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Preparing Your Business for New Filing Deadlines

In July of 2015, Congress passed and President Obama signed a Highway Funding Bill that extended financing for transportation infrastructure. Section 2006 of that bill modifies the tax filing due dates for tax years beginning after December 31, 2015. The filing deadlines for a variety of entities, including partnerships and C corporations, will change. The …

The influence technology has on businesses today is undeniable. Business professionals can leverage technology to reach, or even succeed, company objectives. To better position themselves for success in the digital marketplace, firm leaders should consider the following tips when building their digital identity. 1. Create a game plan It is important to show employees the …

2016-2017 Scholarship Recipients

Payne, Nickles & Company is proud to announce the scholarship winners for the 2016-2017 academic years! The annual scholarships are funded through an account established by Payne, Nickles & Company within The Fund for Huron County, and are available to any fourth or fifth year accounting major in Erie, Huron or the contiguous counties. We …

On May 18, 2016, the Department of Labor (DOL) announced a final rule for overtime. This rule increases the salary threshold for white-collar workers to remain exempt from overtime pay to $913 per week or $47,476 annually. This new regulation goes into effect December 1, 2016. If an employee’s salary falls below the newly established …

Beginning last summer, the Ohio Bureau of Workers’ Compensation (BWC) changed to prospective billing– the practice of charging premiums in advance of extending coverage, similar to the standard insurance industry. Part of this transition process is the payroll true-up, where employers will report their actual payroll for the previous year and reconcile any differences in …

It is important for us to recognize the tax impact of implementing a succession plan. A large consideration for many of you will be the estate tax. This is a transfer tax on the value of assets passing from one generation to the next. Each individual is exempt from tax on the first $5,450,000 of …

Key Areas to discuss as you formulate your plan are the Successor(s), the Structure and Management Continuity. Questions to consider when selecting a Successor(s): Will all of your children be involved with the day to day farming or business decisions? Will you have some children involved with the farm or business decisions and others not …

So what happens to your farm or business; operation, assets such as land, buildings, equipment, etc. if you were to not make it home tonight? Who inherits the “ownership” of your business? Who inherits your assets? Are they the same people? Is it who you want it to be? Are they prepared to run the …

Many retirees will pleased to know that, as part of the recent tax extenders bill, Congress has permanently allowed the tax free transfer of IRA distributions to qualified charities. For the last few years, taxpayers who are over age 70 ½ were permitted to make up to $100,000 of direct transfers from Individual Retirement Account …

The cost of living adjustment recently announced for 2016 affects many retirement plan contribution limits and many social security limits. To assist you in planning, we are listing both the 2015 and the 2016 amounts for some of the most common items. The Traditional and Roth IRA annual contribution limit for 2015 is $5,500 and …