Archive for the ‘Ohio’ Category

Ohio’s Identity Theft Quiz Returns – With Modifications

Tuesday, February 2nd, 2016

Last year, Ohio’s Department of Taxation rolled out the Identification Confirmation Quiz, which required many Ohioans to prove their identities before receiving a refund. Needless to say, there were more than a few unhappy campers. However, despite its shortcomings, the quiz did what it was supposed to do – helped thwart tax fraud, which is why the Ohio tax quiz will make another appearance in 2016.

Read Also: How To Recover From Identity Theft & Tax Fraud

So, how successful was the quiz at stopping fraudsters from stealing refunds? Very. One Ohio news source reported that the quiz helped identify an estimated 234,336 fraudulent refund requests worth $259.1 million in 2015. The year prior, only 64,693 requests were reportedly stopped.

“We are committed to combatting tax fraud and ensuring that tax refunds are paid only to legitimate filers,” said Joe Testa, Ohio tax commissioner, in an op-ed piece on the Ohio Bar Association’s website on Jan. 6. “We believe we’re among the leaders in the country in aggressively combatting these fraud schemes. Last year, the Identity Confirmation Quiz was instrumental in that fight.”

Testa did go on to say that, after reviewing feedback from last year’s tax season, changes were made to the types of questions asked in an attempt to improve the entire process while facilitating a better experience overall. He said that further improvements were made to the department’s tax return analysis, which should result in fewer taxpayers from being required to take the quiz in order to receive a refund.

Tax fraud and identity theft continues to be a major problem throughout the nation, but you don’t have to stand by and do nothing. This article will provide you with some tips to help reduce your risk of becoming a victim.

By Lisa Beamer, CPA (New Philadelphia office)

Want more safety tips to help get you through tax season unscathed? Check out these articles:

Join The Fight Against Identity Theft & Income Tax Fraud

When Scammers Demand That You Pay Up, IRS Says You Should Hang Up

Let’s Talk About The F-Word

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Join The Fight Against Identity Theft & Income Tax Fraud

Friday, January 29th, 2016

Income tax identity theft and refund fraud has become a huge problem over the last few years; and while billions of dollars are finding their way into the pockets of fraudsters, the IRS is working hard to shut down these schemes.

The IRS paid roughly $5.8 billion dollars in fraudulent refunds to identity thieves over the course of the 2013 filing season. While that is a huge number, it could have been a lot worse. During the same time period, the amount the IRS successfully prevented or recovered totaled around $24.2 billion. But these statistics only take into consideration the fraud we know about.

Identity theft isn’t just a threat during tax season, scammers are exploiting a lot of cracks in your armor. Listen to episode 12: the great data saver on unsuitable on Rea Radio for insight from Joe Welker, CISA, Rea’s IT Audit Manager

The Unknown Number

While it is nice to know that the IRS is working hard to prevent identity theft and refund fraud, the truth is that we don’t yet have all the information to determine how bad the income tax fraud epidemic really is. This means that we continue to be at risk of becoming a fraud victim again this tax season. Perhaps if we knew how many fraudulent tax returns went on to be processed and how many billions of dollars were paid out to scammers looking to make a quick buck we could finally make some educated assumptions about the likelihood of being defrauded out of your refund check.

I don’t like not having all the necessary information.

Read Also: Ohio Department of Taxation Stops Thieves From Stealing Millions

This year, income tax fraud is expected to be higher than ever. This video, produced by abc6 out of Columbus, Ohio, shines more light on the topic of identity theft in Ohio.

Calling In Reinforcements

The IRS has realized that identity theft and refund fraud are threats that are showing no signs of going away. So the agency has requested help. The Internal Revenue Service, in cooperation with state tax administrators and tax industry leaders, has formed a public-private sector partnership to identify and test more than 20 new data elements on tax return submissions that will be shared with the IRS to detect and prevent fraudulent filings. The software industry is doing its part by putting enhanced identity validation requirements in place to protect customers and their personal information from identity thieves.

As of October 2015, 34 state departments of revenue and 20 tax industry members have signed memorandums of understanding regarding coalition’s roles, responsibilities and information sharing measures. More states are expected to sign on later.

