Keith Towns, a member of the National Association of Black Accountants

Keith Towns established Emerge Financial Group in 1998, providing financial services and accounting from its offices in Oakland and Suisun City, California. He also operates another office outside of Houston, Texas. Keith Towns is a member of the National Association of Black Accountants (NABA). 

NABA is an organization that strives to improve the careers of accountants and tax professionals through its national programs and local chapter events. Members of NABA enjoy networking with professionals and have access to continuing education courses. They also enjoy services such as resume writing and reference checking. Career coaching is available to professional and student members. 

There is also a network within NABA for female accounting professionals. The Women of NABA Network (WONN) hosts regional and national events that help empower female accountants in the Black community. 

Members of NABA include current accounting professionals, instructors/academics, and students. Students who are pursuing undergraduate and graduate degrees in finance and accounting join NABA for the career development and networking resources the organization has to offer. Members pay annual dues to maintain membership within the organization.

The 2018 California Teachers Summit

Since 1989, Keith Towns has served as the principal of Emerge Financial Group, which has offices in Oakland and Suisun City, California. Keith Towns prepared for his career by earning a bachelor’s degree in accounting from California State University, East Bay (formerly known as California State University, Hayward). 

The 2018 California Teachers Summit brought more than 350 K-12 teachers to California State University, East Bay, for a day of learning and networking. The event took place at more than 30 colleges and universities throughout California and featured a statewide keynote address by Sir Ken Robinson, creator of "Do Schools Kill Creativity?", the most viewed TED Talk ever. 

This year’s summit also featured EdTalks and EdCamps breakout sessions, which allowed educators to discuss the challenges facing teachers today. Attendance at the summit was free to all California educators and was funded mainly by the Bill and Melinda Gates Foundation.

The Alpha Phi Alpha and Henry Health Reclaim Our Strength Campaign

An accountant with nearly 30 years of experience, Keith Towns is the principal of Emerge Financial Group in Suisun City and Oakland, California. Keith Towns holds a BS in accounting from California State University, East Bay (formerly California State University, Hayward) and belongs to Alpha Phi Alpha, the first intercollegiate Greek fraternity for African-American men.

In July 2018, Alpha Phi Alpha partnered with digital health start-up Henry Health to create "Reclaim Our Strength," a national campaign to increase awareness of the emotional issues that affect black men. The need for more awareness is critical, given that only a small percentage of African-American men have sought mental health care over the past year.

To draw attention to the issue, the Reclaim Our Strength website includes an infographic outlining stressors that are commonly faced by black men. The website also provides a forum for men to share their personal stories and a page of essays on mental health written by community leaders.

New Tax Law Eliminates Marriage Penalty for Most Filers

An accomplished tax and finance professional, Keith Towns brings more than three decades of experience to his role as the principal of Emerge Financial Group in Oakland and Suisun City, California. As part of his professional duties, Keith Towns pays close attention to changes in state and federal tax laws.

In 2017, the Republican-led Congress and President Donald Trump passed a signature piece of legislation when it overhauled the nation’s federal tax code, making sweeping changes to corporate tax rates, personal income tax brackets, and other tax regulations. Among other changes, the new bill adjusts how taxes are calculated for married couples, eliminating the so-called marriage penalty for the majority of filers.

Prior to passage of the new tax laws, married couples who filed jointly could be penalized due to the way the brackets were structured. For example, two individuals who made $90,000 each would separately fall into the 25-percent bracket, but their combined income of $180,000 would push them into the 28-percent bracket. 

The new bill, however, changes these rules for couples who make less than $400,000 combined. Beginning with the 2018 tax year, these couples will pay the same tax rate regardless of marital status.

National Society of Accountants Scholarship Awards

A graduate of California State University, Hayward, Keith Towns has led a distinguished career in the accounting and finance fields for nearly three decades. Active in his industry, Keith Towns belongs to professional groups and organizations such as the National Society of Accountants (NSA).

A nonprofit organization founded in 1945, the NSA devotes itself to promoting the accounting industry and the individual practitioner. The organization serves thousands of members each year through continuing educational opportunities, networking events, and advocacy at the state and federal levels.

