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News & Announcements |
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Please note that some items
may have a link to additional information in PDF format.
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State of Michigan Unemployment Rate Determination for 2012
February 2012
Please open PDF for more information
 Click Here for more information in PDF Format
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Reporting Unclaimed Property
December 30, 2011
The State of Michigan Treasury is providing entities that have not previously reported or have underreported unclaimed property in the past with an opportunity to voluntarily comply with the requirements of the Act by offering a Voluntary Disclosure Program. This program will waive all penalty and interest on property voluntarily remitted pursuant to your enrollment in this program. To enroll in the program, complete and return the Michigan Unclaimed Property Voluntary Disclosure Agreement (Form 4869) by January 31, 2012. If you are certain you do not have unclaimed property to report and remit, complete and return the Attestation of Compliance with Unclaimed Property Reporting (Form 4305) by January 31, 2012.
If you have already filed Form 4305 for the year ending March 31, 2011, disregard any current notices you received.
The due date for filing the unclaimed property annual report is July 1 for property reaching its dormancy period as of March 31, and for each year thereafter.
For more information, please visit the State of Michigan Treasury website at CLICK HERE |
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Payroll Tax Cut Temporarily Extended into 2012
December 30, 2011
WASHINGTON - Nearly 160 million workers will benefit from the extension of the reduced payroll tax rate that has been in effect for 2011. The Temporary Payroll Tax Cut Continuation Act of 2011 temporarily extends the two percentage point payroll tax cut for employees, continuing the reduction of their Social Security tax withholding rate from 6.2 percent to 4.2 percent of wages paid through Feb. 29, 2012. This reduced Social Security withholding will have no effect on employees' future Social Security benefits.
Employers should implement the new payroll tax rate as soon as possible in 2012 but not later than Jan. 31, 2012. For any Social Security tax over-withheld during January, employers should make an offsetting adjustment in workers' pay as soon as possible but not later than March 31, 2012.
Employers and payroll companies will handle the withholding changes, so workers should not need to take any additional action.
Under the terms negotiated by Congress, the law also includes a new "recapture" provision, which applies only to those employees who receive more than $18,350 in wages during the two-month period (the Social Security wage base for 2012 is $110,100, and $18,350 represents two months of the full-year amount). This provision imposes an additional income tax on these higher-income employees in an amount equal to 2 percent of the amount of wages they receive during the two-month period in excess of $18,350 (and not greater than $110,100).
This additional recapture tax is an add-on to income tax liability that the employee would otherwise pay for 2012 and is not subject to reduction by credits or deductions. The recapture tax would be payable in 2013 when the employee files his or her income tax return for the 2012 tax year. With the possibility of a full-year extension of the payroll tax cut being discussed for 2012, the IRS will closely monitor the situation in case future legislation changes the recapture provision.
The IRS will issue additional guidance as needed to implement the provisions of this new two-month extension, including revised employment tax forms and instructions and information for employees who may be subject to the new "recapture" provision. For most employers, the quarterly employment tax return for the quarter ending March 31, 2012 is due April 30, 2012.
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Rukkila Receives EPI's CEPA Designation
December 2011
The Exit Planning Institute is proud to announce that Bruce Rukkila, CPA, MA, CVA, recently earned the Certified Exit Planning Advisor (CEPA) designation after completing the Institute’s intensive CEPA program. Rukkila joins an exclusive group of fewer than 174 business advisors worldwide who have received this designation.
About the CEPA Program
The CEPA program was specifically designed for business advisors who work closely with owners of privately held companies. Using an executive MBA style format, the program is designed around a central case study and uses a combination of lectures, group discussions, case studies and individual exercises to introduce participants to concepts and to reinforce skills.
About The Exit Planning Institute
The Exit Planning Institute is the premier provider of learning, knowledge, and future-oriented research for exit planning professionals. The Institute delivers innovative learning experiences, performance-enhancing resources, and strategic tools designed to advance the exit planning profession.
The Institute is made up of business brokers, accountants, attorneys, financial advisors, investment bankers, valuation advisors, commercial lenders, insurance advisors, and management consultants in the United States, Canada, Hong Kong, and Australia. The common thread that unites these different professionals is their commitment to helping clients exit their companies successfully.
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2011 Year-End Tax Planning Tips
December 2011
Year-end tax planning is expecially challenging this year
Click Here for more information in PDF Format |
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Destrampe now Certified Member of American Payroll Association
November 2011
Kelly Destrampe, Manager of Payroll Services at Rukkila, Negro and Associates, CPAs, PC is now a certified member of the American Payroll Association (APA). Kelly recently attended the Preparing for Year-End and 2012 continuing education course in Green Bay, WI. The course was sponsored by the American Payroll Association and covered the essential information for properly handling the complex taxation issues for the ever-changing payroll tax regulations. |
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Bruce A. Rukkila, CPA, PC Changes Name; Adds New Owner
September 28, 2011
HOUGHTON – Bruce A. Rukkila, CPA, PC of Houghton has seen positive change in recent months. On top of welcoming a new owner, the longtime accounting firm changed its name to Rukkila, Negro & Associates, Certified Public Accountants, PC.
