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Posted by Admin Posted on Mar 30 2020

CARES Act - Paycheck Protection Program - Forgivable Loans

Posted by Admin Posted on Mar 30 2020

CARES Act – Paycheck Protection Program - Forgivable Loans
The Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) was signed into law on March
27, 2020. One of the provisions of the CARES Act is the Paycheck Protection Program (“PPP”), which
provides businesses access to loans to pay certain expenses due to hardships faced by the COVID-19
outbreak and related business disruptions. This summary of PPP does not detail all the law’s nuances.
Eligible Businesses
• PPP loans are generally available to employers with 500 or fewer employees.
• Businesses must make certifications when applying for the loan that include:
o The “uncertainty of current economic conditions makes necessary the loan request to
support ongoing operations”.
o The “funds will be used to retain workers and maintain payroll or make mortgage
payments, lease payments and utility payments”.
• Unlike regular Small Business Administration (SBA) 7(a) loans, a business is not required to show
that credit is unavailable elsewhere or demonstrate repayment ability.
• Eligible businesses include self-employed and individual contractors.
Who Makes PPP Loans
• PPP loans are made from banks that are approved by the SBA; they are not made directly from
the SBA.
• Therefore, in general, a business should contact their regular bank.
PPP Loan Terms
• Interest rate is capped at 4%.
• PPP loans do not require collateral or personal guarantees. There is no recourse to owners of
businesses for nonpayment except to the extent proceeds are used for unauthorized purposes.
• There are no prepayment, guaranty or annual fees.
• PPP loans are backed by a 100% guaranty from the SBA.
• Payments for PPP loans will be deferred for 6 to 12 months.
• To the extent PPP loans are used to pay Covered Expenses (see below), the principle and interest
will be forgiven.
• The remaining balance not used for Covered Expenses and forgiven, is paid back over a period
not to exceed 10 years.
PPP Loan Amount
• The maximum PPP loan available to a business is the lesser of;
o 2.5 times the average monthly Payroll Costs of the business over the rolling 12 months
immediately prior to the making of the loan or
o $10 million.
• Payroll Costs include;
o For each employee, up to $100,000 of wages, commissions, tips, vacation and other paid
time off, plus group health care costs including employer portion of insurance
premiums, retirement plan contributions, and state and local taxes on wages.
o Amounts paid to independent contractors.
• Payroll Costs for a sole proprietor include any compensation up to $100,000 (1099-Misc).
Covered Expenses – What to pay with PPP Loan Proceeds
• Payroll Costs (see detail above).
• Mortgage interest on loans incurred before February 15, 2020.
• Rent under a lease agreement that existed before February 15, 2020.
• Utilities including electricity, gas, water, sewer, telephone and internet access for which service
began before February 15, 2020.
Forgiveness
• To the extent the loan proceeds are used to pay Covered Expenses during the 8-week period
after the loan is made, the loan will be forgiven.
• The loan forgiveness is not considered taxable income.
• However, the amount forgiven is reduced based on;
o Failure to maintain the average number of full-time equivalent employees versus the
period from either February 15, 2019 through June 30, 2019, or January 1, 2020 or
February 29, 2020 as selected by the business, or,
o To the extent that compensation for any person making under $100,000 per year is
reduced by more than 25%.
• Reductions in the number of employees or compensation occurring between February 15, 2020
and April 27, 2020 will generally be ignored to the extent reversed (i.e. employees re-hired) by
June 30 ,2020.
Practical Pointers
• If a business did not have Payroll Costs prior to February 29, 2020, they are not eligible.
• While the loan proceeds can be as much as to 2.5 months of Payroll Costs, in order to be forgiven
the proceeds must be spent within 8 weeks on payroll and/or other Covered Expenses.
• With no fees and standard loan terms, the “best” lender may be whoever can fund the quickest.
• Math will be involved. Determining the maximum loan amount, the amount of Covered
Expenses and how much will be forgiven are crucial. No worries. S&Co are excellent accountants.

Families First Coronavirus Response Act

Posted by Admin Posted on Mar 20 2020

Families First Coronavirus Response Act

President Trump signed the legislation on March 18th.  Like any federal law, it becomes effective 15 days later; April 2nd.  While the IRS and Department of Labor must still issue regulations on implementation, there are 2 key provisions that may impact your employees; Emergency Leave and Sick Leave

 

Impact on Employers

Employers with less than 500 employees generally must comply with both provisions and the cost will be paid back through refundable credits on quarterly payroll reports.  To reiterate, the employer fronts the cash and gets money back from the government after the fact.  These are not permanent benefits; they expire on December 31, 2020.