Taxpayers Are Encouraged To Fight Back Against Fraud

Over the last 3 years, the IRS has initiated more than 3,000 fraud investigations. Those investigations have gone forward to convict and sentence close to 2,000 thieves to around 40 months in prison apiece. But there is still much to be gone. They are doing their part.  We as taxpayers have to do ours.

In January, the IRS launched the “Taxes. Security. Together.” initiative to educate taxpayers on income tax identity theft and ways they can safeguard their information and protect themselves. According to the agency, there are several ways you can protect yourself from identity theft – especially during tax season:

  • Keep your computer secure
  • Avoid phishing email and malware
  • Protect your personal information

Above all, choose your tax preparer wisely and make sure they take their responsibility to safeguard your information very seriously. A tax preparer can also help if you do encounter a situation in which your information could be compromised.

By Ashley Matthews, CPA (Dublin office)

Want to take steps to ensure that you won’t be a fraud victim this year? These articles feature information that can help.

Should I still be concerned about identity theft and tax fraud?

How can you protect yourself from tax fraud

Identity Theft Prevention: Tips To Reduce Your Risk of Becoming a Victim

How To Recover From Identity Theft & Refund Fraud

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Business Leaders Were Reading What?!

Monday, December 28th, 2015

2015′s Most Popular Blog Posts

Best Business Blog Posts 2015- Ohio CPA FirmIf you take a moment to scroll through the list of categories, authors and archives on the right-hand side of this page, it’s pretty clear to see just how active Rea’s team of experts are when it comes to providing leaders in the business community with accurate, timely and easy to digest content. We are fortunate to have so much experience and expertise on our staff, and their eagerness to serve you better has allowed us to maintain a bi-weekly electronic newsletter, a quarterly print newsletter, three blogs and a handful of electronic segment specific newsletters. That’s a lot of content – but we are not even thinking about slowing down! I hope you hang around my lily pad for awhile. I’m pretty sure you’ll find a lot of great little tidbits to read about in 2016 too. Until then, I want to invite you to take a look at some of our most popular blog posts and articles. And, if you haven’t already, take a moment to look through the newsletters we offer and sign up to have news, tips and valuable information delivered to your inbox all year long!

Top 5 Dear Drebit Posts In 2015

Dear Drebit is updated every few days with timely information and advice. In addition to covering current trends and issues, readers are also invited to ask financial and business questions on the page, which will be answered by one of Rea’s industry experts. Here are last year’s top posts:

  1. How Far Back Can The IRS Go For Auditing?
  2. Theft Safeguards To Cause Tax Return Delays In Ohio
  3. Six Things 401K Plan Sponsors Need To Do Now
  4. New Adjustments Will Affect Your 2015 Tax Return
  5. File Faster With This Tax Prep Checklist

5 Most Popular Posts On Brushing Up Blog

Brushing Up: The Dental Accounting Blog features a variety of finance and business advice specifically tailored to dental professionals. From purchasing a practice, knowing what to expect from a career in dentistry and hiring the best staff for your practice to general accounting advice, tips for cashing out at retirement and tax tips, this blog is a valuable tool for dental professionals who are looking for ways to secure long-term success in their career. The year’s most-read blog posts are:

  1. How Sales & Use Taxes Apply To Ohio Dental Practices
  2. 6 QuickBooks Tips Every Dentist Should Know
  3. Could A Crown Be A Tax Deduction?
  4. 10 Year-End Tax Planning Strategies For Dentists
  5. Buying An Established Dental Practice? Master The Changeover 

Cultivating Your Business Readers Choose Top 5 2015 Posts

The Cultivating Your Business blog is a resource provided to clients and visitors on the firm’s Know & Grow website. Updated a few times per month, business owners have access to advice, tips and general insight into how to grow their businesses and realize an optimal return on their investment upon retirement. Here are the top blog posts from last year:

  1. Bad Buy-Sell Agreement Claims Another Family Dinner
  2. Will Your Summer Reading List Make You A Better Business Owner?
  3. WARNING: Free Business Valuation Offer Is Unbelievable
  4. Uncover The Secrets To Cashing In On Your Business
  5. How To Communicate To Your Employees That You’re Selling Your Business

Top 10 Articles In Rea’s Library In 2015

In addition to our blogs, the Rea team publishes a lot of other valuable content in print and electronic newsletters. We make sure that all these articles are easily accessible in our article library. This is where you will find many of our niche pieces as well as a lot of general accounting tips and insights. Take a look at some of our most popular posts over the last year.

