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, SAS 70/SSAE 16 Audits, 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.
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.
News Archive
News
Wednesday, January 4, 2012
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 February 29, 2012. (Read more)
Monday, November 14, 2011
The cost of a standard American Thanksgiving dinner keeps rising. In 2001, the holiday meal cost was $35.04. This upcoming holiday, it will be nearly $50. (Read more) [Source: 24/7 Wall Street]
Thursday, November 4, 2011
Senate to consider repeal of 3% government contractor withholding, but Reid wants to limit repeal's scope. (Read more) [Source: 2011 Thompson Reuters/RIA]
Monday, October 25, 2011
Social Security wage base increases to $110,100 for 2012: [Source: Social Security News Release, 10/19/2011]
The Social Security Administration has announced that the wage base for computing the Social Security tax (OASDI) in 2012 increases to $110,100 from $106,800, which was the wage base for 2009 through 2011. The $3,300 increase, which is about 3%, is due to an increase in average total wages. (read more)
Tuesday, October 11, 2011
Year-end planning-Individuals age 70 1/2 or older should consider making charitable contributions from IRAs: [Source: Federal Tax Updates on Checkpoint News]
This year may well be the last chance for taxpayers age 70 1/2 or older to take advantage of an up-to-$100,000 annual exclusion from gross income for otherwise taxable individual retirement account (IRA) distributioins that are qualified charitable distributions.
Tuesday, August 9, 2011
Tax assumptions play role in S&P's downgrade of U.S. credit rating:
[Source: StandardandPoors.com]
Tax assumptions play a role in S&P's downgrade of U.S. credit rating: Concerns regarding the likelihood of any significant revenue measures being included in conressional action on the budget and national debt were part of the rationale behind Standard & Poor's decision to downgrade the U.S. credit rating from AAA to AA+, according to the rating agency. (read more)
Thursday, July 7, 2011
Health Insurance Reporting Is Delayed
[Source: CPA Client Bulletin July 2011 Issue]
As reported previously, businesses had been required to report more purchases of goods and services on IRS Form 1099. That provision from the 2010 legislation has now been repealed. Another provision calls for employers to report the cost of health insurance provided to employees. Recently released notices delayed the date when such reporting will be required. (read more)
Thursday, June 30, 2011
IRS Increases Mileage Rate to 55.5 Cents per Mile
[Source: IRS.gov]
The IRS announced an increase in the optional standard mileage rates for the final six months of the year. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile business and other purposes. This will take effect July 1, 2011. (read more)
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