Additionally, the NSA supports the next generation of accountants through the NSA Scholarship Foundation. The program provides competitive monetary awards to undergraduate students who are majoring in accounting at accredited two- or four-year institutions in the United States. Recipients are determined based on a combination of academic performance, leadership ability, and financial need. Applicants must also be citizens of the United States or Canada, though permanent residents who live in Arizona are also eligible.

In 2017, the NSA Scholarship Foundation gave out more than $37,000 in scholarships. To learn more about the scholarship program or to apply, visit nsacct.org/about/nsa-scholarship-foundation.

Payroll Tax vs Income Tax

Keith Towns leads as principal of the Emerge Financial Group in Suisun City, California. There, Keith Towns offers tax advice to both businesses and individuals.

Taxes on an individual's earnings are not limited to income tax. There is another requirement known as the payroll tax, which includes Social Security and Medicare taxes. The federal government requires employers to withhold half of these taxes from employee paychecks, while the employer pays the remaining half. Self-employed persons pay the entire amount due.

Income taxes are due on all income including stock gains, bank account interest, and retirement plan distributions, while payroll taxes apply only to income earned from employment. The federal government takes the Medicare tax as a percentage of all earned income. There are caps on the amount of income to which the Social Security tax applies, and any earnings above that limit are not subject to the tax.

Another key difference is that income tax is progressive, which means that individuals who earn more will owe a higher percentage of his or her income. In contrast, the rate for payroll tax is consistent across all income levels.

2018 IRS Nationwide Tax Forum in San Diego

Through his leadership of Emerge Financial Group, which he established in California in 1998, Keith Towns focuses on small business consulting services, seeking to provide innovative personal solutions for his clients. Keith Towns also attends professional events such as the IRS Tax Forum. 

California's 2018 IRS Nationwide Tax Forum will take place in San Diego on August 7-9 at the Town and Country Resort located at 500 Hotel Circle North. The conference will include seminars on recent state and federal tax concerns, hands-on workshops, and a federal tax refresher course. Participants in these courses can earn continuing education (CE) and Certified Financial Planner (CFP) credits.

Other conference features include the exhibit hall with industry vendors showcasing a variety of business products and services and networking opportunities. The Case Resolution Program will address the most difficult unresolved IRS cases through one-on-one appointments with IRS professionals.

For more information about the 2018 IRS Nationwide Tax Forum and to find out about forums across the country, visit www.irstaxforum.com.

Resume Services of the National Association of Black Accountants

The owner and principal of Emerge Financial Group of California and Texas, Keith Towns provides generalized accounting services, financial analysis, and budget preparation. Keith Towns is also a member of the National Association of Black Accountants (NABA).

Founded in 1959, NABA carries out a mission that focuses on enhancing opportunities in finance and accounting for African Americans. Toward this goal NABA offers its members résumé-writing and consultation services for several career stages. All packages include resumes in PDF and ASCII formats, cover letters, and thank-you templates.

For entry-level members (students and new graduates), NABA creates résumés that emphasize course credits, internships, and basic competencies, geared toward the technological skills of a new generation.

Established professionals with three to eight years’ experience can benefit from consultations on promotions to management positions. NABA creates more extensive résumés that highlight leadership skills for aspirants to upper management.

Finally, NABA serves those seeking C-suite positions by collaborating with them on career progression, focused objectives, and executive branding.

About the 2018 NSA Annual Convention

An accomplished accountant with nearly three decades of experience in his field, Keith Towns serves as owner and principal of Emerge Financial Group, specializing in providing wealth management services as well as nonprofit and small business support. In an effort to stay abreast of current trends in his industry and build relationships with his fellow accountants, Keith Towns maintains membership in the National Society of Accountants. 

The National Society of Accountants (NSA) will hold its annual convention on August 23-25, 2018, at the Marriott Hotel City Center in Minneapolis, Minnesota. The meeting will feature keynote addresses from leading names in the industry and offers attendees the opportunity to earn continuing education credits as well as network with their peers in the field. 

The organization has secured a special block of rooms at a discounted rate of $159 per night, but the cut-off date for reserving the rooms for the special price is July 30, 2018. To learn more about the NSA convention and how to register, visit nsaannualmeeting.org.

Components of a Small Business Month-End Close

Maintaining offices in Suisun City and Oakland, California, Keith Towns guides the Emerge Financial Group and emphasizes a client focused approach. Experienced in small business consulting, Keith Towns assists with various elements of operations, such as setting in place financial accounting policies and completing a timely month-end close.

