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Determining Employee Vs. Independent Contractor Status

Much of today’s workforce is part of a growing gig economy. According to a study by Intuit Inc., by 2020 40% of the American labor market will be considered independent contractors. Contract employment can have many perks such as safeguarding a business against the high cost of benefits, office space and taxes. Becoming an independent …

The thought of being selected for an audit keeps many business owners up at night. But did you know the Internal Revenue Service (IRS) won’t arbitrarily make your company the subject of an audit investigation? According to IRS.gov, out of the 196 million returns filed in 2016, only 1.1 million (0.5%) came under examination in …

Developing a Disaster Preparedness Plan

The widespread media coverage of natural disasters has left business owners with little excuse to be unprepared for hurricanes, tornadoes, earthquakes, forest fires, floods, and super storms. These calamities can strike wherever and whenever, and while there is no preparation for the physiological impact of a disaster, there is a way to give your business …

As a business owner, it is important to be able to read and understand the accounting terms found in your financial statements. Once you understand the basics of the financial statements, you can interpret what they mean to your organization’s financial health. Understanding your Financial Statements A Statement of Financial Position, also known as a …

2019 Harvest for Hunger Campaign

Each year, the Second Harvest Food Bank joins with other area businesses and organizations to run the Harvest for Hunger Food Campaign. This campaign helps to raise awareness and much needed food for those less fortunate families in our areas. For the twelfth year in a row, Payne, Nickles & Company is proud to be …

Despite a partial government shutdown, the Treasury Department and the Internal Revenue Service issued final regulations and guidance addressing implementation of the new qualified business income (QBI) deduction (section 199A deduction). The new QBI deduction, created by the Tax Cuts and Jobs Act (TCJA) allows entrepreneurs, selfemployed individuals, and investors to deduct 20 percent of …

Despite a partial government shutdown, the Treasury Department and the Internal Revenue Service issued final regulations and guidance addressing implementation of the new qualified business income (QBI) deduction (section 199A deduction). As part of the final regulations, the IRS issued Notice 2019-7. The Notice contains a proposed revenue procedure that provides a safe harbor for …

Payne Nickles and Company is pleased to announce our preferred method of delivery for your copies of your 2018 individual income tax returns. Payne Nickles will transmit client copies of your individual income tax returns to you through our secure client portal. You will be receiving an email from cpas@pncpa.biz in the next week which …

Taxpayer Guide to Identity Theft

Identity theft is a frustrating process for victims. The IRS is taking this issue very seriously and continues to expand on their robust screening process to stop fraudulent returns. What is identity theft? Identity theft occurs when someone uses personal information such as your name, Social Security number (SSN) or other identifying information without your …

Ohio’s hourly minimum wage will increase to $8.55 on January 1, 2019 according to the Ohio Department of Commerce. Ohio’s previous minimum wage was $8.30. The $8.55 rate applies to non-tipped employees. The minimum wage for tipped workers will increase to $4.30 from $4.15. Some minimum wage workers in Ohio will not be paid $8.55 …