If your company sponsors a 401k plan, a new ERISA regulation could mean extra paperwork… and potentially extra liability. (more…)
Archive for March, 2012
Do you process your own payroll? If so, do you ever find it challenging to stay current on the filing and payment of your payroll taxes? If so you are not alone. In 2008, the Government Accountability Office estimated that 1.6 million businesses are behind on paying their payroll taxes. It estimates that collectively, these businesses owe approximately $58 billion in payroll taxes. And, the recession may have made those delinquent tax numbers even worse. (more…)
Everyone’s heard of sales tax. That extra 7-ish percent that you pay on all of your purchases that goes to the State of Ohio. But many consumers haven’t heard of use tax. An accompaniment to sales tax, use tax is a tax on the goods and services that you should have had to pay sales tax on, but didn’t. Confused? (more…)
Contrary to popular opinion, profits are not the pulse of business. You can’t spend profits. Most companies go out of business because they lack quality cash flow — not because they lack profits or assets. (more…)
The IRS may audit only 1 percent of all tax returns annually, but if you’re one of the unlucky few, you may be wondering “Why me?” Since the agency doesn’t have enough personnel to closely review each and every tax return they receive, they rely very heavily on their computer systems flag items of “interest”.. Here are six of most common “red flags” that may impact a business owner filing a personal return. (more…)
Tax identity theft is an increasingly enormous problem. The IRS has been bombarding us with warnings of identity theft and scams this tax season.
Here’s a summary of some of the latest information you should know. (more…)
Did you know that research shows that young men and women today will likely have more spouses than children? Unfortunately, that could have a huge impact on your family business. (more…)
The requirements for participating in the State of Ohio’s use tax amnesty program’s payment program just got a little easier. (more…)
A question we hear quite often during tax season relates to when it is necessary to file a tax return for a dependent child. Some people think that money held in an account intended for college education is exempt from taxation. That is not the case, unless the account is an Education IRA or Section 529 plan. If the investments are held in a custodial account or held in the child’s individual name, the child is deemed the owner and the income is attributable to him/her. (more…)
Your accountant can help your business get financing in a number of ways.
Preparing documents. Lenders want to receive financial information in a specific format, and also want year-end and interim financial statements on a timely basis. Your accountant can help. (more…)
If you are a not-for-profit organization with a fiscal year ending on or after Nov. 30, 2011, listen up – you will be required by the Ohio Attorney General to make online filing of charity registrations. (more…)