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Now Available: EFT Payments for All Ohio Pass-Through

(Amends Tax Alert dated November 10, 2015) The Ohio Treasurer of State is now allowing Ohio Pass-Through Entities (PTEs) to make payments via an electronic fund transfer by ACH credit. This option applies to all pass-through entities required to file form IT 1140 or form IT 4708, and all trusts required to file form IT …

2015 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 eighth year in a row, Payne, Nickles & Company is proud to be …

Ohio Tax Fraud Prevention Program

The Ohio Department of Taxation (ODT) issued a release referencing new procedures that have been put in place to help prevent Identity Theft on tax refunds. The new safeguards will allow ODT to help select returns that may be fraudulently seeking a refund. If your return is selected for further investigation, you will receive a …

As a small business owner, you probably like what you do and are good at it. Bookkeeping is most likely not your favorite thing to do. You may see it as a necessary evil and put record keeping off as long as possible, perhaps even until year end when it’s time prepare your tax return! …

City of Sandusky Tax Increase for 2015

Effective January 1st, 2015, the municipal income tax rate for the City of Sandusky will increase to 1.25%. All tax withheld for the City of Sandusky must be at the rate of 1.25%. The credit factor (tax credit) for residence tax purposes will remain 0.00%. The credit rate (credit limit) shall not exceed 1.25%. If …

Change in FUTA Tax Rate for 2015

The federal unemployment tax, also known as the FUTA tax, pays unemployment compensation to workers who lose their jobs. Employers pay FUTA taxes on the first $7,000 of each employee’s annual wages at a rate of 6.0%. Employers who pay their state unemployment taxes on time receive a credit reduction of 5.4%, making the net …

For companies with gross receipts over $297,000.00, the new hourly minimum wage will be $8.10 for non-tipped employees and $4.05 for tipped employees. For companies with gross receipts under $297,000.00 the minimum wage remains at $7.25 for non-tipped employees and $3.63 for tipped employees. If you have any questions related to these increases, please feel …

Effective with any payments made after January 1, 2015 (including your December, 2014 payments that are due in January), all employers will be required to pay their income tax and school district income tax withholdings electronically using the Ohio Business Gateway. Also, any other withholding forms such as the annual reconciliations (Forms IT941, SD141 and …