Name: Joe Popp, JD, LLM
Posts by Joe Popp, JD, LLM:
- The minimum cost for your premiums totals over 8 percent of your household’s total income.
- You have had a gap in your health insurance coverage for less than three consecutive months.
- You have a hardship that prevented you from obtaining coverage.
- You are a member of certain religious groups (e.g. Amish) and you have Supplemental Security Income (SSI) exemption on file.
- There are several other criteria and fine print you can see here.
- You must make the IRS aware of whether your household had minimum essential coverage for each month in 2014. This can be done by checking a box identified on your tax return document.
- If your household qualified for an exemption in 2014, an additional form must be attached to your tax return, which will provide the IRS with the information needed to approve the exemption claim.
- Those required to make an individual shared responsibility payment, must make the payment when you submit your federal tax return to the IRS.
- Copyright registration
- Correspondence (legal and important matters)
- Deeds, mortgages, bills of sale
- Depreciation schedules
- Financial statements (end-of-year)
- General and private ledgers (and end-of-year trial balances)
- Insurance records, current accident reports, claims, policies, etc.
- Minute books for director and stockholder (including bylaws and charter)
- Property appraisals by outside appraisers
- Retirement and pension records
- Tax returns and worksheets, revenue agent’s reports and other documents relating to determination of income tax, sales tax, or payroll tax liability
- Accident reports and claims (settled cases)
- Accounts payable/receivable ledgers and schedules
- Expense analyses and expense distribution schedules
- Inventories of products, materials and supplies
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- Telephone logs/message books
- Time books/cards
- Withholding tax statements
- Employee payroll records (W-2, W-4, annual earnings, etc.)
- Bank deposit slips
- Employment records
- General correspondence
- Internal work orders
- Production and sales reports
- Sales commission reports
- Subscribed to the state workers’ compensation fund
- Was not group-rated
- Reported payroll and paid premiums in a manual classification for which the non-group effective base rate was “inflated” due to application of the group experience rating plan
- Ohio General Tax Amnesty
- Ohio Consumer’s Use Tax Amnesty Read the rest of this entry “
American businesses have been feeling the push and pull of Obamacare on their bottom lines for a while. Now, it’s time for individuals who chose to forego health insurance coverage to see what the individual shared responsibility provision has in store for them. If you did not have insurance coverage in 2014, you may need to send a little more money to the IRS when you go to file your 2014 federal tax return.
The individual shared responsibility provision became active in 2014 and, absent an exemption, requires individuals to pay a fee into the system if they choose not to carry health care insurance.
An exemption may be granted if:
According to the IRS, your shared responsibility payment for 2014 will either be “the greater of one percent of the household’s income above the income filing threshold for your tax filing status, or a flat dollar amount of $95 per adult and $47.50 per child (under the age of 18) – but no more than $285 per family. The individual shared responsibility payment is also capped at the cost of the national average premium for bronze level health plans available through the health insurance marketplace that would cover everyone in your family who does not have minimum essential coverage and does not qualify for an exemption – for example, $12,240 for a family of five.” This fee will increase in future years.
As you prepare to file your 2014 federal tax return, here are a few things to keep in mind:
If you’re unsure whether you qualify for an exemption or need help calculating how much you will owe to the government when making your shared responsibility payment, email Rea & Associates. We can help you determine how the shared responsibility provision will affect you.
Author: Joe Popp, JD, LLM (Dublin)
Interested in other Obamacare-related posts? Check these out:
Are you wondering what to do with all those tax documents and records you have piling up around your office or in your computer files? Are you thinking about wiping them from your company’s hard drive or sending them to the shredder? Not so fast. The IRS has several rules when it comes to how long your business should keep its records. Make sure you are up to date on the current records retention schedule before you permanently delete something important.
Generally speaking, records that support your income or deduction claims for tax return purposes should be kept until the period of limitations for a particular tax return expires. The “period of limitations” is defined as the period of time the IRS gives you to change information on your return, particularly when the information relates to a refund or credit you have claimed. Also, just because you aren’t planning to make any changes to your tax return doesn’t mean the IRS won’t. Therefore it’s in your best interest to keep your documents until the IRS can no longer assess additional taxes or request additional information from you.
Below is a quick reference guide pertaining to some common records your office has been collecting over the years and how long you should keep them.
