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Our Blog

Could an FSA offer the benefits flexibility you need?

November 21, 2017

Business owners have to make tough choices when it comes to providing benefits to their employees. Many companies, especially newer or smaller ones, may understandably prioritize flexibility. No one wants to get locked into a benefits offering that’s cumbersome to administer and expensive to maintain.

Well, there’s one possibility that has the word “flexible”...

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2017 might be your last chance to hire veterans and claim a tax credit

November 17, 2017

With Veterans Day on November 11, it’s an especially good time to think about the sacrifices veterans have made for us and how we can support them. One way businesses can support veterans is to hire them. The Work Opportunity tax credit (WOTC) can help businesses do just that, but it may not be available for hires made after this year.

As released by the Ways and Means Committee...

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Could the AMT boost your 2017 tax bill?

November 16, 2017

A fundamental tax planning strategy is to accelerate deductible expenses into the current year. This typically will defer (and in some cases permanently reduce) your taxes. But there are exceptions. One is if the additional deductions this year trigger the alternative minimum tax (AMT).

Complicating matters for 2017 is the fact that tax legislation might be signed into law between now...

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4 Tips on Making your Marketing Emails a Blast

November 16, 2017

No business owner wants to send out spam. Even the term “email blast,” the practice of launching a flurry of targeted messages at customers and prospects, has mixed connotations these days.

Yet email remains a viable and even necessary communications channel. Here are four tips on making your marketing emails a blast (in the fun and informative sense) and keeping them out...

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Tips to Simplify Your Thanksgiving Spread

November 14, 2017

With just days to go before Thanksgiving, the clock is ticking down to some of the most memorable meals of the year. However, for many of us, the pressure of preparing a perfect Thanksgiving feast can be overwhelming. If this is true for you, consider these tips to simplify your seasonal spread.

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Research credit can offset a small business’s payroll taxes

November 3, 2017

Does your small business engage in qualified research activities? If so, you may be eligible for a research tax credit that you can use to offset your federal payroll tax bill.

This relatively new privilege allows the research credit to benefit small businesses that may not generate enough taxable income to use the credit to offset their federal income tax bills, such as those that...

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“Bunching” medical expenses will be a tax-smart strategy for many in 2017

November 1, 2017

Various limits apply to most tax deductions, and one type of limit is a “floor,” which means expenses are deductible only if they exceed that floor (typically a specific percentage of your income). One example is the medical expense deduction.

Because it can be difficult to exceed the floor, a common strategy is to “bunch” deductible medical expenses into a...

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Plan Now and Take Advantage of 2017 Tax Savings

November 1, 2017

The end of the year is often hectic, which is why it’s important to take some time now to reduce your tax bill. Our firm can offer additional strategies to further mitigate your tax burden; however, the following 5 tips are an excellent starting point:

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Minimize inventory, services to make your financials shine

October 30, 2017

Your business financials — where they stand currently and where they might be going next year — are incredibly important. Obviously, sales and expenses play enormous roles in the strength of your position. But a fundamental and often-overlooked way of making your cash flow statement shine is to minimize inventory or services so you have just enough to fulfill...

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Which tax-advantaged health account should be part of your benefits package?

October 27, 2017

On October 12, an executive order was signed that, among other things, seeks to expand Health Reimbursement Arrangements (HRAs). HRAs are just one type of tax-advantaged account you can provide your employees to help fund their health care expenses. Also available are Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs). Which one should you include in your benefits package?...

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2 ACA taxes that may apply to your exec comp

October 25, 2017

If you’re an executive or other key employee, you might be rewarded for your contributions to your company’s success with compensation such as restricted stock, stock options or nonqualified deferred compensation (NQDC). Tax planning for these forms of “exec comp,” however, is generally more complicated than for salaries, bonuses and traditional employee...

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Valuation often affects succession plans in hard-to-see ways

October 24, 2017

Any business owner developing a succession plan should rightfully assume that regular business valuations are a must. When envisioning the valuation process, you’re likely to focus on its end result: a reasonable, defensible value estimate of your business as of a certain date. But lurking beneath this number is a variety of often hard-to-see issues.

Estate tax...

