Archive for May, 2011

Do You Owe Use Tax? See These Commonly Taxed Items

Friday, May 27th, 2011

Use tax is one of those taxes that can sneak up on your business. And unfortunately, the State of Ohio has begun efforts to increase its education and enforcement of use tax. The Ohio Department of Taxation has already identified 380,000 businesses that do not have use tax accounts, and will soon be sending notices to bring them into compliance.

Note: Ohio has established a tax amnesty program since this post was originally created. Please click here for the most recent information.

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Saving for College? Use Sallie Mae’s New Mobile App

Monday, May 23rd, 2011

If you’re saving money for college through a tax-deferred 529 plan (or you know someone who is), a new mobile app from Sallie Mae could help you add even more to the till. (more…)

Are You Celebrating National Small Business Week?

Wednesday, May 18th, 2011

May 16-20 is National Small Business Week, and several organizations are providing materials, events and other tools to help small businesses. (more…)

Are You a Manufacturer? Purchase Now For More Tax Benefit

Tuesday, May 17th, 2011

If you purchase equipment in 2011, you can take advantage of greater depreciation bonus expensing, but you have to plan ahead. Here are some considerations. (more…)

What If Will and Kate Married in the US? Financial Advice for Newlyweds

Friday, May 13th, 2011

As the Duke and Duchess of Cambridge settle into married life, they may manage many of the same financial issues that any other newlyweds face with a new union. So, what if William and Kate got married in the United States instead? What financial advice might they receive that soon-to-be brides and grooms might also heed? (more…)

Overwithheld FICA taxes in 2011? Here’s how to fix it

Thursday, May 5th, 2011

What is the proper procedure for those who over-withheld Social Security taxes early on in 2011, but failed to make the proper adjustment prior to the March 31 filing deadline? How should the first quarter 2011 Form 941 be filed?  Should adjustments be made as soon as possible?  I am unable to find any help on the government sites. (more…)

Are you following fiduciary best practices?

Tuesday, May 3rd, 2011

If you operate a retirement plan, you’re probably well aware that your position as a fiduciary is facing increasing scrutiny – and increasing liability and risk. In addition to increasing rules from the Department of Labor, recent lawsuits and settlements have highlighted the “significant potential liability for breach of fiduciary duty.” (more…)