Records You Should Keep Permanently:
Records That Should Be Retained For At Least Seven Years:
Records That Can Be Destroyed After Three Years:
If the records you are looking for aren’t listed above, you can find additional record retention recommendations in our current record retention schedule.
IMPORTANT: The actual amount of time you are required to keep a specific document may be longer depending on your business or what is contained in the document. If you have questions about specific documents or would like some advice on your current record retention practices, email Rea & Associates.
Author: Joe Popp, JD, LLM (Dublin office)
Countless small businesses soon may find that they have money coming back to them. The Ohio Bureau of Workers’ Compensation (BWC) has decided to settle a class action lawsuit alleging that the BWC, over the course of many years, had a system of group rating in place that improperly overcharged many Ohio businesses. A lower trial court originally ruled in favor of the plaintiffs with possible damages exceeding $800 million. While the ruling was upheld on appeal, the appeals court sent the decision back to the initial court to better address the issue of damages.
Now the BWC has agreed to pay out $420 million to those affected by the state agency’s practice of overcharging for workers’ compensation premiums between the years of 2001 and 2008.
To fulfill its obligation under the settlement agreement, the BWC said it will create a fund that will be specifically used to pay: claims made by employers found to be participants in the class action lawsuit, attorney fees, court costs, and costs associated with administering the fund. According to the settlement agreement, any unclaimed money will be returned to the bureau.
Can You Make An Ohio BWC Claim?
In order to make a claim, you must have been a private, non-group rated employer at some point during 2001-2008 who:
Employers who were non-group rated for at least one policy year between 2001 and 2008 are eligible to claim a portion of the settlement. Eligible employers should be receiving a notice that indicated their status as class members and how to make a claim. A website where claim information can be submitting is currently under development.
Class members are required to submit their claims to Judge Robert McGonagle of the Cuyahoga County Court of Common Pleas. Claims must be postmarked no later than Sept. 22, 2014. More information on this ruling can be found here. More details are coming, so stay tuned!
If you’re entitled to a portion of the BWC settlement, make sure you understand your rights and know how to follow the transaction process. If you’d like more information about how to claim what’s yours, email Rea & Associates and ask for information about this process.
Author: Joseph Popp, JD, LLM (Dublin office)
Stay up-to-date on other recent business advice blog posts. Check these out:
Obamacare is back in the news as a top story! Why? Because the U.S. Supreme Court ruled today that closely held, for-profit companies can claim religious exemption to avoid providing health insurance coverage for contraceptives.
An Obamacare provision stated that businesses with more than 50 employees must cover preventive care services, including birth control and morning-after pills to female employees. Today’s Supreme Court ruling provides relief for many U.S. for-profit companies by giving way to this religious exemption. Now companies that feel offering health insurance the covers contraceptives goes against their religious beliefs can opt out of providing this kind of coverage. Check out this New York Times article which provides a more in-depth look at the today’s U.S. Supreme Court ruling. Of course, its too early to tell the practical impact of this decision – insurance companies are free to choose which kind of coverage is covered by their insurance plans, and the relative pricing of those plans, after all.
Do you feel like today’s Supreme Court ruling could impact your business and the health insurance coverage you offer to your employees? If it does, and you need help, contact Rea & Associates. Our health care reform tax experts can help you determine how it affects you and your business.
Author: Joe Popp, JD, LLM (Dublin office)
Interested in other Obamacare-related blog posts? Check these out:
You may have heard some buzz lately about the Obama administration and/or the IRS barring employers from “dumping” employees onto the health care exchanges – with some truly severe cash penalties for doing so. But is this really “new” news? What exactly does this mean? It might surprise you to know that employee dumping is not all it seems.
A recent New York Times article explains that “employee dumping” is the practice where an employer drops health insurance coverage to its employees, the employees go to the health care exchange to buy insurance, and then the employer on a pre-tax basis reimburses its employees for their premiums. This “have-your-cake-and-eat-it-too” approach (with various ways to accomplish it) was one of the leading responses to this legislation that Obamacare consultants developed. The administrating agencies (IRS, HHS, DOL) shut this option down when they issues guidance in September 2013. ANY attempt by an employer to pay an employee a pre-tax benefit for health insurance has since then been a very dangerous approach, although some exceptions exist (e.g. retirees only). This current “news” is simply a clarification that these things are indeed busted.