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How entity type affects tax planning for owner-employees

October 20, 2017

Come tax time, owner-employees face a variety of distinctive tax planning challenges, depending on whether their business is structured as a partnership, limited liability company (LLC) or corporation. Whether you’re thinking about your 2017 filing or planning for 2018, it’s important to be aware of the challenges that apply to your particular...

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Education tax breaks can be lucrative.

October 18, 2017

Education tax breaks can be lucrative. However, in one case, the IRS denied a married couple several write-offs, one of which was the education-related American Opportunity Tax Credit (AOTC). In this complex case, the husband claimed to have taken various financial education courses, yet offered no records of tuition or other school expenses. Without proof, the couple was not entitled to the...

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You don’t have to take business insurance costs sitting down

October 17, 2017

Adequate insurance coverage is, in many cases, a legal requirement for a business. Even if it’s not for your company, proper coverage remains a risk management imperative. But that doesn’t mean you have to take high insurance costs sitting down.

There are a wide variety of ways you can decrease insurance costs. Below are some ideas to help you stay on top of facilities...

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Simplify Seasonal Staffing with these Smart Strategies

October 16, 2017

Whether your business needs temporary workers to get through the holiday season or you hire short-term help on a regular basis, the process of finding the right candidates can be challenging. Try applying these strategies to make seasonal staffing easier:

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Timing strategies could become more powerful in 2017, depending on what happens with tax reform

October 13, 2017

Projecting your business income and expenses for this year and next can allow you to time when you recognize income and incur deductible expenses to your tax advantage. Typically, it’s better to defer tax. This might end up being especially true this year, if tax reform legislation is signed into law.

Timing strategies for businesses

Here are two timing...

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Don’t ignore the Oct. 16 extended filing deadline just because you can’t pay your tax bill

October 11, 2017

The extended deadline for filing 2016 individual federal income tax returns is October 16. If you extended your return and know you owe tax but can’t pay the bill, you may be wondering what to do next.

File by October 16

First and foremost, file your return by October 16! Filing by the extended deadline will allow you to avoid the 5%-per-month...

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Fine-tuning your company’s compensation strategy

October 10, 2017

As a business evolves, so must its compensation strategy. Hopefully, your company is growing, perhaps adding employees or promoting staff members who are key to your success. Other things can spur the need to fine-tune your compensation strategy as well, such as economic changes or the rise of an intense competitor. A goal for many businesses is to provide equitable...

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6 ways to control your unemployment tax costs

October 6, 2017

Unemployment tax rates for employers vary from state to state. Your unemployment tax bill may be influenced by the number of former employees who’ve filed unemployment claims with the state, your current number of employees and your business’s age. Typically, the more claims made against a business, the higher the unemployment tax bill.

Here are six ways to control your...

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Why you should boost your 401(k) contribution rate between now and year end

October 4, 2017

One important step to both reducing taxes and saving for retirement is to contribute to a tax-advantaged retirement plan. If your employer offers a 401(k) plan, contributing to that is likely your best first step. If you’re not already contributing the maximum allowed, consider increasing your contribution rate between now and year end. Because of tax-deferred compounding (tax-free in...

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Don’t let “founder’s syndrome” impede your succession plan

October 3, 2017

Are you the founder of your company? If so, congratulations — you’ve created something truly amazing! And it’s more than understandable that you’d want to protect your legacy: the company you created.

But, as time goes on, it becomes increasingly important that you give serious thought to a succession plan. When this topic comes up, many business owners show...

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5 Tips to Reset Your Stress Response

October 2, 2017

Because stress related to work, family issues and other events is something that affects many of us, it’s important to reset your own stress response to protect your health and productivity. Sharon Melnick, Ph.D., a business psychologist, offers these tips:

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Proposed Tax Reform Plan: What Could It Mean for You?

September 29, 2017

Tax reform, one of President Trump’s key legislative agenda items, is moving closer to fruition. Based on the outline of his proposed tax reform package, which he unveiled on September 27, 2017, we’ve compiled this brief overview of the President’s major tax proposals:

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Choosing the best way to reimburse employee travel expenses

September 29, 2017

If your employees incur work-related travel expenses, you can better attract and retain the best talent by reimbursing these expenses. But to secure tax-advantaged treatment for your business and your employees, it’s critical to comply with IRS rules.