  1. What Is The Mid-Quarter Convention?
  2. Dangers Of Paying Under The Table
  3. Revenue Recognition Changes Are Coming
  4. Football Ticket Deductions
  5. 401K Loans And Keeping Your Plan In Compliance
  6. Take Control Of Your Vendor Master In Nine Steps
  7. Why Your Traditional Employee Management Method Is Failing
  8. The Birth Of The Taxpayer’s Estate
  9. Parting Is Such Sweet Sorrow: But What About Your 401K?
  10. Purchasing Cards Compromise Business Security
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Congress Gives Taxpayers An Early Christmas Present

Monday, December 21st, 2015

PATH Act Makes Several Key Tax Provisions Permanent

PATH Act Makes Several Key Tax Provisions Permanent | Rea & Associates | Ohio CPA Firm

Congress finally made good on its promise to make take a more definitive stance on the future of many popular tax provisions last week when members voted in favor of making many of them permanent. Other tax provisions received a temporary extension. Read on to learn more.

There is nothing like waiting until the last minute to complete a task. We’ve all been there and we all promise we’ll never do it again. Unfortunately (especially when it comes to determining the future of several valuable tax provisions) our government has fallen victim to the same bad habit.

Year after year, Congress promises to address the future of many expired tax provisions, and year after year they fail to make a definitive decision – opting only to pass legislation that extends the provisions for another year. In the meantime, taxpayers are expected to take on the impossible task of navigating the terrain amidst legislative uncertainty. Happily, things are about to change.

Listen To Our Podcast Taxes Are Like Fishing To Learn More About Tax Strategy

Congress finally made good on its promise to make take a more definitive stance on the future of many popular tax provisions last week when members voted in favor of making many of them permanent. Other tax provisions received a temporary extension. The legislation, Protecting Americans From Tax Hikes Act of 2015 (PATH Act), is retroactive to Jan. 1, 2015, and provides taxpayers a level of certainty that they have been without for quite some time.

This legislation offers a lot of relief to individuals and businesses, alike. Here’s an overview of what you can expect moving forward.

Key Tax Provisions Made Permanent By The PATH Act:

  • 15-year recovery period for qualified leasehold improvements, qualified restaurant buildings and improvements, and qualified retail improvements
  • Extension and modification of the research & development credit, including allowing certain small businesses to claim the credit against AMT liability and employer’s payroll (ie: FICA) liability
  • 179 expensing limitations and phase out increased to $500,000 and $2 million respectively
  • Exclusion of 100 percent of gain on certain small business stock
  • Extension of tax-free distributions from IRAs for charitable purposes
  • Earned income tax credit
  • Child tax credit

Key Provisions Extended Through 2019

  • Extension of the new markets tax credit in which Congress authorized $3.5 billion allocation of credits each year from 2015 until 2019
  • Extension and expansion of the work opportunity tax credit
  • Bonus depreciation is extended at 50 percent for 2015 through 2017, 40 percent for 2018, and 30 percent for 2019

Key Provisions Extended Through 2016

  • Extension and expansion of empowerment zone tax incentives
  • Two-year moratorium on the 2.3 percent medical excise tax imposed on the sale of medical devices
  • Extension of energy efficient commercial buildings deduction

In addition to the extension of key tax provisions, the PATH act also puts more scrutiny on the operations of the IRS. IRS agents will be held accountable for knowing and acting in accordance with the taxpayer bill of rights and prohibits the use of IRS business for political gain.

The passage of the PATH act is a huge victory for American taxpayers, and will allow them to partner more efficiently and effectively with their tax advisors on key issues in years to come without the uncertainty that has plagued them for many years.

Be sure to set up an appointment to speak with your tax advisor or financial planner to talk about how the PATH act will impact your ability to take advantage of tax planning strategies. Do you have questions about specific aspects of the PATH act? Fill out the form on the top, right side of this page to submit your question to Dear Drebit.

By Ashley Matthews (Dublin office)

Are you looking for more ways to save on your tax bill? These articles can help:

Year-End Tax Tips For Business Owners

Dos & Don’ts of Gifting Donations

Should I Make A Big Purchase To Cut Taxes?

