Author Archives for Mark
September 4, 2015 10:00 am
Published by Mark
As part of Ohio BWC ongoing efforts to modernize their operations and provide better service to Ohio's employers, they will be transitioning to a new prospective billing system beginning in July 1, 2015 for private employers and Jan. 1, 2016 for public employer taxing districts. Prospective billing is an insurance industry standard practice that will enable us to collect premiums before extending coverage.
September 4, 2015 10:00 am
Published by Mark
As if the process of getting married isn't complex and difficult enough, prospective spouses also need to take income tax considerations into account before tying the knot. That's particularly true for those who plan to marry late this year or early next year. As this article explains, from the federal income tax standpoint, those marrying next year may come out ahead by deferring or accelerating income, depending on their circumstances.
September 4, 2015 12:00 am
Published by Mark
If you donate: Make sure to: $249 or less Keep a receipt, letter, bank record, or other written record from the recipient with recipient’s name, amount, and date of contribution. $250-$500 Obtain a written acknowledgment from the recipient. $501-$5,000 In addition to the written acknowledgment from the recipient, document the method of acquisition, date acquired, adjusted basis of property, fair value, valuation method, and condition of non-cash property contributed.
January 21, 2015 8:00 am
Published by Mark
Ohio’s employer and school district withholding tax filing and payment requirements have changed, effective January 1, 2015 employers are now required to file and remit payment for state and school district income tax withholding returns using the Ohio Business Gateway. This requirement applies to all withholding tax returns that are filed and paid on or after January 1, 2015. For assistance with Ohio Business Gateway registration, or to log-in, please visit them at http://business.ohio.g...
January 21, 2015 8:00 am
Published by Mark
2015 offers individuals and families additional opportunities to save for current and future health care with a Health Savings Account (HSA): HSA holders can choose to save up to $3,350 for an individual and $6,650 for a family (HSA holders 55 and older get to save an extra $1,000 which means $4,350 for an individual and $7,650 for a family) - and these contributions are 100% tax deductible from gross income. Minimum annual deductibles are $1,300 for self-only coverage or $2,600 for family ...
January 21, 2015 8:00 am
Published by Mark
Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck will be: 57.5 cents per mile for business miles driven, up from 56 cents in 2014 23 cents per mile driven for medical or moving purposes, down half a cent from 2014 14 cents per mile driven in service of charitable organizations
January 21, 2015 8:00 am
Published by Mark
The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. New tax-advantaged ABLE accounts. A new law allows states to establish tax-exempt "Achieving a Better Life Experience" (ABLE) accounts, which are tax-free accounts that can be used to save for disability-related expenses.
January 21, 2015 8:00 am
Published by Mark
There are many important tax changes taking effect in 2015. They are the result of the Tax Increase Prevention Act of 2014 (TIPA) as well as other tax legislation, or are triggered by effective dates in regs, rulings and other guidance. Employer shared responsibility payment under the Affordable Care Act (ACA). In general, beginning Jan.
January 21, 2015 8:00 am
Published by Mark
Effective July 1, 2015, the Ohio Bureau of Workers Compensation will be changing to a prospective billing system. All Ohio employers should have received two communications from the Bureau that outline some of the new programs. Also sent from the Bureau was a communication regarding the transition credit that will apply to your first half 2015 statements. Historically, BWC has billed Ohio employers in arrears or ‘retrospectively’.
January 21, 2015 8:00 am
Published by Mark
Following the passage of the extenders legislation, the Internal Revenue Service announced it anticipates opening the 2015 filing season as scheduled in January. The IRS will begin accepting tax returns electronically on Jan. 20.
