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 twelfth year in a row, Payne, Nickles & Company is proud to be …
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Despite a partial government shutdown, the Treasury Department and the Internal Revenue Service issued final regulations and guidance addressing implementation of the new qualified business income (QBI) deduction (section 199A deduction). The new QBI deduction, created by the Tax Cuts and Jobs Act (TCJA) allows entrepreneurs, selfemployed individuals, and investors to deduct 20 percent of …
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Despite a partial government shutdown, the Treasury Department and the Internal Revenue Service issued final regulations and guidance addressing implementation of the new qualified business income (QBI) deduction (section 199A deduction). As part of the final regulations, the IRS issued Notice 2019-7. The Notice contains a proposed revenue procedure that provides a safe harbor for …
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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 …
Read More...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 …
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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 …
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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 …
Read More...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 …
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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 …
Read More...On June 15, 2018 Ohio law regarding Ohio domicile for income tax purposes changed. The “irrebuttable presumption” of non-Ohio domicile for 2018 and forward has changed. Ohio continues to measure a taxpayer’s contact periods. In order to be presumed a nonresident, one of the criteria is to have no more than 212 contact periods with …
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