Reasons to reimburse

While unreimbursed work-related travel expenses generally are deductible on a...

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How to determine if you need to worry about estate taxes

September 27, 2017

Among the taxes that are being considered for repeal as part of tax reform legislation is the estate tax. This tax applies to transfers of wealth at death, hence why it’s commonly referred to as the “death tax.” Its sibling, the gift tax — also being considered for repeal — applies to transfers during life. Yet most taxpayers won’t face these taxes even if...

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Does your business have too much cash?

September 26, 2017

From the time a business opens its doors, the owner is told “cash is king.” It may seem to follow that having a very large amount of cash could never be a bad thing. But, the truth is, a company that’s hoarding excessive cash may be doing itself more harm than good.

Liquidity overload

What’s the harm in stockpiling cash? Granted, an...

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How Entity Type Affects Tax Planning for Owner-Employees

September 22, 2017

Come tax time, owner-employees face a variety of distinctive tax planning challenges, depending on whether their business is structured as a partnership, limited liability company (LLC) or corporation. Whether you’re thinking about your 2016 filing or planning for 2017, it’s important to be aware of the challenges that apply to your particular...

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Save More for College Through the Tax Advantages of a 529 Savings Plan

September 21, 2017

With kids back in school, it’s a good time for parents (and grandparents) to think about college funding. One option, which can be especially beneficial if the children in question still have many years until they’ll be starting their higher education, is a Section 529 plan.

Tax-deferred compounding

529 plans are generally state-sponsored, and the...

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Matchmaker, matchmaker: Choosing the right lender

September 18, 2017

It’s easy to think of lenders as doing your company a favor. But business financing relationships are just that: relationships. Yes, a lender has the working capital you need to grow. But a stable, successful business represents an enormously beneficial opportunity for the lender as well. So you should be just as picky with your lender as it is with your...

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Impacted by the Equifax Hack? Take These Steps Now!

September 14, 2017

If you were a victim of the recently announced Equifax hack, you need to take action to mitigate any negative impact it may have on your finances and credit. If you’re not sure if you were affected, you can use Equifax’s Potential Impact tool to find out. You will need to input your last name and the last six digits of your social security number to use this tool.

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Now's a Great Time to Purge Old Tax Records

September 13, 2017

Whether you filed your 2016 tax return by the April 18 deadline or you filed for an extension, you may be overwhelmed by the amount of documentation involved. While you need to hold on to all of your 2016 tax records for now, it’s a great time to take a look at your records for previous tax years to see what you can purge.

Consider the statute of...

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Make Sure Your Company is Prepared for Any Disaster

September 11, 2017

What could stop your company from operating for a day, a month or a year? A flood or fire? Perhaps a key supplier shuts down temporarily or permanently. Or maybe a hacker or technical problem crashes your website or you suddenly lose power. Whatever the potential cause might be, every business needs a disaster recovery plan.

Distinctive threats

Get started by...

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Tax planning critical when buying a business

September 7, 2017

If you acquire a company, your to-do list will be long, which means you can’t devote all of your time to the deal’s potential tax implications. However, if you neglect tax issues during the negotiation process, the negative consequences can be serious. To improve the odds of a successful acquisition, it’s important to devote resources to tax planning before your deal...

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WANT TO HELP YOUR CHILD (OR GRANDCHILD) BUY A HOME? DON’T WAIT!

September 6, 2017

Mortgage interest rates are still at low levels, but they likely will increase as the Fed continues to raise rates. So if you’ve been thinking about helping your child — or grandchild — buy a home, consider acting soon. There also are some favorable tax factors that will help:

0% capital gains rate. If the child is in the 10% or 15% income tax...

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ENHANCE BENEFITS’ PERCEIVED VALUE WITH STRONG COMMUNICATION

September 5, 2017

Providing a strong package of benefits is a competitive imperative in today’s business world. Like many employers, you’ve probably worked hard to put together a solid menu of offerings to your staff. Unfortunately, many employees don’t perceive the full value of the benefits they receive.

