Did You Know the Ohio Bureau of Workers’ Compensation Will Be Distributing Rebates To Employers?

Tiffany Crawford, JD, Senior Tax Associate | June 12th, 2013

Guess what? If you’re one of the 210,000 customers of the Ohio Bureau of Workers’ Compensation, then you could be getting a nice-size check. Thanks to Ohio Governor John Kasich and the BWC’s board, $1 billion will be returned to 210,000 Ohio employers in the form of a rebate. The board of the BWC unanimously approved the governor’s proposal two weeks ago.  Read the rest of this entry »

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Posted in Business Advice, Ohio | No Comments »

Looking To Stay Up-To-Date On Ohio Oil & Gas News?

David Shallenberger, CPA, Supervisor, Oil & Gas | June 6th, 2013

The oil and gas industry in Ohio is constantly changing. So if you’re involved in the industry or are looking to break into the industry, it’s important for you to stay up-to-date on what’s happening. If you haven’t checked out, Ohio Gas & Oil Magazine, then I highly recommend you do. This monthly publication covers an array of topics from government regulations to industry best practices.  Read the rest of this entry »

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Part 2 | What Happens if My 401(k) Plan is Out of Compliance with an IRS or DOL Rule?

Paul McEwan, CPA, MT, AIFA(R), Principal, Director of Benefit Plan Administration Services | June 5th, 2013

In the last issue of Illuminations, you read about some initial consequences you may face if you find that your 401(k) plan is out of compliance with an IRS or DOL rule. In this week’s issue, check out the second part of the article that explains the statute of limitations and how you can work to rectify any issues you may have with your business’s retirement plan. To refresh your memory, you can read the first part of the article here.  Read the rest of this entry »

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Did You Know that the FASB Wants to Hear From You?

Michaela McGinn, CPA, Director of Assurance Services | June 5th, 2013

Let’s face it—opinions matter. We all like to be asked for our opinion. And more often than not, opinions help shape decisions and the direction that a group of people may take. Read the rest of this entry »

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When Can I Apply for the Ohio Incumbent Workforce Training Voucher Program?

Joseph Popp, JD, LLM, Senior Tax Associate | May 28th, 2013

When will the application process begin for the next round of the Ohio Incumbent Workforce Training Voucher Program? This is a burning question for many Ohio companies these days. While the Ohio Development Services Agency has not yet communicated what date the application process will begin, you can keep an eye on its website for an official announcement.  They are hoping to have the application process open sometime in June, though it’s possible that date may get pushed back.  Read the rest of this entry »

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Posted in Accounting, Business Advice, Ohio | No Comments »

New Tax on Shale-Related Rent Monies and Landowner Royalty Payments

Jim Fracker, CPA | May 22nd, 2013

If you receive shale-related advance rent monies or landowner royalty payments from an existing well, you should be aware of a potential increase in tax that may hit in 2013. With the passing of the Patient Protection Act, a new tax provision took effect in 2013 – and it could impact the amount of tax you need to pay when you receive your royalty and rent payments. Read the rest of this entry »

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What Happens if My 401(k) Plan is Out of Compliance with an IRS or DOL Rule?

Paul McEwan, CPA, MT, AIFA(R), Principal, Director of Benefit Plan Administration Services | May 22nd, 2013

With all of the rules in the business world, it sometimes can be difficult to know and understand all of the rules we need to follow – there are a lot of them. So what happens if you find yourself in an unintended situation where your business’s 401(k) plan is out of compliance? Simply put, a plan out of compliance with Internal Revenue Service (IRS) or Department of Labor (DOL) rules is subject to disqualification. But what does that mean? It is very important that you fix any compliance issues when they are identified – whether they are document-related issues, government reporting issues (5500) or plan operational issues. Read the rest of this entry »

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Posted in Retirement Plan, Tax | No Comments »

How Can the Ohio Incumbent Workforce Training Voucher Program Work for Your Business?

Joseph Popp, JD, LLM, Senior Tax Associate | May 17th, 2013

It’s almost half way through the year. When thinking about your employees, how have you helped them develop professionally during the past few months?  Investing in your people pays off. It helps them, helps you, and helps your customers. But, it’s expensive and time consuming – training is one of those things that always seem to get pushed until tomorrow. But now the state of Ohio is taking away one of your excuses – it’s picking up part of the tab. Read the rest of this entry »

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Posted in Business Advice, Ohio | No Comments »

Does Your Business Have Cracks in its Foundation?

David Cain, CPA, Executive Vice President of Operations | May 9th, 2013

During the recession, the fiscal cliff and the so-called recovery, did your business develop cracks in its foundation? If you answered “yes,” you are not alone. Many businesses of all shapes, sizes and industries are still trying to rebuild cash flow strategies and bottom line results. Read the rest of this entry »

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Cash Flow is King: Where Do You Need to Focus?

Tom Jeffries, CPA, Principal | May 9th, 2013

Do you know the current balance of your business checking account? If you don’t, keep reading. Cash flow is the key to business survival. A healthy business generates money for the operations of the business.  Read the rest of this entry »

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