Small businesses: Stay clear of a severe payroll tax penalty
One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also […]
Post Author: David Reape CPA
Taxpayers should beware of property lien scam
With scam artists hard at work all year, taxpayers should watch for new versions of tax-related scams. One such scam involves fake property liens. It threatens taxpayers with a tax […]
Businesses must report unclaimed property
Are you aware that companies doing business in Ohio are required to report unclaimed property from dormant accounts to the Ohio Department of Commerce? Even if the company has no […]
Understanding and controlling the unemployment tax costs of your business
As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed […]
Avoid excess benefit transactions and keep your exempt status
One of the worst things that can happen to a not-for-profit organization is to have its tax-exempt status revoked. Among other consequences, the nonprofit may lose credibility with supporters and […]
The chances of an IRS audit are low, but business owners should be prepared
Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor. In the fiscal year 2018, […]
How to treat your business website costs for tax purposes
These days, most businesses need a website to remain competitive. It’s an easy decision to set one up and maintain it. But determining the proper tax treatment for the costs […]
IRS has begun sending letters to virtual currency owners advising them to pay back taxes and file amended returns
The Internal Revenue Service has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from these transactions or did […]
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 […]
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 […]