 

Emergency Leave

Employees must have (a) worked at least 30 days prior to taking leave and (b) is unable to work or telework because they are caring for their minor child due to school or childcare provider being closed. Care for a minor child is the only qualifying need.

 

Employee is entitled to a total of 12 weeks.  The first 10 workdays are unpaid but the employee can use any other vacation or paid time off otherwise provided by the employer for this period.  Weeks 3 through 12 are paid at 2/3rds regular pay; limited to $200 per day and $10,000 in total for the 10 weeks.

 

These benefits are pro-rated for part-time employees and the employee is generally entitled to job restoration after the leave period ends.

 

Sick Leave

An employee is entitled to up to 80 hours of paid sick leave if the employee is;

  1. subject to a federal, state or local quarantine or isolation order related to COVID-19;
  2. advised by a health care provider to self-quarantine due to COVID-19 concerns;
  3. experiencing COVID-19 symptoms and seeking medical diagnosis;
  4. caring for an individual (family or non-family member) subject to a federal, state or local quarantine or isolation order or advised by a health care provider to self-quarantine due to COVID-19 concerns;
  5. caring for the employee 's child if the child's school or place of care is closed or the child's care provider is unavailable due to public health emergency; or
  6. experiencing any other substantially similar condition specified by the Secretary of Health and Human Services in consultation with the Secretary of the Treasury and the Secretary of Labor.

 

Subject to a cap of $511 per day and $5,110 for full two weeks, an employee would be paid as follows;

  • For reasons 1, 2 or 3, the employee would be paid at their full regular rate.
  • For reasons 4, 5 or 6, the employee would be paid at 2/3rds of their regular rate.

 

An employee can qualify for both Emergency Leave and Sick Leave only if they are caring for their minor child(ren).

 

Schulte & Company Plan for Continuity of Services during Coronavirus

Posted by Admin Posted on Mar 18 2020

Congressional Action

The Families First Coronavirus Response Act (HR 6201) that is currently proceeding through congress has several provisions designed to assist employees that are impacted by this national emergency.  There are 2 provisions in particular worth noting.    

1 – All employers with less than 500 employees will be required to provide 80 hours of paid sick leave to an employee that is impacted by the coronavirus.  Employers with less than 50 employees would be subsequently reimbursed from the federal government.

2 – In addition HR6201 provides that an employee may take up to 12 weeks of paid, job protected leave.  The pay would be 2/3rds of that employees’ regular compensation.

 

Here is a link that summarizes these provisions in plain English - https://www.natlawreview.com/article/families-first-coronavirus-response-act

 

Both these provisions are preliminary.  As soon as we have final legislation, we will provide concise, detailed information to you.

 

Schulte & Company / Rothrock Payroll Services Continuity of Services

In the meanwhile, just in case Schulte & Company CPAs and/or Rothrock Payroll Services are mandated to close our doors to the public, we have thought through our plan for continuity of service.  To be clear, we will be complaint with any government directives; but some of our functions would be classified as essential and permitted to continue. 

 

Staffing and Office

  • Approximately half of our personnel will work remotely.  A few will be required to continue working on site and others will not be working.
  • Most of the S&Co team will be accessible via email.
  • The doors to the building will be locked to the public.
  • We will primarily utilize email, portals, remote desktops and telephone to perform functions and deliver services.
  • For materials you would normally deliver to us, we have a large, white drop box just outside the main entrance.  Any items placed in the drop box should be placed in a sealed envelope with your name on it.   
  • For materials you would normally pick up, we also have a combination lock pick-up box that we can utilized.  The combination will be shared and changed as needed.

 

Some specifics for delivery of our services;

 

Tax Returns – We will continue to work on tax returns.

  • Many of our staff will be working remotely.  This is a somewhat inefficient method and turn-around times may be compromised. 
  • While we expect some relief from IRS filing deadlines, nothing is certain.  Therefore, if a tax return that is due April 15th has not yet been accepted via E-File, we are extending it immediately.
  • This is an extension of time to file, not an extension of time to pay.  But… 
  • If an amount is due with the extension for a return due on April 15th, the White House announced that the IRS will provide 90 days to make those payments free of interest.
  • Clients can provide source documents to us via the large, white S&Co drop box, their portal or email.
  • Finished tax returns will be transmitted to clients via portals, picked up from the client pick-up box or shipped via UPS; assuming UPS continues to work.
  • Signatures authorizing us to E-File (Form 8879) along with payments can be dropped in the white S&Co drop box.  If prior payments arrangements have been made, signature authorization can also be emailed or via portal. 

