If your business has paid at least $600 in professional services or other payments in 2011, you may be subject to a new 1099 reporting requirement as you begin to file your 2011 taxes. Read the rest of this entry »
If you’re considering selling your closely-held business, moving out of state may have crossed your mind as a way to avoid paying Ohio personal income tax on your gains. You might be surprised to learn that simply residing outside the State of Ohio won’t protect you from paying Ohio personal income tax on gains from selling your debt or equity in your business. Read the rest of this entry »
The IRS recently announced an extension until March 30, 2012, for tax-exempt organizations that normally have a January or February return filing deadline. Read the rest of this entry »
Employers may surprised to find that they owe more federal taxes on employee wages than they expected for 2011 and they could continue to pay more in 2012. Ohio, Michigan, Indiana, Kentucky and Pennsylvania are just a few of the 21 states that accepted a loan from the federal government for unemployment insurance that have outstanding balances on the loan – and as a result are collecting more federal unemployment taxes. Read the rest of this entry »
Approximately 70 percent of the $100 million in tax credits remain available for Ohio’s InvestOhio nonrefundable tax credit program. Through InvestOhio, Ohio you can invest in qualifying Ohio small businesses as an individual taxpayer. Then, you can receive a credit for 10 percent of the amount invested against their personal Ohio income tax if they meet certain requirements. Read the rest of this entry »
Businesses that owe customers funds and are unable to contact them can face substantial penalties from the Ohio Department of Commerce if they don’t properly report these accounts. Read the rest of this entry »
If you’ve been considering making a monetary gift to your children or other relatives, you may want to make your gift well before December 31. And better yet, if you haven’t made any previous gifts in 2011, you can gift up to $13,000 in 2011 and follow up with a gift of up to $13,000 in early 2012. Read the rest of this entry »
For the past several months, we’ve told you about Ohio’s use tax amnesty program. You may have read that the program will continue through April 1, 2013. So why should you participate in the amnesty program now rather than later? Here are four reasons. Read the rest of this entry »
Wouldn’t your not-for-profit organization love to find an additional $500 to $5000? Nonprofit groups are often surprised to find that they may qualify for the small business healthcare tax credit, which began in 2010. The credit, which applies to both for-profit and nonprofit entities, has already netted several of our clients between $500 and $5000 in refunds for the 2010 tax year. Read the rest of this entry »
2012 will be here before we know it. Now is the perfect time to bring all of your business advisors together for a year-end financial check up. Read the rest of this entry »
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