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 …
Read More...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 …
Read More...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 …
Read More...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 …
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Payne Nickles & Company, CPAs is proud to announce the scholarship winners for the 2018-2019 academic years! The annual scholarships are funded through an account established by Payne Nickles & Company, CPAs within the Huron County Community Foundation, and are available to any second, third, fourth or fifth year accounting major in Erie, Huron or …
Read More...Ohio’s Bureau of Workers’ Compensation has announced it will once again send rebate checks to most employers. This one-time rebate for private employers and public taxing districts will total approximately $1.5 billion. Most rebates will equal 85% of the employer’s premium for the policy year ending June 30, 2017. Generally, employers who have been billed …
Read More...The Tax Cuts and Jobs Act (TCJA) has made some changes to qualified tuition programs (“QTPs,” also commonly known as “529 plans”) that you might be interested in. These changes take effect for 529 plan distributions after 2017. The TCJA provides that qualified higher education expenses now include expenses for tuition in connection with enrollment …
Read More...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 …
Read More...Under the new tax law effective for amounts incurred or paid after December 31, 2017, the deduction for entertainment, amusement or recreation expenses that are directly related to or associated with the active conduct of a trade or business is repealed (no longer permitted). There are limited exceptions to this rule. For many of our …
Read More...Congress is enacting the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into effect next year, there’s still a …
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