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When the ACA Tops The Charts, Joe Popp Provides The Play-By-Play

Thursday, December 17th, 2015

What do you know about the new Affordable Care Act’s filing requirements?

Well, if you are a large employer (an employer with 50 or more full-time employees or full time equivalent (FTE) employees), for example, you should be in the process of preparing your 1095-C forms to distribute to employees before the Jan. 31, 2016 deadline. But that’s not all …

I recently spoke with Gary Hunt, senior content editor for the Ohio Society of CPAs, about the “ACA’s latest hits” for an episode of OSCPA Spotlight video series. During this interview, I went into some more detail about the forms large employers are required to file per the ACA, specifically Form 1095-C.

So, if you want to know a little more, including who’s responsible for completing the forms and when they’re due, among other things, click on the video below or check it out on the OSCPA website.

You can also learn more about the services our team at Rea & Associates is offering large employers who are scrambling to meet the deadline – I mentioned this at the end of the segment – when you visit www.reacpa.com/affordable-care-act-consulting.

Don’t say we didn’t warn ya! Here are some more resources that shine light on the upcoming ACA filing requirements:

Secure Form 1095-C Help Now And Avoid Penalties

Make BIG Changes Or Face BIG Fines

The Cost Of Reimbursing Employees For Health Care

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Then And Now: Data Security In America Since The Target Breach

Wednesday, December 16th, 2015
Data Breach - Ohio CPA Firm

The Target breach symbolizes the moment when the threat of personal data security violations became mainstream in America; and today, we don’t think about fraud in terms of if it will happen – it’s when it will happen.

It’s hard to remember a time when reports of data breaches, ransomware attacks and business email compromises (BEC) weren’t part of our daily lives. In fact, not so long ago we were pretty content to believe that the controls companies had in place were enough to protect us from the invisible threat of hackers and cyber criminals. But that was just a dream – and it wasn’t long before that dream manifested into a nightmarish scenario for one of the nation’s largest retailers.

Read Also: Businesses Beware: Sloppy Data Security Could Cost You

Two years ago, cyber criminals gained access to the point-of-sale systems belonging to Target. Authorities later learned that the hacker(s) gained access to about 11 GB worth of data (including highly-sensitive personal and credit card information). When the dust settled, about 70 million consumers nationwide were left vulnerable to identity theft and credit card fraud. This magnitude of this breach was huge and, as a result, companies everywhere made an effort to buckle down and implement a slew of “best practices.” But what has really changed since December 2013?

What Have We Learned From Target?

The Target breach symbolizes the moment when the threat of personal data security violations became mainstream in America; and today, we don’t think about fraud in terms of if it will happen – it’s when it will happen. But instead of becoming more vigilant about data security practices, it appears as though consumers have chosen a more desensitized reaction. These days we are content with trusting the credit card companies to notify us of any suspicious activity occurring on our account rather than implementing safer payment practices in our daily lives.

Retailers and credit card companies, on the other hand, have worked hard to make it more difficult for hackers to access their customer data. Since the breach, Target has:

  • Installed EMV compliant point-of-sale (POS) terminals in all stores to allow for transactions to be processed using a token instead of actual credit card numbers.
  • Joined two cybersecurity threat-sharing organizations in order to share and retrieve valuable information concerning data breaches and the source of those breaches.
  • Implemented more stringent firewall rules and governance procedures.
  • Constantly monitors and logs system activity.
  • Applied whitelisting technology, an administrative process that allows only preapproved applications to execute in a system, on the store’s POS systems.
  • Disabled or placed limited access on vendor accounts.
  • Deployed 2-factor authentication.
  • Established password vaults and required the use of more complex passwords.
  • Thoroughly reviewed and revised its process on how to determine which employees and contractors would have access to consumer data.

With the exception of the first two points, the measures Target has taken since its 2013 data breach are considered best practices, which means that if your business doesn’t have these security measures in place, you shouldn’t wait any longer. And, with regard to EMV technology, most businesses were expected to install and activate the new technology before Oct. 1, 2015 to avoid liability for losses resulting from fraudulent transactions.