Can You Still Drop Health Care Insurance Coverage?
What if you want to drop your coverage, send employees to the exchange, and then increase their after-tax pay so that they can pay for exchange insurance? That’s OK, it doesn’t conflict with the rules. It’s only pre-tax benefits you should be concerned with.
What if you increase worker pay as I just described, and then the employee sinks that cash into an HSA that they get from a bank (for free)? That gets them a tax deduction (up to certain limits) … is that OK? Yes! Remember that what the IRS is looking to prevent is employers trying to give pre-tax benefits without offering insurance – that is the “evil” that these regulations are designed to combat. Once the employer pays taxable wages to an employee, the employee is free to use whatever means they have available to be tax efficient.
A Pit Trap For The Unwary
So is “employee dumping” limited to the situation where employers are trying to push tax-free cash to employees? Actually no, and this is why I refer to this as “a pit trap for the unwary.” Dumping also refers to the practice of employers encouraging workers with high medical bills to go to the exchange.
What exactly does this mean? Think of it this way … As an employer, you have an insurance plan that still takes into account the health and claims of your workforce (they still exist). If you can get an employee to the exchange that has $400,000 of medical costs a year, you could potentially save a large sum of money and your employee is not harmed because they can get quality coverage on the exchange for no more than a healthy individual can.
Some companies throw a cash kicker on top for the employee to voluntarily drop coverage (what’s an extra $10,000 in cash if you are saving $100,000+). Everybody wins, right? Well, not the Exchange. If it’s discovered that you – the employer – are doing this, there are administrative rules in place that can throw that cost back at you. Insurance companies have a duty to report suspected employee dumping, so be careful!
Have you considered “dumping” or are you unsure if you’re heading down this path? If so, contact Rea & Associates. Our team of Ohio tax professionals can help you determine what path is best for you to take, as well as help you stay in compliance with Obamacare rules and avoid any pitfalls along the way.
Author: Joe Popp, JD, LLM (Dublin office)
Interested in reading more on how Obamacare will impact you and your business? Check out these posts:
You’ve probably never received a Valentine’s Day gift from the IRS, but this year you did! On Monday, the IRS issued final regulations on Obamacare’s employer shared responsibility payment provision, otherwise known as the “pay or play” provision. Like many things the IRS announces, there’s quite a bit a fine print. This time is no exception. Check out some of the highlights of the final regulations and learn what you need to know moving forward. Read the rest of this entry “
Do you use your personal vehicle for business purposes when you’re on the clock? Or do you use your vehicle medical, moving or charitable purposes? If so, did you know that you can claim a tax deduction on the mileage you rack up? Read the rest of this entry “
Things are continually changing on the Obamacare front. I wanted to provide you with a brief update since my blog post from last Friday. In last Friday’s post, I explained that today (Dec. 23, 2013) was the last day for individuals to sign-up for insurance through the federal government (“the Exchange”) that would take effect on Jan. 1, 2014. However, the Obama administration announced today that it is extending the deadline by one day. If you’re interested in obtaining health insurance through the Exchange, you can now enroll through tomorrow, Tuesday, Dec. 24. For more information on the deadline extension, view this recent CNNMoney article. Read the rest of this entry “
Christmas is upon us, but you know what else is? The federal deadline to pay for exchange insurance that’s effective Jan. 1, 2014. Yes, that’s right. If you want health insurance through the federal government, you’ve got until Monday, Dec. 23, 2013, to apply and pay for it. Some insurance companies have delayed this deadline to Jan. 10, 2014 – but not all. So don’t wait – make sure you’re covered today. Read the rest of this entry “
As Obamacare becomes more and more of a reality to individuals, I’m being asked lots of questions. In the past few weeks, I received three questions that I’m finding are common concerns among the people I’ve talked with. I wanted to share these questions and provide some insight into each. So let me peel back the Obamacare “onion” and help you better understand how you may be impacted or what options you have available to you. Read the rest of this entry “
Has your business enjoyed the small business health care credit for the last few years? Well, get ready because changes are coming in 2014. Read the rest of this entry “
You may recall the popular saying, “Stop, Drop and Roll.” This is what we were taught in case a piece of our clothing or hair caught on fire. This same clever saying can (in a roundabout way) be applied to the list of options that businesses now have because of Obamacare. SHOP, Drop, Roll or Self-insure. Read the rest of this entry “
