News & Alerts

Chow, Kuo Promoted to Partners at The Pun Group

(ORANGE COUNTY, CA) – Frances Kuo, CPA, CGMA and Heidy Chow, CPA, have been named Partners at The Pun Group, LLP. The pair, with more than 20 years of collective accounting and auditing experience, work in the firm’s Orange County office.

Ms. Kuo serves in The Pun Group’s assurance practice, where she focuses on governmental agencies, as well as nonprofits. She works with numerous public sector entities throughout California, including cities, counties, and special districts.

In addition, she oversees the firm’s in-house training and professional development program, working with early-stage career professionals to advance their understanding of risk-based auditing practices.

Ms. Kuo holds Bachelor’s degrees in Business and Economics from the University of California – Riverside.

Ms. Chow heads the Corporate practice at The Pun Group. A senior practitioner specializing in commercial auditing, she guides engagement teams in designing and implementing audits in accordance with AICPA, GAAS and PCAOB standards. She focuses on industries such as media and entertainment, manufacturing and distribution, as well as healthcare.

The California Polytechnic University of Pomona graduate holds a Bachelors’ degree with an emphasis in Accounting.

Kenneth Pun, Managing Partner of The Pun Group, said, “Heidy and Frances are a credit to our profession. Their work ethic and dedication to excellence symbolize the very best of what we’re about as a firm. I couldn’t be more proud or delighted to see them become Partners.”
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About The Pun Group, LLP (pungroup.com) is a full-service Certified Public Accounting Firm providing accounting, auditing, tax, and advisory services to public agencies as well as private sector companies. Based in Orange County, the firm also maintains offices in Northern California’s Bay Area, San Diego, Palm Desert, Las Vegas and Phoenix.

The Pun Group, LLP Joins Allinial Global Network

(ORANGE COUNTY, CA) Expanding its educational and professional development resource base, The Pun Group, LLP, is pleased to announce that it has joined Allinial Global, a worldwide association of legally independent accounting and consulting firms. The membership organization includes over 2,000 partners and 10,000 staff in 28 countries and 41 states.

Some 111 CPA firms share resources through Allinial Global, which maintains locations throughout North America, Europe, Asia, Latin America, Australia, and Africa. Collectively, the association generates approximately $1.7 billion in revenue.

The Pun Group, one of the fastest growing CPA firms in the southwest United States, provides end-to-end accounting, auditing, tax, and advisory solutions to clients. Municipalities and public agencies represent a significant share of the client roster, along with companies operating in diverse industries such as manufacturing, health care, real estate, entertainment and gaming.

As an Allinial Global member, the firm can now access education, marketing assets, and technical knowledge across numerous industries. Partners, managers and professional staff benefit from dynamic training, consulting and networking programs to develop valuable insights, helping them enhance client services in today’s complex and highly competitive marketplace.

Moreover, Allinial Global provides dedicated regional liaisons with extensive connections in the Americas, EMEA (Europe, Middle East, Africa), and Asia-Pacific. The professional organization promotes connectivity through global relationships with both individual as well as organizational members and partners.

“We joined Allinial Global because of our strong commitment to our clients,” said Ken Pun, managing partner of The Pun Group. “Through this global association, we will have access to cutting edge skill-building and niche information designed to bring greater profitability to the public entities and business owners we serve. We will enjoy all the advantages of national firm resources while still maintaining our independent status.”
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About The Pun Group
The Pun Group, LLP (pungroup.com) is a full-service Certified Public Accounting Firm providing accounting, auditing, tax, and advisory services to public agencies as well as private sector companies. Based in Orange County, the firm also maintains offices in Northern California’s Bay Area, San Diego, Palm Desert, Las Vegas and Phoenix.

About Allinial Global
Allinial Global is a member-based association dedicated to the success of independent accounting and consulting firms. Founded in 1969, this strategic affiliation of legally independent accounting firms has a mission to foster the independence, profitability, and continuous improvement of its members. Allinial Global is based in North America but offers international support by connecting its member firms to providers and global networks of accounting firms worldwide. For more information, please visit www.allinialglobal.com.

IRS Changes W-2 and Certain 1099 Filing Deadline
Background

In December 2015, The Protecting Americans from Tax Hikes (PATH) Act of 2015 was passed by Congress and signed by President Obama. This act is an effort to combat a common scheme used by criminals where fraudulent tax returns are filed early in the filing season using false W-2 wage amounts and stolen social security numbers.

The act revises the filing deadline for Form W-2 and Form 1099-MISC if reporting nonemployee compensation in box 7. The due date for filing 2016 Forms W-2 and W-3 (including specialized versions of those forms) will now be the same as the due date for the forms to be issued to recipients, which is January 31, 2017. Both electronic and paper filings are the same.

Extension to File with Social Security Administration No Longer Automatic

The IRS also eliminates the automatic 30-day extension of time to file information returns on forms in the W-2 series, except Form W-2G, Certain Gambling Winnings, to the Social Security Administration (SSA), beginning with the 2017 filing season. In order to get an extension, a Form 8809, Application for Extension of Time to File Information Returns must be filed to request an extension with a detail explanation as to why an extension is needed, and it will be signed under penalty of perjury. The IRS will only grant an extension to file Form W-2 for one 30-day period. No additional extensions will be issued.

According to IRS, it is anticipated that non-automatic extension of time to file will be granted only in limited cases where the taxpayer’s explanation demonstrates that an extension is needed as a result of “extraordinary circumstances or catastrophe,” such as a natural disaster or fire destroying the books and records the taxpayer needs for filing the information returns. And, the extension to file with the SSA does not change the time for furnishing a Form W-2 to an employee.

Contact our Business and Tax professionals for assistance or for additional information.