Archive for August, 2010

How does your state get its tax revenue?

Monday, August 30th, 2010

If you’ve ever wondered what types of tax revenue make up your state government’s budget, the Tax Foundation recently compiled a breakdown of state use of property tax, sales tax, personal income tax and licenses and other taxes. The results are based on newly-released Census data.

Our home state of Ohio, for example, ranks tenth in the nation for its reliance on personal income tax,  which makes up 30 percent of its total revenue.  Other taxes include general sales tax at 20 percent, selective sales tax at 11 percent, corporate income tax at 1.9 percent and licenses and other taxes at 7.5 percent.

Click here to view the detailed report.

Are Research and Development Tax Credits Dead?

Friday, August 27th, 2010

Although R & D tax credits expired at the end of last year, Congress has made a few attempts to continue them by passing an extenders bill. So far, those attempts have not been successful, but most tax experts believe R&D credit will be passed and that Congress will make the tax breaks available for 2010.

Click here to learn more about R&D credits and how they can help your business.

Could Your Company Benefit by Hiring Unemployed Workers?

Monday, August 23rd, 2010

The U.S. Department of the Treasury estimates that, between February and May, businesses hired 4.5 million workers who had previously been unemployed for eight weeks or longer. As a result, those businesses are eligible to receive part of up to $8.5 billion in tax exemptions and credits through the Hiring Incentives to Restore Employment Act, known as the HIRE Act. (more…)

Can medical residents and their employers get FICA refunds?

Friday, August 20th, 2010

If you were a medical resident between the late 1990s and 2005, the IRS may owe you a FICA tax refund. The same is true for medical colleges and teaching hospitals that employed residents during this time.

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How Does the Wall Street Reform Act Impact Me and My Business?

Wednesday, August 18th, 2010

When President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law last month, the legislative and executive branches of the U.S. government enacted the most sweeping changes in financial reform legislation since the 1930s. The new law will impact both businesses and individuals. Below are a few of the highlights. (more…)

Guess Who’s a Top 100 Accounting Firm?

Monday, August 16th, 2010

Rea & Associates was recently named to the Top 100 Accounting Firms in the Nation by INSIDE Public Accounting, an accounting industry publication. We are pleased to be recognized once again by our peers. Rea doesn’t strive to be one of the largest firms in the county, but we do strive to provide small-town attention with a high level of expertise to our clients. We’re grateful to our clients for allowing us to continue to share in their success, and humbled by the word-of-mouth advertising they share with our prospects. (more…)

Could your business benefit from location-based sales?

Wednesday, August 11th, 2010

Consumers are depending more and more on mobile devices – so it may make sense to use this technology in your promotional strategy. (more…)

How will new 1099 reporting impact my business?

Tuesday, August 10th, 2010

Businesses could see significant changes in how they report transactions on 1099 forms, thanks to a provision in the Patient Protection and Affordable Care Act. (more…)

Is it time for your six month financial check-up?

Friday, August 6th, 2010

It’s hard to believe, but 2010 is already half-way over.  How are you doing at hitting your financial goals for the year, and are you taking advantage of the tax benefits this year is bringing? It’s time to consider a six-month financial check-up. Here are some items to consider for the remainder of the year. (more…)

How can small charities still comply with the 990-N filing?

Wednesday, August 4th, 2010

The IRS has announced it will help thousands of small charities keep their tax-exempt status who missed the May 17 deadline for filing the new online return, called the Form 990-N or “e-postcard.” (more…)

Can a business life insurance policy provide revenue?

Monday, August 2nd, 2010

 

Does your business own a life insurance policy on a key employee? If the policy is no longer needed, it may be tempting to let the policy lapse, but that could be a costly mistake. Instead, convert the policy into revenue through a life settlement. (more…)