Archive for July, 2012

A Use Tax Audit Could Cost You Big

Friday, July 27th, 2012

The State of Ohio is looking for additional tax dollars, and they’re not going to give you the benefit of the doubt if your business is audited for use tax. But you may be able to avoid a use tax audit if you qualify for a one-time opportunity to enter into the State of Ohio’s amnesty program. (more…)

Do You Need to Report Health Care Benefits on W-2s?

Thursday, July 26th, 2012

“Obama Care is terrible!”  “Health care reform is great!”  Depending on your political stripes, you may have differing views on the Affordable Care Act.  Regardless of whether you love it or hate it, health care reform will impact your business in the years to come.  (more…)

Now is the Time to Gift to Your Family

Thursday, July 19th, 2012

Expiring Provisions Will Cost you Big

There is a gentleman I know who started a successful business and has become a wealthy man. He always tells me that he wants to provide for  his children and grandchildren – however, he needs to wait to make sure his wife will have the money the need to live comfortably for the foreseeable future. It’s something he adds to his to-do list for the fantasy “next year.”

It’s respectable that he’s worried about the economy, and the impact it may have on his personal lifestyle. However, Uncle Sam is taking the luxury of waiting away from many people. If you’ve ever considered making a gift, there may not ever be a more opportune time. (more…)

How Could Ohio Medicaid Expansion Impact Your Business?

Wednesday, July 11th, 2012

Recently, we told you about some of the immediate tax consequences that you, as a business owner, can expect because of the Supreme Court’s decision on health care reform.  If you read How Does the Health Care Reform Decision Impact Your Business, you know that your healthcare costs and Medicare taxes are likely go up.  But, did you know that you might need to pay more for Medicaid, too? (more…)

Is Now the Time to Gift a Business Interest?

Tuesday, July 10th, 2012

2012 Gift Tax Exemptions and Business Planning

As you go about your day-to-day work within your business, you might not be thinking about what will happen when it’s time for you to leave the company. However, recent changes in the gift tax laws have created a window of opportunity that could allow you to transfer more of your business interests for less tax liability than at any other time in history. (more…)

Fraud Prevention Through Risk Assessment

Thursday, July 5th, 2012

All too often, school clients come to us asking about fraud detection. But, needing fraud detection implies that there’s fraud to detect. Clients should really be asking us about fraud prevention. A proactive approach to fraud prevention, rather than a reactive approach to fraud, helps schools to stop fraud in its tracks.

One of the most important parts of fraud prevention is risk assessment. Determining your organization’s high risk areas will allow you to focus your efforts on the areas where they’ll be most effective – giving you the best bang for your buck. (more…)

Where Can You Get Cash for Your Business?

Monday, July 2nd, 2012

All businesses need cash to operate. Without it, you can’t repay expenses let along find new ways to grow your business. But where can you go to find that needed cash? There are only three options: an investor, a bank or within your business. (more…)