admin, Author at Payne Nickles & Company - Ohio Accounting Firm, Business CPAs & Advisors

New 529 Plan Opportunities

The Tax Cuts and Jobs Act (TCJA) has made some changes to qualified tuition programs (“QTPs,” also commonly known as “529 plans”) that you might be interested in. These changes take effect for 529 plan distributions after 2017. The TCJA provides that qualified higher education expenses now include expenses for tuition in connection with enrollment …

Effective now through February 15, Ohio’s Tax Amnesty program allows delinquent taxpayers to fully resolve their liabilities by paying the tax plus one-half interest with no penalty. Ohio’s Tax Amnesty program is available for all Ohio taxes, including sales tax; use tax; commercial activity tax; and individual income tax. To be eligible, the delinquent tax …

Under the new tax law effective for amounts incurred or paid after December 31, 2017, the deduction for entertainment, amusement or recreation expenses that are directly related to or associated with the active conduct of a trade or business is repealed (no longer permitted). There are limited exceptions to this rule. For many of our …

2017 Tax Reform

Congress is enacting the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into effect next year, there’s still a …

Operating in one physical location is no longer ideal for businesses who want to remain profitable in the ever-changing landscape. To adapt, many businesses are straying away from traditional business models where they would typically operate in physical locations and moving towards virtual business models. As businesses expand their operations across states lines, it becomes …

Equifax, one of the United States’ three major consumer credit reporting agencies, recently reported a breach that compromised the personal information of approximately 143 million Americans. The nature of this breach is particularly alarming because many consumers may not even know they are customers of the company. Equifax receives information from multiple sources including banks, …

The annual true-up process is now underway for Ohio private employers. Payroll true-up is an important step necessary for BWC to calculate your workers’ compensation premiums and for you to maintain your policy and participation in rating and discount programs. True-up means you report your actual payroll for the prior policy year that ended June …

BWC is preparing to distribute over $1 billion in rebates to more than 200,000 private and public employers. The rebates were approved by the BWC board on April 28. This is the third round of BWC paybacks due, in part, to higher than expected investment returns. Eligible employers will begin receiving checks in July totaling …

It’s that time of the year again when Intuit discontinues an older version of QuickBooks. Effective May 31st for QuickBooks 2014 users, you won’t be able to use certain features. While your basic program will still work, you will not be able to use any add-on services such as online banking and payroll preparation unless …

2017 Standard Mileage Rates Announced

The Internal Revenue Service recently issued the 2017 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, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) are: 53.5 cents …