Obamacare is a complex piece of legislation. And in a recent ABC News/Washington Post poll, 62 percent of Americans said they lack information they need to understand Obamacare and how it will impact them. Read the rest of this entry “
The next Obamacare requirement deadline is right around the corner— are you ready? If you’re an employer, the Fair Labor Standards Act (FLSA) requires you to provide copies of one of the following insurance notices to all of your employees:
You must provide these insurance marketplace availability notices to your employees by Oct. 1, 2013. Read the rest of this entry “
The state just announced that it will launch the second round of the Incumbent Workforce Training Voucher Program. Earlier this year the state offered $20 million in cash to businesses to reimburse for training costs. However, all those dollars were accounted for the first day the program launched. Don’t fret though – more dollars will be available on September 30 at 10:00 a.m.! Read the rest of this entry “
As you can probably guess if you have seen any courtroom dramas lately, semantics is very important when it comes to the law. One word can totally change the meaning of something, and hence change the thinking or behavior of someone. Or in the case of tax law, one word can be a “gotcha!” or really change just how useful a provision might be to your business. Let’s take a look at the small business tax break that is part of the recently passed Ohio budget as an example. Read the rest of this entry “
By now, you’ve been hearing a ton about the Affordable Care Act (yes, even from us), and you may be getting tired of all this news. However, it’s critical for you and your business to stay up-to-date on what is changing and what is being decided as it relates to the ACA. The Ohio Department of Insurance (DOI) recently announced in a press release that if you’re an individual consumer who chooses to buy health insurance through the federal government’s insurance exchange, you’ll be paying approximately 41 percent more than what you paid in 2013. And if you’re a business owner, you’ll see somewhere in the ballpark of an 18 percent increase. Read the rest of this entry “
And so it continues… the next deadline in a long list of fee deadlines for the Affordable Healthcare Act is fast approaching. If you are a business that is self-insured for health care (this includes Health Reimbursement Arrangements/Accounts), and if you had a plan year end on or between Oct. 1, 2012 and Dec. 31, 2012, then you have a new fee to pay by this Wednesday, July 31, 2013. Calendar year plans are included in this because their end date would have been Dec. 31, 2012.
Read the rest of this entry “
By now you have probably heard about the one-year delay to certain aspects of the Affordable Care Act (ACA). But beware! The other elements of the law are going into effect soon and there is one that may have sneaked past you – a new filing and fee due July 31, 2013. Read the rest of this entry “
With the Affordable Care Act “pay or play” provision delayed, I don’t have to do anything before 2015, right? Wrong!July 3rd, 2013
If you had more time to prepare for something that could have a huge impact on your business, would you take advantage of that extra time? If you answered no, then you might want to think again. Read the rest of this entry “
This week, President Obama and the Department of the Treasury announced that several key elements of the Affordable Care Act (ACA) will be delayed until 2015. Specifically, the “pay or play” provision, or employer mandate to provide essential minimum coverage that is both affordable and minimum value. In addition, the employer informational reporting requirement has also been delayed until 2015. The administration cited stakeholder concerns and difficulties in implementing smoothly as reasons for the delay. Read the rest of this entry “
When will the application process begin for the next round of the Ohio Incumbent Workforce Training Voucher Program? This is a burning question for many Ohio companies these days. While the Ohio Development Services Agency has not yet communicated what date the application process will begin, you can keep an eye on its website for an official announcement. They are hoping to have the application process open sometime in June, though it’s possible that date may get pushed back. Read the rest of this entry “
It’s almost half way through the year. When thinking about your employees, how have you helped them develop professionally during the past few months? Investing in your people pays off. It helps them, helps you, and helps your customers. But, it’s expensive and time consuming – training is one of those things that always seem to get pushed until tomorrow. But now the state of Ohio is taking away one of your excuses – it’s picking up part of the tab. Read the rest of this entry “
A few months ago, businesses across the state were racing to participate in the Ohio Incumbent Workforce Training Voucher Program. The program, which offered $20 million in cash to businesses that provide certain types of employee training, seemed almost too good to be true. It was true, but it was too good to last. The whole $20 million was initially claimed the first day of the program!