A Moving Target

As long as there are fraudsters willing to pay for stolen names, addresses, credit card numbers and expiration dates, phone numbers, email addresses, dates of birth, Social Security numbers, etc., there will be cyber criminals looking for a way to hack into your company’s system to gain access to your consumer dataor intellectual property. But if you are really serious about keeping your data safe, there are additional measures you can take.

1. Reinforce Your Firewall

Firewalls should be securely configured and continuously monitored. There are many providers that perform 24-7 firewall monitoring services to protect your company from attacks and or to alert you to signs of a possible breach. Moreover, providers are also coupling these services with the use of whitelists or blacklists, which triggers an immediate response if a potential threat is identified. Another great reinforcement for companies with experienced IT staff, would be the implementation of SIEM (Security Information and Event Management) or IDS (Intrusion Detection System) software.

2. Take Your VIP List Seriously

Not everybody should have access to your company’s domain – especially outside groups, and you should take care to review your employee and vendor access accounts routinely. The 2013 Target breach was a result of a breach that was intended for one of Target’s vendors. But, once in, the hacker was able to work his way into the Target Vendor Portal and infiltrate the Target POS systems.

3. Don’t Take Your Passwords For Granted

While doing so, be sure to verify that these credentials, in particular, require complex passwords, a limit on the number of attempts allowed before automatically disabling the account, and that they are required to be changed regularly. (Believe it or not, the most common password continues to be “123456” – proving that we are still not learning from past mistakes.)

By: Joe Welker, CISA (New Philadelphia office)

Check out these articles for more data security best practices

Malware Threat Spreads To Smart Phones

Who Is That Email Really From?

Could Your Company Be Ransomware’s Next Victim?

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Quiz Results Are In – And The News Is Good

Wednesday, December 9th, 2015

Ohio Department of Taxation Stops Thieves From Stealing Millions

Identity Theft & Income Tax Refund Fraud Resource | Ohio CPA Firm

The implementation of an identification verification quiz by the Ohio Department of Taxation has helped stoped identity theft and income tax fraud since it was implemented last year for the 2015 income tax season.
Rea & Associates recently compiled a variety of information to help victims of identity theft and refund fraud recover from this nightmarish scenario. Click the image above to access this resource.

Tax fraud has been on a steady upswing for quite a while – a frightening trend that has led the Ohio Department of Taxation (ODT) to take innovative measures during the 2015 tax season. Nearly one year after announcing plans to implement the state-wide quiz designed to filter tax-refund requests by analyzing demographic information reported on the taxpayer’s return, officials boasted incredible results.

While ODT reported a 400 percent increase in fraudulent refund requests in 2015 from the year prior, the quiz helped the department prevent 232,898 suspicious returns from being filed – which saved the state about $256.5 million in illegitimate funds.

Read Also: Should I still be concerned about identity theft and tax fraud?

The implementation of this verification method was deemed necessary after ODT noticed a monumental increase in fraud cases during the 2014 tax season – $250 million in attempted tax fraud – compared to previous years when the average was around $10 million.

“We appreciate the taxpayer’s time in taking this extra step before receiving their refund,” said Joe Testa, tax commissioner, in a release. “The quiz has been and will continue to be instrumental in stopping fraud.”

According to the ODT, the tax quiz has been effective because of its effectiveness when analyzing tax returns for inconsistent data points against public and commercial data sources. For example, a return may be flagged if your name and/or Social Security number show up in a different parts of the state (or in another state altogether) when you have been primarily located in another area of Ohio over the last few years. To claim your refund, you will be required to take the identity quiz, which would either indicate that you’ve moved in the last year or that a fraudster is trying to claim your refund. For your return to be processed, you must either take the quiz or provide documentation to verify your identity.

Testa also said that the department has gathered feedback and have “made some changes to improve the process and provide a better experience for taxpayers who take the quiz.”

Looking ahead, taxpayers should expect to see more of the identification quiz in 2016 and beyond. Here are three things you should know about the identification quiz:

  1. Allow more time

Traditionally, it takes up to 15 days to process refunds that have been distributed to the taxpayer via electronic deposit. Those who opt to receive their refunds in check form could have to wait up to 30 days. The quiz, however, could prolong the process.

  1. Know, don’t guess

Those who are selected to take the quiz, will receive a letter that will explain your next steps. If you do not receive this letter, you will not be able to complete the quiz.

