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...Many small business owners approach tax season with a can-do attitude. This is admirable, but when it comes to compliance, it is usually best to leave tax preparation to the experts. Being aware of common mistakes, like failing to comply with tax laws, violating tax codes, or incorrectly filling out forms, will help you avoid …
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 (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...Final regulations from the Internal Revenue Service (IRS) give employers decision-making rights on whether to truncate their employees’ Social Security Numbers (SSN) on Form W2, Wage and Tax Statement. The rule, which began its journey in 2017 as a set of proposed regulations, is another step in the right direction toward protecting employees from identity …
Read More...Understanding your eligibility for tax credits is an essential facet of income tax planning. Unlike deductions, which reduce your tax owed as a percentage of the deduction multiplied by your marginal tax rate, tax credits reduce your tax owed on a dollar for dollar basis. Given the choice between a tax deduction and a tax …
Read More...The Taxpayer First Act (the Act) of 2019 was signed into law on July 1, 2019. The bill, having gone through a few changes on its way to the president’s desk, passed with bipartisan support – a rare thing in Washington these days. The law aims to reform the Internal Revenue Service (IRS) by making …
Read More...
Home
Sign In
Make a Payment
Search