Substitute Senate Bill 226 provides for a permanent sales tax holiday on the first Friday, Saturday and Sunday of August each year. This year Ohio’s sales tax holiday is from Friday, August 7, 2020 at 12:00am to Sunday, August 9, 2020 at 11:59pm. Sales tax is exempt on the following items during the holiday: Clothing …
Read More...The April 15 tax payment deadline for individuals and corporations has been extended 90 days in an effort to provide relief by the U.S. government in the wake of COVID-19 for related business closures and self-isolation requests across the country. While tax payments are postponed, the filing deadline remains April 15. Six-month extensions to file …
Read More...n June of 2019, the Supreme Court heard arguments in a case where the State of North Carolina levied an income tax on a trust beneficiary. The trust had no connection to the State of North Carolina except for the residence of a beneficiary. The beneficiary was not the trustee and had no power over …
Read More...We would like to share with you the final regulations regarding the exclusion amounts when computing federal gift and estate taxes. See below for a summary of the changes, and follow the link for more information. If you have any questions regarding gift and estate taxes, please contact our office! Background. Generally, gift and estate …
Read More...Limit Type 2020 2019 Maximum Employee 401(K) or 403(b) Deferral $19,500 $19,000 Employee Catch-up Contributions $6,500 $6,000 Maximum Contribution to Defined Contribution Plan $57,000 $56,000 Maximum Benefit in a Defined Benefit Limit $230,000 $225,000 Annual Limit on Compensation $285,000 $280,000 Highly Compensated Employees $130,000 $125,000 Social Security Wage Base $137,700 $132,900 Annual IRA Contributions $6,000 …
Read More...The Internal Revenue Service recently issued the 2020 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, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) are:: 57.5 cents …
Read More...The Internal Revenue Service (IRS) has released another preview of Form W-4 to the public. The new design aims to simplify the withholding system, replacing complicated worksheets with questions designed for the layman. The hope is that the form will help employees report more accurate amounts, allowing the IRS a better assessment of taxes paid. …
Read More...There has been some recent legislation that significantly changes Ohio income tax laws for the 2019 tax year. We’ve summarized the changes that impact most individuals. All income tax rates have been reduced by 4%. The lowest three brackets are combined into one zero bracket. So taxpayers with taxable nonbusiness income of $21,750 or less …
Read More...Navigating retirement planning can be challenging but it is crucial especially as life expectancy in the U.S. steadily increases. To address the need for our wealth to finish the race with us, the House recently passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act. This legislation, receiving almost unanimous bipartisan support, offers the …
Read More...Under the new tax law, a vehicle provided to an employee for personal use is subject to income tax obligations. Personal use of a company car is considered a noncash fringe benefit that is taxable. If an employer provides an employee with a vehicle that is available for business and personal use, the value of …
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