  1. Be prepared

If your return is flags, you will have 60 days to complete the multiple choice quiz. Furthermore, the quiz is timed and must be completed online.

To learn more about the effectiveness of this measure or for more great information, check out the Frequently Asked Questions available on the DOT website.

Are you wondering if you are going to need help filing your 2015 tax return this spring? Email Rea & Associates for assistance.

By Lisa Beamer, CPA (New Philadelphia office)

Want to discover more ways to prevent or recover from identify theft? Check out these articles.

How Do You Protect Yourself from Identity Theft?

How To Recover From Identity Theft & Refund Fraud

Cyber Crime: It Can Happen To You

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Employers: Are You Ready To Change The Way You Withhold Municipal Tax Payments?

Monday, December 7th, 2015
Municipal Payments - Ohio CPA Firm

The new year also marks new changes to the way many employers withhold their municipal taxes. Read on to learn more.

Ready or not, all Ohio municipalities will be welcoming a slew of new provisions designed to bring about a unified system of income tax reporting. House Bill 5 was signed into law by Gov. Kasich on Dec. 19, 2014. The bill, which was championed by the Ohio Society of CPAs and supporters, helped streamline several key measures that help establish meaningful municipal tax reform. Per the legislation, many key provisions are scheduled to take effect at the first of the year. Here are four facts about the changes that you need to become familiar with:

For more insight into why these changes were necessary, read: Tackling Ohio’s Tough Municipal Tax Issues

1. Due dates have changed. 

Municipalities will have to adhere to new withholding due dates with regard to their monthly filing and payment requirements. They are due on the 15th following the month they were withheld. Due dates for quarterly filing and payments will be on the 15th day of the month following the end of the quarter.

2. New withholding thresholds.

If you withheld more than $2,399 in municipal taxes during the last calendar year or more than $200 during one or more months during the recent quarter, you will now be required to file your withholdings monthly.

3. A defining moment for temporary work sites.

An employer is not required to withhold municipal income tax on qualifying wages for the performance of personal services in a municipal corporation that imposes such a tax if the employee performed such services in the municipality on 20 or fewer days in a calendar year, unless one of the following conditions apply:

  • The employee’s principal place of work is located in the municipal corporation.
  • The individual is a professional entertainer or professional athlete, the promoter of a professional entertainment or sports event, or an employee of such a promoter.
  • The employee performed services at one or more “Presumed Worksite Locations.”
  • The employee is a resident of the municipal corporation and has requested that the employer withhold tax from the employee’s qualifying wages.

If an employer does not withhold for those first 20 days, they have to withhold the principal place of work’s municipal income tax. Because it’s impossible to be in two places at once (a rule that is just as true in accounting as it is in the metaphysical world) special guidelines are needed for those employees who work in more than municipality on a given calendar day. If an employee works in multiple municipalities in a single workday, for example, the municipality that they worked in the most number of hours would be the one that would be counted for that day. The rules that govern this provision are very detailed. Click here to read more. Once the employee exceeds the 20 day threshold, taxes must be withheld for that municipality. Retroactive withholding, however, is NOT required.

4. New rules for small businesses.

If your business earned less than $500 thousand over the preceding taxable year, the government considers your establishment to be a small employer, which means that the withholding process is just a little different. Small businesses must withhold municipal income tax on all employees’ qualifying wages and remit that that tax only to the municipal corporation in which the employer’s fixed location is located – regardless of the number of calendar days worked throughout the year. Further clarification can be found here. Federal government, state government, state agency or municipalities, political subdivision or any entity treated as a government for financial accounting and reporting are excluded from the small business rule.

Additional information can be found here. In the meantime, if you want to learn more about the upcoming changes and how you can remain compliant with these new provisions; email Rea & Associates and ask to speak with one of our tax experts.

By Heather McNichols, (New Philadelphia office)

Are you looking for some more tax tips to help you prepare for the 2016 filing season? Check out these articles:

Breaking The Tax Bracket Myth

Does Your Vacation Home Provide Tax Relief?

New Payment Option Available To Ohio Pass Through Entities

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New Payment Option Available To Ohio Pass Through Entities

Thursday, November 19th, 2015
Tax Payment Process - Ohio CPA Firm

What is your business made of? If it’s a pass through entity, you now have an easier way to pay your tax bills. Read on to learn more.