“Peter Negro brings a lot to the table and has allowed for the beginning of what a small business hopes for – an eventual successful transition to new ownership,” Bruce Rukkila said. “With Peter’s extensive tax, accounting and management experience, we will be able to increase our core services as well as value-added services.”
Rukkila said Negro rejoined the firm in 2009 after spending 16 years as vice president and chief financial officer of Pettibone/Traverse Lift, LLC in Baraga. In 2011, Negro purchased ownership interest, making him co-owner with Rukkila.
“The reason we added ‘Associates’ to the firm name is to change the perception in the community that we have only a few employees,” Rukkila explained. “We currently employ six CPAs, four non-CPA degreed accountants and two administrative staff.”
Despite the firm’s growth over the last five years, Rukkila said they have not increased staffing.
“We attribute this to the experience level of our staff, investment in technology and our commitment and desire toward continued growth,” he said. “We are a business where each and every staff member continually comes forth with ideas on how we can do things more efficiently and cost effectively for the firm and for our clients.”
Technology upgrades, such as dual-screen monitors, paperless data entry and storage, and remote access availability have contributed to more timely and cost-effective services, Rukkila added.
“Our emphasis, now and in the future, is to maintain the highest level of our core services – tax, auditing, accounting, and payroll – while continuing to improve our value-added services like small business consulting, succession planning, business valuation and human resource consulting,” he said.
While most of the firm’s services are performed for clients within a 50-mile radius of the Keweenaw, Rukkila said they also service long-term clients throughout the Upper Peninsula and other parts of the country through remote access technology.
“We have the ability to serve clients anywhere in the country if need be,” he said.
Rukkila, Negro & Associates continually strives to improve services and one example is the expansion of payroll services.
“We expect to see a lot of growth in payroll as small businesses try to cut back their expenses,” said Kelly Destrampe, Manager of Payroll Services. “Outsourcing payroll to a professional service is cost effective and time saving. We have the capability of tailoring a payroll plan for businesses, small and large.”
Maintaining face-to-face contact with clients is important to the staff at Rukkila, Negro & Associates, which is why they have hosted free monthly forums for the past year. Forum topics range from “Payroll 101” to “Understanding Financial Statements.”
“The forums are a great way to keep in contact with the community and inform clients and businesses of our services offered,” Rukkila said, adding they will continue the monthly forums in the coming year. “We look for feedback on our forums and services to keep us in touch with what our clients and the business community are looking for.” The next forum, Travel and Entertainment Deductions, is set for Friday, Oct. 14 at the Lakeshore Center in Houghton.
While Rukkila has 25 years invested in the business, he doesn’t plan on retiring anytime soon.
Rukkila said his experience has made it clear that people need to plan for their business’ future.
“Transitioning your business after many years is a very exciting time and presents many challenges that a small business owner didn’t need to consider 10 or 15 years ago,” he said. “I’d like to take this opportunity to thank all of the businesses and individuals we have provided services to over the last quarter century for allowing us to do work for them.”
Rukkila, Negro & Associates will be holding a “Business After Hours” event in conjunction with the Keweenaw Chamber of Commerce from 5 to 7 p.m., Wednesday, Nov. 2 at their Houghton office, located at 310 Shelden Ave. Business owners and community members are welcome to learn more about the services they provide.
Click Here for more information in PDF Format |
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Bradford, Negro and Rukkila attend Small Firm Practitioners Conference
September 2011
Debbie Bradford, Pete Negro, CPA, and Bruce Rukkila, CPA attended the Michigan Association of Certified Public Accountants’ Small Firm Practitioners Conference in Ypsilanti, MI during August 24-26, 2011. The conference was an opportunity for interaction with peers across the state to see how Rukkila, Negro and Associates, CPAs, PC stacks up. Continuing education programs offered information to keep procedures updated and to bring internal quality control requirements up-to-date. |
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Bruce A. Rukkila, CPA, PC Receives Highest Rating
February 01, 2011
Bruce A. Rukkila, CPA, PC received the highest possible rating of pass December peer review.
Click Here for more information in PDF Format |
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Business Packets Available
Now available: New Business Packets. Are you starting a new business, or thinking of moving your accounting needs to our firm? We have packets available for the new business owner and for new business clients. These packets introduce you to our firm, tell you about our services, and include the Michigan and Federal forms necessary to establish your business. Stop by and pick up a set or send an e-mail to help@rukkilanegro.com. |
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Tip Information Paper
We have developed a brief paper regarding tip reporting and tip requirements. A copy is available here as an Adobe PDF file.
Click Here for more information in PDF Format |
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Did you know our firm is comprised of 12 professionals,
each with a unique and experienced background? |
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Get acquainted with... |
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Jean Middleton
CPA
Commercial Accounting |
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