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2019 Standard Mileage Rates Announced for Business, Charitable, Medical and Moving Purposes

The Internal Revenue Service recently issued the 2019 optional standard mileage rates to be used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. As of January 1, 2019, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) are:: 58 cents …

Limit Type 2019 2018 Maximum Employee 401(K) or 403(b) Deferral $19,000 $18,500 Employee Catch-up Contributions $6,000 $6,000 Maximum Contribution to Defined Contribution Plan $56,000 $55,000 Maximum Benefit in a Defined Benefit Limit $225,000 $220,000 Annual Limit on Compensation $280,000 $275,000 Highly Compensated Employees $125,000 $120,000 Social Security Wage Base $132,900 $128,400 Annual IRA Contributions $6,000 …

On June 15, 2018 Ohio law regarding Ohio domicile for income tax purposes changed. The “irrebuttable presumption” of non-Ohio domicile for 2018 and forward has changed. Ohio continues to measure a taxpayer’s contact periods. In order to be presumed a nonresident, one of the criteria is to have no more than 212 contact periods with …

The tax reform legislation that Congress signed into law on December 22, 2017, was the largest change to the tax system in over 3 decades. One of those changes, the elimination of a business-related deduction used for entertainment, amusement or recreation expenses, will make it costlier for business owners to entertain clients. Previously, if an entertainment …

Ohio Use Tax Update

Many Ohio businesses believe that because they pay sales tax on the majority of their purchases, they do not have to worry about paying use tax or filing a use tax return. Use tax is a tax on the consumption of goods or services for which sales tax should have been paid, but wasn’t. It …

Early this year, new tables for federal income tax withholding were released, reducing the amount being withheld throughout the year. This could lead to an unpleasant surprise when you complete your 2018 income tax return. You may not have enough tax paid when you file your income tax return. The IRS has developed a calculator …

Sales and Use Tax Update

The US Supreme Court recently sided with the State of South Dakota against Wayfair Inc. changing the long held Quill decision and the way that nexus is defined for collecting state sales tax. Certainly there will be more information on the application of this change going forward but businesses selling goods or services in multiple …

2018-2019 Scholarship Recipients

Payne Nickles & Company, CPAs is proud to announce the scholarship winners for the 2018-2019 academic years! The annual scholarships are funded through an account established by Payne Nickles & Company, CPAs within the Huron County Community Foundation, and are available to any second, third, fourth or fifth year accounting major in Erie, Huron or …

Ohio BWC Plans Rebate

Ohio’s Bureau of Workers’ Compensation has announced it will once again send rebate checks to most employers. This one-time rebate for private employers and public taxing districts will total approximately $1.5 billion. Most rebates will equal 85% of the employer’s premium for the policy year ending June 30, 2017. Generally, employers who have been billed …