Blog - Page 23 of 24 - Payne Nickles & Company - Ohio Accounting Firm, Business CPAs & Advisors

Service Discontinuation for QuickBooks 2014

It’s that time of the year again when Intuit discontinues an older version of QuickBooks. Effective May 31st for QuickBooks 2014 users, you won’t be able to use certain features. While your basic program will still work, you will not be able to use any add-on services such as online banking and payroll preparation unless …

2017 Standard Mileage Rates Announced

The Internal Revenue Service recently issued the 2017 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, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) are: 53.5 cents …

Preparing Your Business for New Filing Deadlines

In July of 2015, Congress passed and President Obama signed a Highway Funding Bill that extended financing for transportation infrastructure. Section 2006 of that bill modifies the tax filing due dates for tax years beginning after December 31, 2015. The filing deadlines for a variety of entities, including partnerships and C corporations, will change. The …

5 Tips to Build Your Digital Identity Businesses

The influence technology has on businesses today is undeniable. Business professionals can leverage technology to reach, or even succeed, company objectives. To better position themselves for success in the digital marketplace, firm leaders should consider the following tips when building their digital identity. 1. Create a game plan It is important to show employees the …

2016-2017 Scholarship Recipients

Payne, Nickles & Company is proud to announce the scholarship winners for the 2016-2017 academic years! The annual scholarships are funded through an account established by Payne, Nickles & Company within The Fund for Huron County, and are available to any fourth or fifth year accounting major in Erie, Huron or the contiguous counties. We …

The New Overtime Law and How Employers Can Respond

On May 18, 2016, the Department of Labor (DOL) announced a final rule for overtime. This rule increases the salary threshold for white-collar workers to remain exempt from overtime pay to $913 per week or $47,476 annually. This new regulation goes into effect December 1, 2016. If an employee’s salary falls below the newly established …

Ohio Workers’ Compensation Payroll True-Up is Coming in July

Beginning last summer, the Ohio Bureau of Workers’ Compensation (BWC) changed to prospective billing– the practice of charging premiums in advance of extending coverage, similar to the standard insurance industry. Part of this transition process is the payroll true-up, where employers will report their actual payroll for the previous year and reconcile any differences in …

Operational Succession Planning – Part 3 of 3

It is important for us to recognize the tax impact of implementing a succession plan. A large consideration for many of you will be the estate tax. This is a transfer tax on the value of assets passing from one generation to the next. Each individual is exempt from tax on the first $5,450,000 of …

Operational Succession Planning – Part 2 of 3

Key Areas to discuss as you formulate your plan are the Successor(s), the Structure and Management Continuity. Questions to consider when selecting a Successor(s): Will all of your children be involved with the day to day farming or business decisions? Will you have some children involved with the farm or business decisions and others not …

Operational Succession Planning – Part 1 of 3

So what happens to your farm or business; operation, assets such as land, buildings, equipment, etc. if you were to not make it home tonight? Who inherits the “ownership” of your business? Who inherits your assets? Are they the same people? Is it who you want it to be? Are they prepared to run the …