A monthly close involves an accurate recording and reconciliation of the full range of transactions that took place throughout the month. This provides information that can be compiled throughout the year in a way that generates financial statements that reflect the overall health and results of the company. 

Setting up an effective system starts by choosing a date that is consistent from month to month. Review all balance sheet changes and double check the cash amounts of transactions to make sure they match bank statements. Carefully assess accounts payable and receivable against invoices, and check debt balances against payments over the period being examined.

With this accomplished, attention is turned to expenses, with a focus on ensuring that they are properly categorized. The primary categories include prepaid expenses, such as rent, material, legal, and overhead, as well as those tied to specific recorded sales. Additionally, there are benefits accruals and payroll to consider. Once these are in place, make adjustments through reconciling projected revenues with actual expenses accrued so that accounting entries balance.

New Tax Law Makes Changes to Tax Brackets and Standard Deduction

An accounting graduate of California State University, Hayward, Keith Towns has led Emerge Financial Group, with offices in Suisun City and Oakland, California, for nearly 30 years. In his work, Keith Towns draws upon an extensive knowledge of changing state and federal tax laws.

Accountants around the country are studying the new tax law passed by Congress and signed by President Donald Trump in 2017. One of the largest tax overhaul bills in recent history, the Tax Cut and Jobs Act of 2017 makes numerous changes to the U.S. tax code, with implications for almost every taxpayer in America.

The most fundamental changes to the tax code include a change in tax brackets. While the previous brackets included tax rates ranging from 10 percent to 39.6 percent depending on income, the new brackets keep the lowest rate of 10 percent but reduce the highest bracket to 37 percent. Additionally, the income threshold for the top bracket has been increased from $480,051 to $600,001. This change means higher-income Americans can make about 25 percent more money before being taxed at the highest rate.

The other major change that will affect most Americans are adjustments to the standard deduction and personal exemptions. While the standard deduction has been nearly doubled for both single and married filers, personal exemptions have been eliminated completely. Some analysts suggest that while single filers and married couples without children will benefit from these changes, the loss of personal exemptions will hurt families who rely on personal exemptions to lower their tax bill.

National Association of Black Accountants Scholarships

A veteran financial professional, Keith Towns brings nearly three decades of experience to his current position as the principal of Emerge Financial Group in Suisun City, California. An active member of the field, Keith Towns holds membership in professional organizations such as the National Society of Accountants and the National Association of Black Accountants (NABA).

A nonprofit organization, NABA brings together more than 200,000 African-American accountants and other financial professionals to expand opportunities in accounting and related fields. The group offers a range of professional development, networking, and continuing education initiatives such as the Women of NABA Network and volunteer tax-preparation programs. Additionally, NABA supports students through its scholarship program.

NABA has awarded more than $11 million in scholarships over the course of the program, which distributes approximately 50 awards each year. NABA offers three types of scholarships: NABA National Scholarships, valued at $1,500; Corporate Partner Scholarships, ranging from $1,000 to $5,000; and NABA Member Scholarships, from $1,000 to $3,000. 

To qualify for the scholarships, applicants must be African-American and be an NABA member in good standing. Additionally, applicants must be full-time undergraduate or graduate students at an accredited US college or university and meet minimum GPA criteria. To learn more about the NABA scholarships, please visit www.nabainc.org/scholarship.

The National Society of Accountants Tax Forum Comes to Atlanta

For nearly two decades, Keith Towns has served as owner and principal of Emerge Financial Group, a tax and accounting firm based in Suisun City, California. In this role, he provides wealth management and other financial analysis in addition to accounting services for his clients. Active in his field, Keith Towns belongs to organizations such as the National Society of Accountants. 

The National Society of Accountants will hold a tax forum from July 10-12 at the Marriott Marquis in Atlanta, Georgia. The event will offer attendees an opportunity to learn about the newest changes to the US tax code and pick the brains of IRS officials who will be on hand to answer questions. Those who attend the forum will also have the chance to earn continuing education credits. 

In addition to these educational opportunities, the forum will be a chance to network with other professionals throughout the country and learn more about their accounting practices. To learn more about the conference, or to register, visit nsacct.org.