Tax Archives - Page 7 of 9 - Payne Nickles & Company - Ohio Accounting Firm, Business CPAs & Advisors

Ohio Important Tax Return Info for All Clients

Payne Nickles and Company is pleased to announce our preferred method of delivery for your copies of your 2018 individual income tax returns. Payne Nickles will transmit client copies of your individual income tax returns to you through our secure client portal. You will be receiving an email from cpas@pncpa.biz in the next week which …

Taxpayer Guide to Identity Theft

Identity theft is a frustrating process for victims. The IRS is taking this issue very seriously and continues to expand on their robust screening process to stop fraudulent returns. What is identity theft? Identity theft occurs when someone uses personal information such as your name, Social Security number (SSN) or other identifying information without your …

Ohio’s hourly minimum wage will increase to $8.55 on January 1, 2019 according to the Ohio Department of Commerce. Ohio’s previous minimum wage was $8.30. The $8.55 rate applies to non-tipped employees. The minimum wage for tipped workers will increase to $4.30 from $4.15. Some minimum wage workers in Ohio will not be paid $8.55 …

The Internal Revenue Service recently issued the 2019 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, 2019, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) are:: 58 cents …

Limit Type 2019 2018 Maximum Employee 401(K) or 403(b) Deferral $19,000 $18,500 Employee Catch-up Contributions $6,000 $6,000 Maximum Contribution to Defined Contribution Plan $56,000 $55,000 Maximum Benefit in a Defined Benefit Limit $225,000 $220,000 Annual Limit on Compensation $280,000 $275,000 Highly Compensated Employees $125,000 $120,000 Social Security Wage Base $132,900 $128,400 Annual IRA Contributions $6,000 …

The tax reform legislation that Congress signed into law on December 22, 2017, was the largest change to the tax system in over 3 decades. One of those changes, the elimination of a business-related deduction used for entertainment, amusement or recreation expenses, will make it costlier for business owners to entertain clients. Previously, if an entertainment …

Ohio Use Tax Update

Many Ohio businesses believe that because they pay sales tax on the majority of their purchases, they do not have to worry about paying use tax or filing a use tax return. Use tax is a tax on the consumption of goods or services for which sales tax should have been paid, but wasn’t. It …

Early this year, new tables for federal income tax withholding were released, reducing the amount being withheld throughout the year. This could lead to an unpleasant surprise when you complete your 2018 income tax return. You may not have enough tax paid when you file your income tax return. The IRS has developed a calculator …

Sales and Use Tax Update

The US Supreme Court recently sided with the State of South Dakota against Wayfair Inc. changing the long held Quill decision and the way that nexus is defined for collecting state sales tax. Certainly there will be more information on the application of this change going forward but businesses selling goods or services in multiple …

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 …