 

Payroll – We will continue to process payroll.

  • A business that has authorized us to process payroll via continuing pay resolution will continue to be paid normally.
  • Businesses with salary employees will continue to be paid unless instructed otherwise.
  • Businesses with hourly employees will be paid only if the business provides us input; such as hours worked.
  • Hourly information along with other payroll input can be delivered only via email or remote software.          
  • Completed output for payrolls will be sent via email or UPS at client expense; there will be no office pick-up.

 

Accounting – We will continue to provide accounting services with a focus on bill pay and required sales tax filings.

  • All input must be delivered to us electronically; email or portal.
  • Client bill pay will only occur on Fridays.
  • Audits that are in progress will be completed in a timely fashion.
  • Year end 2019 financial statements will be prepared if needed to complete the tax return or after normal business operations resume if not needed for the tax return.
  • Interim financial statements will be prepared after businesses are normal business operations are permitted to resume.
  • All output will be placed in the locked pick-up box or sent via UPS.

 

Thank you and stay healthy.

SECURE Act: What You Need to Know

Posted by Admin Posted on Jan 15 2020

At the end of 2019, Congress passed the most sweeping change to retirement rules in over a decade.

Known as the Setting Every Community Up for Retirement Enhancement Act (SECURE Act), this legislation went into effect on January 1, 2020, and impacts retirement and estate planning rules.

Here are a few of the biggest takeaways from the Act:

RMDs Now Start at Age 72

The new rules delay the age at which you must begin taking Required Minimum Distributions (RMDs) from your Traditional IRA.

If you are already taking RMDs, continue taking them. The new rules don’t affect you. If you were born between January 1 and June 30, 1949, you're subject to the old rules and must take your first RMD before the end of 2020. But, if you were born on July 1, 1949, or later, you can delay beginning distributions until you turn 72.

You Can Contribute to a Traditional IRA After Age 70½

If you are earning income, you can continue making contributions to your Traditional IRA after you retire. This change is great news for anyone who wants to continue working and growing their retirement savings. Since there’s no age cap on Roth IRA contributions, there’s no change there.

"Stretch” IRAs Are Gone For Most People

If you inherit an IRA after January 1, 2020, you won’t be able to “stretch” distributions over your own lifetime, unless you qualify for certain exemptions, including for spouses, minor children, chronically ill or disabled beneficiaries, etc.

Under the new rules, most beneficiaries of an inherited IRA will have to withdraw the full account balance and pay taxes on the distributions within 10 years. Fortunately, if you inherited one already, you’re grandfathered in under the old rules.

Your 401(k) Might Start Including Annuities

The new rules pave the way for employers to start offering annuities within 401(k) plans by adding additional “safe harbor" protection for employers. While annuities can add options for employees seeking retirement income, they require research and cost-benefit analysis before incorporating them into retirement strategies. We strongly recommend seeking advice before purchasing one within your 401(k).

401(k) Plans Become More Accessible to Businesses and Employees

Many small businesses have found it expensive and cumbersome to provide 401(k) plans to their employees. The new rules make it simpler and safer for small employers to team up to offer “multi-employer” plans. Starting in 2021, employers who provide 401(k) accounts to full-time employees will be required to offer access to qualifying part-time employees.

New Parents Can Take Out Penalty-Free Distributions For Births and Adoptions

Parents can now withdraw up to $5,000 (or $10,000 if married) from their qualifying retirement accounts without paying the early withdrawal penalty if done within one year of the birth or adoption date (income taxes still apply).

This rule has some important details to get right and taking early withdrawals from your retirement account can reduce your retirement savings later. We recommend asking for advice on the best way to cover birth or adoption costs before taking advantage of the new rule.

…Plus Some Miscellaneous Tax Fixes

Kids’ unearned income is now taxed at the parents’ top marginal tax bracket (instead of the much higher trust tax bracket).

The medical expense deduction threshold is back at 7.5% of Adjusted Gross Income for 2019 and 2020.

