Schoelles and Associates, Inc.

07/15/2025

Hope to see you there!

Join Us!

05/29/2025

Join Us!

03/26/2025

Exciting Leadership Opportunity in Madison County!

The Madison County Chamber of Commerce is growing — and we’re looking for a passionate, community-minded leader to grow with us!

As our current Executive Director transitions to focus fully on tourism, we’re seeking a new Executive Director to lead the Chamber’s efforts and collaborate closely with her to continue supporting local businesses.

If you're excited about business development, community engagement, and making a difference right here in Madison County — we want to hear from you!

*Deadline to Apply: April 11, 2025
*Apply through CareerSource North Florida at or directly with the Chamber.
*Call 850-973-2788 or email [email protected] for more info.
*Job description and application also available at www.madisonfl.org

Let’s build Madison County’s future — together!

03/03/2025

A Treasury Department announcement yesterday has caused "BOI Whiplash." If you have been following the Beneficial Ownership Information required reporting, it's been an "on again/off again" situation. The last date given for all required companies to report was March 21, 2025.

The Treasury Department stated it will not enforce the reporting rule against domestic reporting companies and plans to issue proposed regulations to revise the rule so that only foreign reporting companies must file a BOI report. It also reiterated that is will not impose penalties under the existing regulatory deadlines until the new reporting rule take effect.

What this means: BOI reporting is dead for domestic reporting companies, and they do not need to meet the March 21, 2025 deadline.

01/20/2025

Our office will be closed Wednesday, January 23, due to expected icy weather.

10/03/2024

FOR THE BUSINESS OWNERS WHO WANT TO HELP THEIR WORKERS DURING THIS TIME:

If an employer offers financial assistance to a worker due to a declared disaster, two separate determinations must be made:

Is the payment excluded from the worker’s income under §139 as a qualified disaster recovery payment?

Is the payment deductible as a §162 ordinary and necessary expense to the business?

§139(a) provides a general exclusion for qualified disaster relief payments received by an individual. Any organization can issue the payment, including businesses and state and local governments. Under §139(b), a qualified disaster relief payment is any amount paid to or for the benefit of an individual:

To reimburse or pay reasonable and necessary personal, family, living, or funeral expenses incurred as a result of a qualified disaster.

To reimburse or pay reasonable and necessary expenses incurred for the repair or rehabilitation of a personal residence or repair or replacement of its contents to the extent that the need for such repair, rehabilitation, or replacement is attributable to a qualified disaster.

It is important to note that the §139(b) flush language limits the exclusion to payments for expenses not otherwise compensated for by insurance or otherwise.

If the above requirements are met, the relief payments are usually deductible to the business.

10/03/2024

SPECIAL RETIREMENT DISTRIBUTION TREATMENTS IN A DISASTER ZONE:
A taxpayer can take a §72(t)(110) qualified disaster recovery distribution from a retirement account of up to $22,000 per disaster. It is not subject to the 10% early withdrawal penalty and the income inclusion is spread equally over three tax years (unless that taxpayer elects to include it all in one year). The taxpayer can choose to repay the distribution within three years as well.

The distribution must generally be taken within 180 days of the later of the first day of the incident period or the disaster declaration date, and the taxpayer must have had some type of economic loss to qualify for the special distribution treatment.

The IRS’s website has additional information on qualified disaster recovery distributions; the distribution is reported on Form 8915-F, Qualified Disaster Retirement Plan Distributions and Repayments.

10/03/2024

We hope everyone made it safely through Hurricane Helene. We appreciate our local officials, power companies, outside help, and family and friends that have provided assistance and abundant resources for relief. Due to the significant losses from the last two hurricanes, we are preparing information regarding taxes that may be helpful during this time.

On October 1, IRS extended the due dates until May 1, 2025, for individuals that had a valid extension to file their 2023 return by October 15, 2024. Businesses also are included in the relief. For a full breakdown of the IRS’s announcement and how it affects your specific situation, check out the full text at https://www.irs.gov/newsroom/irs-announces-tax-relief-for-victims-of-hurricane-helene-various-deadlines-postponed-to-may-1-2025.

08/08/2024

Currently, we do not have phone or internet service at the office, and the outage may last until next week. We do have internet and email access from home but are only able to check a couple of times a day since we are staffing the office. If you are local and need to communicate with us, please come by the office.

05/03/2024

Jack and I have our first great-grandson, Samson, born this afternoon. He looks like Matt did as a newborn. Can't wait to see his personality develop.

04/17/2024

Congratulations to all of our Down Home Days Art Contest winners! We had a wonderful Art Reception Monday night where we celebrated our young artists. There were a lot of smiles, applause, and a few happy tears. It was a memorable evening. Big thanks to Byron Poore of Wealth E&P and Madison County Community Bank for providing the prize money and covering the cost of food. All of the artwork is on display in the Chamber of Commerce windows during this week of Down Home Days. Stop by and check them out!

04/04/2024

If your child submitted a piece of art to the Down Home Days Art Contest, you are invited to an Art Reception.