The key to retirement security is picking the right plan for your business
If you’re a small business owner or you’re involved in a start-up, you may want to set up a tax-favored retirement plan for yourself and any employees. Several types of […]
Category: Tax
The tax implications of a company car
The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for the employer as well as […]
What to do if your business receives a “no-match” letter
In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters is to alert employers if […]
The IRS is targeting business transactions in bitcoin and other virtual currencies
Bitcoin and other forms of virtual currency are gaining popularity. But many businesses, consumers, employees, and investors are still confused about how they work and how to report transactions on […]
Substantial Nexus and Marketplace Facilitator Changes
The Ohio General Assembly recently passed Am. Sub. H.B. 166, the biennial budget bill, which contains new substantial nexus provisions as well as “marketplace facilitator” statutes. Those statutory changes take […]
Ohio Tax Holiday
The end of summer is quickly approaching, which means its time back to school shopping. For the fifth year, the state of Ohio will be offering a tax holiday. This […]
Good tax planning includes good record keeping
Tax planning should happen all year long, not just when someone is filing their tax return. A vital part of tax planning is record keeping. Well-organized records make it easier […]
Businesses can utilize the same information IRS auditors use to examine tax returns
The IRS uses Audit Techniques Guides (ATGs) to help IRS examiners get ready for audits. Your business can use the same guides to gain insight into what the IRS is […]
It’s a good time to buy business equipment and other depreciable property
There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified […]
M&A transactions: Avoid surprises from the IRS
If you’re considering buying or selling a business — or you’re in the process of a merger or acquisition — it’s important that both parties report the transaction to the […]
Bartering: A taxable transaction even if your business exchanges no cash
Small businesses may find it beneficial to barter for goods and services instead of paying cash for them. If your business engages in bartering, be aware that the fair market […]
Which entity is most suitable for your new or existing business?
The Tax Cuts and Jobs Act (TCJA) has changed the landscape for business taxpayers. That’s because the law introduced a flat 21% federal income tax rate for C corporations. Under […]