If you’ve got expensive training costs and didn’t get a piece of the $20 million last time, don’t fret. Ohio will be rolling out another round of the Ohio Incumbent Workforce Training Voucher Program – this time with a $30 million pie! This second round of the program will provide funds for trainings that will take place between July 1, 2013, and June 31, 2014. The official kick-off date for the applications has not yet been announced, but state officials hope to go live in May or June. Read the rest of this entry “
If you’re like most business owners, health care reform has you running scared. You’re worried about how much it will cost you – and if your business can survive the burden.
You’ve heard about the employer mandate and the potential fines for not complying with it. But, that’s all in the abstract. No one has told you what it will cost your business – and what you can do to mitigate that cost. Read the rest of this entry “
You may have thought that you’ve opened all your gifts, but the state of Ohio has one more for you – and it’s a good one. Launching next week, the Ohio Incumbent Workforce Training Voucher Program [http://development.ohio.gov/bs/bs_wtvp.htm] will provide $20 million in cash to businesses that provide certain training for their employees. If your business is in one of the program’s targeted industries, you could qualify for up to $4,000 per employee. Read the rest of this entry “
How do you plan for an uncertain future? Very carefully. That’s the advice that we’re giving to our clients as they to prepare for the tax law changes that are coming on January 1, 2013.
We can’t see into the future, but it looks like rates will go up, on lots of different types of income, in 2013. Unless changes happen, your rates will be significantly higher on January 1 than on December 31. What difference does a day make? Perhaps as much as a 29.4 percentage point jump in your taxes. Read the rest of this entry “
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? Read the rest of this entry “
By now you’ve probably seen the headlines that the Supreme Court announced its decision on health care reform and are wondering what it all means. What parts of the laws have been upheld? As a business owner, what will you need to do to comply with them?
In general, all of the tax provisions in the health care reform laws have been defended and will continue to be phased in over the next two years. Here’s what you need to know about what that means for you and your business. Read the rest of this entry “
If you’re a tax payer who’s invested in a small business through the InvestOhio program, or if you’re a business owner who’s received a credited investment, you could find yourself impacted by new program changes or fees. Read the rest of this entry “
Commonly Overlooked Ohio Use Tax Liabilities
For the last year, we’ve been telling you about the State of Ohio’s efforts to step up enforcement of its use tax law. Use tax can be thought of as a companion tax to sales tax. In many cases, if you didn’t pay Ohio sales tax, chances are you will owe Ohio use tax. Read the rest of this entry “
Healthcare Reform’s Impact on Employers
The Affordable Care Act (Healthcare Reform) put into law a number of provisions which impact employers. These provisions are being rolled out slowly over the next few years. One provision that’s new for 2012, regarding W-2 reporting of health insurance costs, applies only to large employers. As this provision is likely to get a lot of attention in 2012, it’s important to know, up front, if your business is required to comply. Read the rest of this entry “
Actually, there are two types of Ohio tax amnesty running right now:
Ohio’s newest tax amnesty program, General Tax Amnesty, starts today. General Tax Amnesty gives taxpayers amnesty for previously underreported or unreported taxes (but it is not available for reported but unpaid taxes). General Tax Amnesty is available for most, but not all, types of Ohio taxes. A list of the types of taxes which qualify for amnesty can be found in my previous blog post about the topic. Read the rest of this entry “
Ohio’s General Tax Amnesty program kicks off tomorrow, but a lot of individuals and businesses don’t know how to participate in it. That’s a shame, because it’s been 3 years since the last general amnesty for businesses and 6 years since the last amnesty for individual taxpayers. Read the rest of this entry “
Over the last year, you’ve heard a lot about Ohio’s Use Tax Education program, which has since become the Use Tax Amnesty program. Use tax is tax that is owed on goods and purchases for which sales tax should have been charged, but wasn’t. It’s a great program, assisting Ohio taxpayers in getting current with their Ohio use tax liabilities and waiving penalties and interest. Ohio’s got another tax amnesty program, General Tax Amnesty (which includes sales tax) starting this week – which makes this a good time to mention a darker side to the Use Tax Amnesty program and how it could impact vendors. Read the rest of this entry “
