By DAYNA DRUM | Reporter
The rumor that accountants only sit in dark corner offices punching numbers can now be dispelled courtesy of Midwin & Vogel, LLP, a local accounting firm that comes with a dose of optimism.
Palisadians Brian Midwin and Anne Vogel, both certified public accountants, merged their practices earlier this year and said, so far, it’s been a success.
Originally from Dallas, Vogel moved to the Palisades over 30 years ago when she was working for PricewaterhouseCoopers, LLP. It’s been 15 years since Vogel decided to form her own practice, and she’s been in the same office building on Sunset Blvd. ever since.
Rich Schmitt/Staff Photographer
A born-and-bred Palisadian, Midwin moved back to the Highlands in 2010 with his wife and two small children.
“I’ve always loved the community and I knew that I wanted to remain a part of it,” Midwin told the Palisadian-Post.
Like Vogel, he also initially worked for a large CPA firm until eight years ago when he decided to become independent.
The two met through the Pacific Palisades Chamber of Commerce and respected each other’s expertise. Vogel focuses on complex individual returns and real estate exchanges, while Midwin’s niche is in small businesses.
Based on things the two had in common, like sharing the same neighborhood, they moved quickly to further their business relationship.
“I remember a term, ‘1+1=3.’ That’s sort of the way I feel about our partnership,” Midwin said.
The transition into a combined firm has been a smooth one, both Midwin and Vogel said. They both attribute this in part to their overall perspective on life.
“We’re both really optimistic people and we try and look at the glass as being half-full. Since we both have that type of outlook on life, we tend to agree on things like carpet samples,” Midwin joked.
Their clients are scattered around not only the Palisades and Los Angeles area, but also internationally. Vogel stresses that being a CPA has given her an exciting life so far. “It’s given me a chance to meet people I probably wouldn’t get to know otherwise,” she said.
Contrary to what accountants might get teased about, their work involves a lot more than mounds of paperwork. The accountants laughingly share various stories of times they were forced to do something out of the norm. For example, an audit on a Louisiana plantation put Vogel on horseback to count cattle, measure grain and count catfish.
Midwin reminisced about counting ball bearings in a freezing storage room at an audit in Indiana. Another case left him smelling like rubber after climbing hills of recycled tires to count them.
Although both professionals have had humorous experiences, their motivation for their work lies with people. “I think the client, a lot of times, is the interesting part of it,” Vogel said.
TAXING MATTERS
Brian Midwin and Anne Vogel of Midwin & Vogel offered the following overview of the presidential candidates’ tax plans.
REPUBLICAN
Ben Carson: Establishes a flat rate of 10 percent or 15 percent on ordinary income, so that everybody gets “treated the same way.” Proposes an elimination of deductions and corporate loopholes and proposes policies sheltering the poor from having to pay taxes. He states that his changes would eliminate the need for an IRS.
Donald Trump: Establishes four tax brackets, with rates of 0, 10, 20 and 25 percent. The top rate applies to incomes over $150,000 for single filers and $300,000 for joint filers. The 0 percent tax is for individuals earning less than $25,000 or joint filers earning less than $50,000. Eliminates the net investment income surtax (3.8 percent). Lowers the top corporate rate to 15 percent. Eliminates the estate tax and adds tax on companies who import goods or outsource jobs. Raises Tax on Carried Interest.
DEMOCRAT
Hillary Clinton: No specific proposal for ordinary income. Raises taxes on carried interest. Changes rules on capital gains to encourage long-term investing. Capital gains on investments held less than two years would be taxed at 39.6 percent, decreasing gradually then the tax rate would be 20 percent, the present top rate.
Bernie Sanders: No specific proposal for ordinary income, but he does favor raising taxes on highest earners to pay for universal healthcare and free public college education plans. Increases the net investment income surtax from 3.8 percent to 10 percent. Increases estate tax to 65 percent and lowers exclusion to $3.5 million.
For more information, visit midwinvogelcpa.com.
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