529 college savings plans can now be used for apprenticeships and up to $10,000 of student loan repayments.

The deduction for up to $4,000 in qualified tuition and fees is now available again.

Bottom Line: Rules Change, but the Fundamentals of Planning Don’t

The SECURE Act offers both new opportunities to potentially maximize your planning and new pitfalls to avoid. We’re carefully analyzing how the rules could impact you and will reach out if changes need to be made to your retirement or estate strategies.

Ohio Small Business Income Deduction

Posted by Admin Posted on Nov 15 2019

The Ohio Small Business Income Deduction enables a business owners to deduct 75%, up to $250,000, of business income from the Ohio adjusted gross income (OAGI) they report on their Ohio personal income tax return.  If the business has multiple owners, each is eligible to claim the deduction.  The remaining business income will be taxed at a graduated rate up to 3%.

Starting January 1, 2020, the Ohio Small Business Income Deduction will no longer be available to lawyers and lobbyists.  

New Overtime Rules Approved

Posted by Admin Posted on Oct 04 2019

Starting in 2020, workers making less than $35,500 per year will be entitled to overtime pay from their employers.  The new rule was announced by the Department of Labor this past week.  Prior to this rule change, the threshold was set at $23,600.  The prior rule has been in effect since 2004.

The new rule raises the previous threshold requiring employers to pay their employees overtime rate, which is 1.5 times a worker’s typical rate, for any hours worked over 40 in a work week.  Any hours in excess of 40 must be paid at the higher rate.  Any employees on a salary base making less than $35,500 will need to track hours worked. 

Rothrock payroll offers various time clocks to aid with your time keeping as well as available to help answer any questions regarding this upcoming change. 

How secure do you feel with your payroll company?

Posted by Admin Posted on Sept 26 2019

Thousands of employees are left without paychecks after MyPayrollHR, a cloud-based New York company, abruptly shut down this past week.  The company allegedly vanished with almost $35 million in payroll funds from customers, effecting employees who received direct deposits.  It is reported that not only payroll funds disappeared, but so did money belonging to employees.  One MyPayrollHR client claims it is owed approximately $26 million.

MyPayrollHR sent an email to its 4000 clients stating it would be closing its doors and instructed to secure another payroll firm.  Legal action is inevitable and clients are left scrambling to make sure that their employees have been made whole.

In the wake of this shocking news, how secure do you feel with your payroll company?

Rothrock Payroll has been in business for over 20 years.  We pride ourselves on maintaining the highest ethical standards, trustworthiness and confidentiality.   

Reliability - Rothrock's highly-trained and experienced staff uses state-of-the-art technology and systems that ensure your payroll is processed accurately and confidentially. The result is that your payroll is processed on-time every time. 

Peace of Mind - Payroll-related audits are an expected part of business. While our competitors routinely refer you to your accountant, Rothrock actually represents you during any inquiries from federal, state or local governments. We have extensive experience in audit representation and tax negotiation, and have on-site CPAs to help defend you.

Cost Savings - Rothrock doesn't charge separately for deletions, reporting or W-2s. Your cost is based on the number of people getting paid plus any out-of-pocket expenses. Rothrock actively works to reduce your payroll expenses. We identify and recommend tax-advantaged methods of compensation, review unemployment rates, and actively assist our clients in controlling worker's compensation costs

Don’t leave your company or your employees open to risk.  Contact us today for a review.

Rothrock Payroll Services is ready to help and guarantees a quick and easy transition.  

2019 Corporate Derby Challenge

Posted by Admin Posted on Sept 26 2019

https://secure.emochila.com/swserve/siteAssets/site13863/images/Corporate_Derby_2019_002.jpeg

Our team competed for the second consecutive year in the Corporate Derby Challenge on a warm July day at Derby Downs, home of the International Soap Box Derby. Good teamwork resulted in an award for Most Professional car. Take a look at the photo and I think you will see how the award fit us perfectly.  We had a great time at the track, tailgating and cheering our car down the hill.

Big thanks for the great teamwork from Top Driver - Ben, Engineers – Kevin, Colin and Ben, Transportation – Alex, Designers – Linda, Terressa, Sophie, Tracy, Beth, Laura.

This was a great opportunity to enhance our local community by supporting the Akron based non-profit International Soap Box Derby with our participation and sponsorship.

