CareerGrowth

For Senior Accountant Mariya Bruce, Maillie's Mentorship Program was an opportunity to enhance her career, build relationships, and gain a deeper understanding of her industry. ⏭️ Read about Mariya's mentee experience, her takeaways, and her advice for professionals just beginning a mentor/mentee program. 🌱 Interested in growing your career at Maillie? Get in touch!

For Senior Accountant Mariya Bruce, Maillie's Mentorship Program was an opportunity to enhance her career, build relationships, and gain a deeper understanding of her industry. ⏭️ Read about Mariya's mentee experience, her takeaways, and her advice for professionals just beginning a mentor/mentee program. 🌱 Interested in growing your career at Maillie? Get in touch!

There appears to be growing interest on the part of businesses and workers in fertility benefits. These are various fringe benefits related to helping employees conceive children or otherwise build families. Examples include employer-provided or -supported coverage for fertility assessments, in vitro fertilization, fertility medications and oocyte cryopreservation (egg freezing). You may be able to provide these benefits or others through the health insurance plan you currently sponsor or by expanding its coverage. Another option is setting up a reimbursement program for participants’ fertility-related medical expenses. Contact us for help assessing the costs and tax impact.https://bit.ly/3YzsbKM

New title, big impact. We're excited to share that Susan Trala has been promoted to Principal at Maillie! 👏 Over the years, Susan has embraced every opportunity to grow—whether expanding her knowledge, building trusted client relationships, or guiding others toward their own success. Now, she's ready for her next challenge: deepening client connections and driving success at the highest levels. Here's to continued success and leadership! 🥂

The Social Security Administration has announced that the wage base for computing Social Security tax will rise to $176,100 in 2025. This is up from $168,600 in 2024. (Believe it or not, it was just $3,000 from 1937–1950!) Wages and self-employment income above this amount aren’t subject to Social Security tax. The Federal Insurance Contributions Act imposes two taxes on employers, employees and self-employed workers. One is Social Security and the other is Medicare. A maximum amount of compensation is subject to the Social Security tax, but there’s no maximum for Medicare tax. For 2024 and 2025, the FICA tax rate for employers is 7.65% (6.2% for Social Security and 1.45% for Medicare).https://bit.ly/4hltqEu

Even if you’re confident your organization operates with integrity, a code of ethics can help prevent fraud, guide staffers in their decision-making and reassure donors. Think of it as a statement of how you, your staff and volunteers, and your board practice ideals and put values into action. Start the drafting process by reviewing your mission statement and strategic plans to identify values such as fairness, justice and accountability. Also consider any applicable licensing requirements, conflicts of interest, governance and legal compliance. Your board must approve the code before you implement it.https://bit.ly/3YEL9i3

As year end approaches, you may be thinking about tax strategies. One way to reduce potential estate taxes and show generosity to loved ones is to give cash gifts before Dec. 31. Taxpayers can transfer large amounts using the annual exclusion. In 2024, the exclusion amount is $18,000. It covers gifts you make to each recipient. That means if you have three children, you can transfer $54,000 to them in 2024, free of federal gift taxes. Married couples can consent to give each recipient up to $36,000 a year. Other rules may apply, and you need to file a gift tax return if you give more than $18,000 or consent to give gifts with your spouse. We can prepare a gift tax return for you.https://bit.ly/3BYrwcU

Have you ever considered growing your business by acquiring a struggling company? Although “turnaround acquisitions” can yield substantial rewards, they come with considerable risks. Look for a target with hidden value, such as untapped market potential, replaceable leadership or cuttable costs. Determine whether the return on investment will likely exceed the acquisition costs and risks. Don’t rush or let emotions cloud your judgment. Conduct due diligence to understand the target’s profit drivers and roadblocks, as well as its cash inflows and outflows. If you decide to proceed, pay close attention to the deal’s structure and tax impact. Contact us for further information and help.https://bit.ly/4dXSX3R

Last week, we enjoyed Day 2 of the TriCounty Area Chamber of Commerce Marketing Summit at the fantastic Montgomery County Community College! Grateful for the invaluable insights and connections made. Excited to apply what we learned!