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
Ohio's minimum wage will increase to $8.10 an hour for non-tipped employees beginning Jan. 1, an increase of 15 cents triggered by inflation. The current rate of $7.95 has been in effect since the beginning of 2014.
January 6, 2015 8:00 am
Published by Mark
President Obama on December 19 signed legislation that retroactively extends for one year the bulk of the temporary tax deductions, credits, and incentives that expired at the end of 2013. The Tax Increase Prevention Act of 2014 was approved on a bipartisan basis and its enactment marks the last significant action in the tax policy arena in the 113th Congress, which has now officially adjourned. The tax relief in the extenders package is short-lived: the retroactive renewal of more than 50 tempo...
November 13, 2014 8:00 am
Published by Mark
Year-end tax planning is especially challenging this year because Congress has yet to act on a host of tax breaks that expired at the end of 2013. Some of these tax breaks may be retroactively reinstated and extended, but Congress may not decide the fate of these tax breaks until the very end of this year (and, possibly, not until next year). These breaks include, for individuals: the option to deduct state and local sales and use taxes instead of state and local income taxes; the above-the-line...
November 13, 2014 8:00 am
Published by Mark
• Realize losses on stock while substantially preserving your investment position. There are several ways this can be done. For example, you can sell the original holding, and then buy back the same securities at least 31 days later.
November 13, 2014 8:00 am
Published by Mark
• Businesses should buy machinery and equipment before year end and, under the generally applicable “half-year convention,” thereby secure a half-year's worth of depreciation deductions for the first ownership year. • Although the business property expensing option is greatly reduced in 2014 (unless legislation changes this option for 2014), don't neglect to make expenditures that qualify for this option. For tax years beginning in 2014, the expensing limit is $25,000, and the investment-based r...
October 30, 2014 4:00 pm
Published by Mark
Whether you are giving a lot of money one time or a little throughout the year you need to keep good receipts for all your donations. It’s particularly important if you are giving a lot to a charity or charities. If a taxpayer does not have proper documentation, the taxpayer has no standing for the charitable deduction.
October 30, 2014 4:00 pm
Published by Mark
Many business and individuals tax provisions expired 12/31/2013. In 2014 Congress has proposed to extend some of these provisions, but none of these proposals have been passed. Do not expect any action on these expired provisions until after the November 4 elections, which means any restoration of these provisions, will not be until near year-end making year-end planning difficult and uncertain.
October 30, 2014 4:00 pm
Published by Mark
Under the Affordable Care Act, the Federal government, State governments, insurers, employers, and individuals share the responsibility for health insurance coverage beginning in 2014. Many people already have qualifying health insurance coverage (called minimum essential coverage) and does not need to do anything more than maintain that coverage. The individual shared responsibility provision requires you and each member of your family to either: Have minimum essential coverage, or Have an exem...
October 30, 2014 4:00 pm
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. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize the impact of those that are unfavorable. Availability of premium credit for health insurance purchased on federal exchange. A credit is avail...