Posted by Admin Posted on Aug 02 2019

Schulte & Company CPA's Welcome Kevin Kettering

Posted by Admin Posted on July 19 2019

We are very excited to announce Kevin Kettering joined us at Schulte & Company in February 2019. 

Kevin arrives at Schulte & Company with over 25 years in public accounting experience.    As a Certified Public Accountant and Certified Valuation Analyst, Kevin’s extensive experience includes advising clients in the service, manufacturing, retail and non-profit sectors. Prior to joining Schulte & Company, Kevin worked primarily in tax, accounting and valuation.

Kevin and his wife, Joe, live in North Canton.  Kevin enjoys spending time with his daughters, son-in-law and their two dogs. 

Schulte & Company CPA's Welcome Ben Reker

Posted by Admin Posted on July 16 2019

In 2018, Ben Reker joined Schulte & Company CPA’s.  We are very enthused to have Ben join the team.

Ben uses his knowledge in accounting and finance to help prepare financial reports, analyze financial data, and assist in accounting write-up and tax return input to our clients.

Ben is currently working towards his undergraduate degree of Financial Management from the University of Akron.

Schulte & Company Races To The Finish Line!

Posted by Admin Posted on Aug 27 2018

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Schulte & Company has decided to take its pencil pushing talents to the racing strip. Last month, the annual United Way Corporate Derby Challenge presented by Fallsway Equipment Company hosted an event that allows businesses in the area to show their competitive side. The event hosted activities consisting of trial runs for the teams, fun runs, food trucks, tailgating, and the Corporate Derby Challenge competition.

Our team, lead by driver Sophie Veillette, managed to sweep the competition to place second in Schulte & Company’s first ever Corporate Soap Box Derby. Our staff worked countless hours to prepare, assemble, and decorate the derby car preceding the day of the race. A big thank you to Gerald Stout president of SpeedPro Imaging, for the amazing company logo! With honorable mention to Bob Zupke for his experience and wisdom, helped our staff be in tip-top shape through the final race.

Schulte & Company CPA’s Celebrates 20 Years!

Posted by Admin Posted on Nov 17 2017

Schulte & Company CPA’s is celebrating 20 years of business!  Founded in 1997, the firm grown every year and continues to provide top quality tax, accounting and financial consulting to their clients. 

Nothing says you’re doing things right more than client retention.  Schulte & Company is most proud of the fact that many of its clients have been with the firm for the entire 20 year run.  In addition, the firm still services well over 90% of a client base it acquired in 1998; those clients are celebrating a 19 year anniversary.

Happy clients only happen with a dedicated team of accounting professionals.  With an average length of service of 9 years, the firm is blessed to have assembled and retained a quality group of professionals. 

In conjunction with the 20 year milestone, Schulte & Company recently completed an addition and renovation to their offices.  After this second major addition/renovation, what started as a 1940s cape-cod residence has been transformed into a friendly work space with a vibe that can’t be replicated in a typical commercial office space.  Clients and prospective clients are encouraged to visit and experience the difference.  

Schulte & Company CPA’s Welcome Alex Schulte

Posted by Admin Posted on Nov 17 2017

We are very excited to announce Alex Schulte will be joining us at Schulte & Company in November 2017. 

Alex arrives at Schulte & Company with substantial tax experience that he earned while working at a competing CPA firm.   Building on his experience, he will be focused on tax compliance, planning and audit assistance; while also providing attest services to closely held businesses. 

Alex graduated from Ohio University where he earned a dual major in accounting and business pre-law.  While at OU, he became a member and served in various capacities, including the finance committee, of the Phi Kappa Psi Fraternity.  Alex played several intramural sports, was a member of the accounting club, and participated in countless community activities and charitable fundraisers.

Alex is currently attending evening classes to finish the requirements for the Master’s degree in Taxation at The University of Akron and completing the requirements to obtain his CPA credential.     

Josh Freedman Returns

Posted by Admin Posted on Nov 17 2017

We are very happy to announce that Josh Freedman returned to Schulte & Company CPAs in November 2017.  Josh originally started with Schulte & Company in June 2012 and was a valued member of the team until November 2015 when he had to take a medical leave of absence.  He brings back a spark that his co-workers and clients all enjoy. 

Josh will resume his duties of providing financial statements, individual tax returns, and accounts payable as well as assisting in computer-related issues.

