National Tax Security Awareness Week 2024
Are online retailers keeping your information secure? According to a recent survey by IT company VikingCloud, 52% of retailers feel more vulnerable to cyber threats during this time of year. […]
Category: Tax
When Can You Deduct Business Meals and Entertainment?
If you’re unsure about the current federal tax rules for business meals and entertainment expenses, you’re not alone. The rules have evolved in recent years. Here’s a breakdown of what’s […]
Understanding Self Employment Tax
If you own a growing, unincorporated small business, you might find self-employment (SE) tax bills to be a significant concern. The SE tax ensures that Social Security and Medicare taxes […]
Ohio Department of Taxation Issues Refund Error Notice
The Ohio Department of Taxation (ODT) has informed the OSCPA that a limited number of taxpayers received incorrect refunds or inflated credit carryforward amounts due to a system error. Refund […]
IRS Announces New Retirement Contribution Limits for 2025
The IRS has set new contribution limits for retirement plans in 2025, raising the cap for 401(k) plans to $23,500, up from $23,000 in 2024. Here’s a quick overview of […]
Building Retirement with a Solo 401(k)
If you’re self-employed and operate a small business without any employees (other than your spouse), a solo 401(k) plan is a great option for establishing a retirement plan. This plan […]
FinCEN Extends BOI Reporting Deadline for Hurricane Victims
Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced that victims of Hurricanes Milton, Helene, Debby, Beryl, and Francine will have an additional six months to […]
Prepare for 2025: Social Security Wage Base Set to Increase
As 2025 approaches, there are important changes to the Social Security wage base. The Social Security Administration recently announced that the wage base for calculating Social Security tax will increase […]
Beware of Charity Scams Following Natural Disasters
Following natural disasters like Hurricanes Milton and Helene, many feel compelled to help those affected by donating to charities. Unfortunately, scammers often exploit this generosity by creating fraudulent organizations. The […]
Preparing for and Responding to an IRS Audit
The IRS is ramping up its audit efforts, targeting large businesses and high-income individuals. By 2026, the agency plans to nearly triple its audit rates for large corporations with assets […]
Manufacturers: Start Year-End Tax Planning Now
As the year comes to a close, manufacturers have the opportunity to implement year-end tax planning strategies to help reduce their 2024 tax liability. Several provisions of the Tax Cuts […]
Benefits of Separating Business and Real Estate Ownership
Does your business rely on real estate for operations, or do you currently hold property in your business’s name? It may be time to reconsider this approach. Separating the ownership […]
