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A Leak-Proof Partnership: How Padgett Supports Superior Plumbing’s Growth

January 31st, 2025 | Success Stories

Kurt Hansey’s journey to becoming the successful owner of Superior Plumbing began with a strong foundation in the trades. Growing up around carpentry, thanks to his father and grandfather, Kurt developed an early appreciation for craftsmanship. However, it wasn’t until he attended a trade school that he discovered his passion for plumbing. “I didn’t know what I wanted to do in the trades, but I knew I wanted to do something,” he recalled. “I took plumbing courses and took a liking to that.” After working for a small plumbing company in Fargo for seven years and earning his master’s license, he took the leap into business ownership in 2010. What started as a one-man operation handling small service calls has […]

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Latest Posts

Attention Small Business Owners: W-2 & 1099-NEC Deadline Approaching Fast!

The 2025 tax season is here, and an important deadline is just around the corner! If you run a business, make sure you’re prepared to submit necessary tax forms to the federal government and provide them to workers by January 31, 2025. Here’s what you need to know: Forms You Need to File 1. Form W-2 (Wage and Tax Statement) This form reports the wages you paid and taxes withheld for each employee during the year. It must be provided to employees and filed with the Social Security Administration (SSA). The IRS stresses the importance of filing Form W-2 accurately and on time, as it affects employees’ Social Security and Medicare benefits. 2. Form W-3 (Transmittal of Wage and Tax […]

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Master the Latest Tax Compliance Shifts and Protect Your Clients in 2025

As we enter 2025, tax practitioners are contending with a “perfect storm” of new and evolving reporting obligations that could disrupt even the most organized firms. In a recent Federal Tax Updates podcast, industry experts Roger Harris, EA, and Annie Schwab, CPA, addressed these converging challenges—ranging from changes to 1099-K reporting thresholds to shifting beneficial ownership reporting requirements and revised identity protection measures. Their message was clear: practitioners should prepare for substantial bottlenecks during tax season and increased liability exposure. Identity Protection Measures: New Tools for Managing Client Returns The IRS introduced significant updates to its Identity Protection PIN (IP PIN) program, creating both benefits and responsibilities for tax practitioners. One key change involves dependent claims, historically a common source […]

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How small businesses can better control IT costs

For small and midsize businesses, keeping up with technology can feel like an endless expense. Whether it’s upgrading software, using the cloud more efficiently, or improving cybersecurity, there’s always something new demanding money. But if your IT budget keeps spiraling out of control, don’t worry—you’re not alone. Here are some practical tips to help you manage your IT costs. 1. Define Your IT Strategy and Set Rules First, decide on your company’s overall IT approach. Does your business need to invest heavily in technology to stay competitive? Or can you take a more cautious approach? Establishing this philosophy will guide your spending decisions. Next, create clear policies for IT purchases, upgrades, and usage. For example: Require approval for major purchases. […]

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Featured Articles

An older couple sit at a table looking over paperwork with a young accountant.

Understanding IRAs: your retirement savings guide

With the recent passing of the SECURE 2.0 Act of 2022, you may have questions about the different types of Individual Retirement Accounts (IRAs) available. How do you choose what retirement plan is right for you?  IRAs are a powerful tool for retirement savings. They are savings plans that come with tax advantages to help taxpayers build a retirement fund. Each type of IRA has its own set of regulations and deadlines. Here’s a quick overview of the most common kinds:  Traditional IRA: Contributions to a traditional IRA may be tax deductible and earnings grow tax-deferred until distribution, which means you won’t pay taxes on your traditional IRA funds until you make a withdrawal. The contribution limit for 2022 is […]

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Breaking Down the SECURE Act 2.0

Roger and Annie discuss the changes in the SECURE 2.0 Act of 2022 and how this impacts small business owners with regards to offering retirement plans to their employees. They also talk about recent changes in IRS regulations that could prove …

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Latest Tax, Accounting & Financial Tips

How small businesses can better control IT costs

For small and midsize businesses, keeping up with technology can feel like an endless expense. Whether it’s upgrading software, using the cloud more efficiently, or improving cybersecurity, there’s always something new demanding money. But if your IT budget keeps spiraling out of control, don’t worry—you’re not alone. Here are some practical tips to help you manage your IT costs. 1. Define Your IT Strategy and Set Rules First, decide on your company’s overall IT approach. Does your business need to invest heavily in technology to stay competitive? Or can you take a more cautious approach? Establishing this philosophy will guide your spending decisions. Next, create clear policies for IT purchases, upgrades, and usage. For example: Require approval for major purchases. […]

Read More >>

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