Tax

Businesses: Prepare for the Lower 1099-K Filing Threshold

Businesses should be aware that they may be responsible for issuing more information reporting forms for 2022 because more workers may fall into the required range of income to be reported. Beginning this year, the threshold has dropped significantly for the filing of Form 1099-K, “Payment Card and Third-Party Network Transactions.” Businesses and workers in […]

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7 Midyear Tax-reduction Strategies for Manufacturers

As the midpoint of the year fast approaches, it’s a good time for manufacturers to assess their tax status and plan appropriate strategies for reducing their 2022 tax liability. Although each situation is unique, here are seven general tax moves that could potentially lighten your manufacturing company’s tax load this year. 1. Place Business Property […]

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Inflation Enhances the 2023 Amounts for Health Savings Accounts

The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSA). High inflation rates will result in next year’s amounts being increased more than they have been in recent years. HSA Basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of […]

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Businesses May Receive Notices About Information Returns that Don’t Match IRS Records

The IRS has begun mailing notices to businesses, financial institutions and other payers that filed information returns with information that doesn’t match the agency’s records. These CP2100 and CP2100A notices are sent by the IRS twice a year to payers who filed information returns that are missing a Taxpayer Identification Number (TIN), have an incorrect […]

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Ohio 2022 Sales Tax Holiday

The state of Ohio will have its annual back-to-school sales tax holiday from Friday, August 5th, 2022 at 12:00 am until Sunday, August 7th, 2022 at 11:59 pm. The sales tax exemption includes online orders placed, and accepted by the retailer, during this window of time. But note, for online sales, the seller’s location determines […]

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