Josh obtained his Bachelor of Science in Business Administration with a specialization in Accounting from The Ohio State University.  In returning to S&Co, he will resume many of his former duties including source document processing and classification for client financial statements and tax returns.  He will also be charged with many of the firm’s technology duties.  

WELCOME BACK JOSH!

Donna Cottrell joins Schulte & Company CPA’s

Posted by Admin Posted on Nov 17 2017

In August 2017 Donna Cottrell joined Schulte & Company CPA’s.  We are thrilled to add Donna’s attitude and enthusiasm to the Schulte & Company team.

Donna’s duties will initially include source document processing and classification for client financial statements, tax returns and payrolls.  She will also be charged with preparing client 1099s as well as the assembly and delivery of tax returns and financial statements to our clients.  

Donna earned her Bachelor of Business Administration in Finance from Kent State University.  

Sue Simko Joins Schulte & Company CPA's

Posted by Admin Posted on Aug 17 2017

We are very pleased to announce that Sue Simko will join Schulte & Company CPA’s in September 2015.

Sue will focus on providing payroll processing services to our clients and will assist with our client’s accounting functions that have been outsourced to Schulte & Company.

Sue comes to Schulte & Company with more than 10 years of pertinent experience; having previously worked with another CPA firm and in industry.

Our company is growing and having Sue become a member of our team makes us better.

Sue and her husband reside in Copley.

New Schulte & Company Website Launches

Posted by Admin Posted on Aug 17 2017

news new websiteSchulte & Company CPAs, Inc has revamped its website.  The new website provides several useful tools for clients and a more complete description of the services and expertises the firm provides.  

One of the goals of the improved website is to improve communications between the firm and clients.  This is accomplished by (a) providing a secure portal, which enables confidential transmittal of files between the firm and its clients, (b) providing news about the firm and (c) providing clients the ability to subscribe to three different newsletters;

  - Tax & Business Alert which is published monthly,

  - Payroll News which is published quarterly, and the

  - Legislative Newsletter that is published as warranted.

For all three series of newsletters, the prior articles are archived and links to the the most recent news items appear right on the home page. 

Other major sections of the website include;

- About Us which includes staff bios, the mission and firm history.

- Services section contains a listing and descrption of the major types of services the firm provides.

Industries Served tab highlights some of the high end expertise the firm offers.

- News contains a sign-up area for users to subscribe to any of the three newsletters regularly published by the firm.  There is an archive of some recent newsletters.  The "News" tab also contains press releases regarding the firm.

- Resources includes links and common forms.

The website is loaded with case studies and testimonials.  The case studies are from prior engagements and, along with the testimonials, highlight how Schulte & Company can help to resolve some of the common opportunites that clients face.

Diane Crutchman Celebrates 15 Years with Schulte & Company CPAs

Posted by Admin Posted on Aug 17 2017

On May 1, 1998 Diane Crutchman became the first non-owner employee of Schulte & Company CPAs Inc. Fifteen years later, she is still here.

Besides providing top quality service to our clients, Diane also serves as the firm’s Administrative Manager.

Worth noting is that Diane has worked with many of Schulte & Company’s clients for much longer than 15 years. Diane’s career started with Dorsey Arnold CPA in 1978. When Mr. Arnold retired, his firm was acquired by Robert Lusk CPA and Diane went along for the ride. When Mr. Lusk passed away, Schulte & Company purchased the practice – and Diane came along.

So while she is celebrating her crystal anniversary with Schulte & Company, she is actually celebrating her 35th anniversary serving our clients.

Congratulations Diane!

Another Successful Peer Review

Posted by Admin Posted on Aug 17 2017

CPA firms are required to have a peer review every three years. The peer review is generally conducted by another CPA that is independent and certified by the American Institute of CPAs and state accounting boards. The peer review process helps to monitor a CPA firm’s accounting and auditing practice and the goals of peer review include confirmation that the standards of the accounting profession are being followed and to ensure quality in the accounting and auditing services that a CPA firm provides.

There are two types of peer reviews: Engagement Reviews and System Reviews. The less intensive Engagement Reviews are conducted off site. Schulte & Company CPAs Inc. receives the more complex System Review that is conducted on site by another independent CPA. The findings of Review are forwarded to the Ohio Society of CPAs and the American Institute of CPAs who then issues its findings.

Consistent with prior periods, Schulte & Company CPAs Inc. passed its most recent peer review without exception.

Sophie Veillette leads the accounting and auditing practice at Schulte & Company CPAs Inc.