Do you currently enjoy the benefits associated with owning a pass through entity (PTE) in Ohio, including better tax treatment and limited liability protection? Well, earlier this month the Department of Taxation announced another little perk – online payments! According to the release, the Treasurer of Ohio is now accepting tax payments per its Electronic Funds Transfer (EFT) program on its website. This announcement impacts:

EFT, according to the Treasurer’s Office, is a secure, online payment option for those seeking a convenient way to pay recurring commercial activity, corporate franchise, sales, streamlined, use, withholding and now pass through entity taxes. To utilize this online payment system, you must have a federal employer identification number.

Even though the online payment process is in full swing, pass through entities are still unable to register electronically. Registration forms can be downloaded online, however, by clicking here. Once completed, you can submit the form to the Electronic Payments Unit of the Treasurer’s Office.

By Lisa Beamer, CPA (New Philadelphia office)

What Does Having The Right Business Structure Mean To You?

Did you know that business structure plays a huge role when determining what your business can and cannot do? It also helps determine your tax liability. Take a look at the slideshow below to learn more or click here to learn even more about the business structures that are available to you. You can also email Rea & Associates if you have additional questions.

Want A Better Business? Structure Matters from Rea & Associates
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You Can Still Have The Final Say After Death

Friday, October 23rd, 2015
Estate Planning - Ohio CPA Firm

It doesn’t matter if you have a lot of assets to pass on or very few, estate planning is one of the best things you can do for yourself and for those you love.

Life is full of enjoyable experiences. Spending time with family and friends, hiking through the woods, spending the afternoon on the lake, immersing yourself in a hobby – these are the moments we live for. What if you could give yourself the opportunity to make those moments more enjoyable? Would you take that opportunity?

Click To Listen To Episode 6 of Unsuitable on Rea Radio: The Grim Reaper Is Coming … And He Wants Your Money

Every time you avoid the conversation about estate planning you miss out on a chance to make this period of your life even more enjoyable – for you, and for your loved ones. Once you have made your plans with regard to what you want to happen after your death, those thoughts are no longer in the back of your mind. They are decided and you can truly enjoy the moment with your friends and family.

Three Things Everybody Should Know About Estate Planning

  1. Estate planning is for everybody. Estate planning isn’t just dependent on your assets; it’s about identifying what you want to happen after you pass away. Who do you want to take care of your children, for example, and do you want that person to be financially responsible for them as well – they don’t necessarily have to be the same people. When you take control of your estate planning, you are effectively helping to ease the burden that is already felt by your loved ones. Not only will you have already made the difficult decisions, but you can do so in a way that provides additional benefits for your heirs while securing your legacy.
  2. If you have an IRA, don’t forget to name your contingent beneficiary.  It’s common to have an IRA through your employer, but oftentimes naming the IRA’s contingent beneficiary is forgotten. Usually it’s your spouse, but if your spouse has already passed away, you need to make sure to name a new contingent beneficiary. This is just one simple way to plan ahead, but it’s frequently overlooked.
  3. Probate Court isn’t always a bad thing. You hear people say things like: “You want to avoid probate at all costs.” But that’s not necessarily the case. For example, imagine that you’ve made plans to have all your assets go directly to your three children – avoiding the probate process altogether. When it comes time to pay for your funeral, you would hope that your three children would split the cost three ways without much ado. But, without Probate Court to mediate the situation, one child could decide that they don’t want to pay their portion, which would leave the other two children with the bill. When you bring probate into the equation, you help ensure that there is enough money available to cover these necessary funeral expenses.

Find Time To Enjoy More

It doesn’t matter if you have a lot of assets to pass on or very few, estate planning is one of the best things you can do for yourself and for those you love. The sooner you start planning yours, the sooner you can get back to enjoying the moments that truly make life worth living.

By Dave McCarthy, CPA, CSEP (Medina office)

Dave McCarthy Discusses Estate Planning during Unsuitable on Rea RadioLearn more about the importance of estate planning. Listen to “The Grim Reaper Is Coming … And He Wants Your Money” podcast on Unsuitable on Rea Radio at www.reacpa.com/podcast or on iTunes or SoundCloud.

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