Ohio’s Use Tax Amnesty Program has been big news. We’ve been happy to help businesses across Ohio take advantage of the Use Tax Amnesty Program, perhaps the most business-friendly tax program in Ohio’s history. Businesses have been able to take care of outstanding use tax liabilities, open a use tax account, and start themselves off with a clean slate with the Ohio Department of Taxation. Read the rest of this entry “
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? Read the rest of this entry “
If you’re an Akron business that collected income taxes from your employees but didn’t pay them to the city, the city is going to come after you if you don’t step forward. 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’re thinking about donating a portion of your IRA to charity, you’ll receive a greater tax benefit if you do so before December 31. A popular provision is set to expire at the end of the year, and there is no guarantee the provision will appear in an extender bill in Congress anytime soon. Read the rest of this entry “
Recently we’ve been telling you about Ohio’s new nonrefundable tax credit program called InvestOhio. Through it, Ohio taxpayers who invest in qualifying Ohio small businesses can qualify for a 10 percent credit against their personal Ohio income tax if they meet certain requirements. In less than two weeks, taxpayers can begin the second step in the application process for this tax credit. Read the rest of this entry “
Ohio taxpayers who invest in a qualifying Ohio small business can qualify for a 10 percent credit against their Ohio income tax if they meet certain requirements – and they can now apply for the credit. Read the rest of this entry “
In a nod to higher gas prices, the IRS has increased the business mileage rate deduction to 55.5 cents per mile. The new rate becomes effective July 1 and raises the rate 4.5 cents. The deduction for medical and moving expenses also increases 4.5 cents to 23.5 cents per mile. Read the rest of this entry “
The Michigan Department of Treasury is providing an opportunity for delinquent taxpayers to pay their taxes while avoiding penalty charges and criminal prosecution, but time is running out to participate in the program. Read the rest of this entry “
Recently blogger Paul Caron, a professor of law at Cincinnati College of Law, shared an IRS tax form from 1864. The form was two pages, and 10 questions. As our country considers ways to simplify our current tax laws, it may make sense to look at where and how our tax laws began nearly 150 years ago. Read the rest of this entry “
The federal tax deadline has come and gone. What if you haven’t filed your taxes? Read the rest of this entry “
When it comes to 1099 reporting rules, it’s out with the new and in with the old. Read the rest of this entry “
If your company does its own payroll, make sure you have reimbursed any 2011 Social Security taxes that may have been overwithheld to your employees by March 31. Read the rest of this entry “
Governor Kasich recently signed into law House Bill 58. This new law updates the version of the Internal Revenue Code that Ohio uses to include the end-of-the-year changes that the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 made to federal law. Read the rest of this entry “
A business owner asks: If I have an LLC in Michigan but sell my product in North Carolina, do I have to file a tax return in North Carolina? If so, what type?
That’s a great question, in fact it touches on one of the questions in state and local taxation today – do I have nexus with a state and if so, what kind of return do I need to file there. Read the rest of this entry “
Taxpayers can now check the status of their IRS refund on their smart phone. The IRS has unveiled IRS2Go, a smart phone application, and also announced a news feed on the social media platform Twitter. The new communication channels are two of a growing list of ways the agency is working to communicate with taxpayers. Read the rest of this entry “
If your business files Ohio taxes, you’ll soon receive similar tax breaks to the recent federal tax code, according to Ohio Tax Commissioner, Richard Levin. Read the rest of this entry “
As part of the recently passed tax extensions, Congress extended, once again, the popular IRA rollover to charity provision – but with a twist. Read the rest of this entry “
As part of the recently passed tax extensions, Congress extended, once again, the popular IRA rollover to charity provision – but with a twist. Read the rest of this entry “
The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (HR 4853), signed by President Obama on Friday, December 17, 2010, contains several provisions that will impact businesses. Below is a quick roundup of the provisions for businesses. Most of the provisions below are scheduled to sunset on 12/31/20112, unless otherwise noted. Read the rest of this entry “
On Friday, December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (HR 4853) after the compromise bill worked its way through approval by both houses of Congress. The new law contains a number of extensions of popular tax provisions for individuals, businesses and estate/gift taxes. Below is a quick roundup of the provisions for individual taxpayers. We will outline business provisions in a separate post. Most of the provisions below are scheduled to sunset in some way on 12/31/20112. Read the rest of this entry “