Why is this important? An underwhelming perception of value could cause good...

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Tips for Maximizing the Value of Your Next Staff Retreat

August 30, 2017

Staff retreats can offer companies a lot of value. They can also be expensive and, unless managed effectively, not particularly productive. Before you plan your next (or first) staff retreat, review the following key factors to help you make the most of...

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Free Money-Saving Apps for Every College Student

August 15, 2017

There likely aren’t many college students who don’t have a smart phone loaded with helpful apps. However, it is unlikely that any of these apps are dedicated to helping them build their financial fortitude. This is why we created our list below—chock-full of apps designed to make it easier for college students of any age to save money.

Read More...

Expert Advice to Keep Your Internet-Enabled Devices Safe from Cyber Criminals

August 1, 2017

Did you know that your webcam and even your home or office internet router can be the gateway through which cyber criminals gain access to your most sensitive data? If not, don’t panic—we have helpful tips below from the experts at the National Cyber Security Alliance to ensure that you head off this type of malicious action.

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Be Alert and Aware: Tax Scammers Don’t Take a Summer Vacation

July 13, 2017

The IRS has identified several new variations of standard tax scams involving fake tax bills and demands for payments. Many of these scams involve purchasing and transferring information using a gift card or iTunes card. Other scams to be aware of include:

Read More...

Tips for Implementing a Successful Flex-time Schedule this Summer

June 29, 2017

Now that summer/vacation season is here, your business may be enjoying a more relaxed vibe with employees taking time off or leaving early. If you’ve ever thought about implementing a flexible work program, now may be the time to pilot one, especially if your business is a bit slower this time of year. To help, we offer the following tips...

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Four Money-Saving Mid-Year Financial Planning Tips

June 15, 2017

It’s almost exactly the mid-point of the year, which makes it prime time for a mid-year financial review. If you need some monetary motivation for evaluating your financial progress so far this year, you may want to think of mid-year planning as a series of potential money-saving opportunities, for example:

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How to Protect Your Business from the Next “Wanna Cry” Attack

June 1, 2017

The recent “Wanna Cry” ransomware attack that paralyzed several large organizations in the U.S. and Europe is a solemn reminder that the risk of cyber security breaches is real. Every business owner should take steps...

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Tips to Help You Stem the Flow of Potential Risks This Flood Season

May 16, 2017

Whether from heavy rains or hurricanes, this time of year can bring with it the risk of floods across many parts of the United States. While you may not be able to predict the likelihood of a flood in your area, with these tips you can help to mitigate physical and financial damage if a flood occurs where you live.

  1. Treat structural damage seriously. In any...

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How to Really “Clean Up” at Your Next Yard Sale

May 4, 2017

This time of year is when you often see yard sale signs popping up. For some, holding a yard sale is a means of clearing out unwanted items. For others, it’s an opportunity to get some great “finds.” Whichever side of the yard sale fence you’re on, these tips can help you “clean up”:

Choose your timing carefully. Research continues...

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Take Your Spring Cleaning to the Office with These Tips

April 19, 2017

Window washing, carpet cleaning, garden grooming—these are all popular spring cleaning chores for homeowners. However, with year-end and tax season behind you, this time of year is also perfect for spring cleaning at the office. These tips will help you and your staff get—and keep—that “just cleaned my office” feeling:

Start with a clean sweep of...

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These Tax Day Treats Shine Light at the End of the “Tax Season Tunnel”

April 3, 2017

With just a few weeks to go until Tax Day on April 18, it’s time to make sure that you’re on track to get your individual return filed. If you haven’t already engaged our firm to help you with your taxes and you need assistance, don’t delay…it’s time to let us know!

While tax season can be stressful, Tax Day itself can be quite rewarding if you...

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Do You Sit All Day? Take a Stand Against a Sedentary Lifestyle

March 20, 2017

The average American sits a lot. Many of us sit while we work, while we relax and while we learn. Over the long term, this sedentary way of life can have a negative impact on our health, increasing the risk of diabetes, heart disease and cancer—in addition to shortening life spans. To counteract these negative effects, it’s important to get up, get active and get...

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Set the Stage to Help Your Home Sell This Spring

March 1, 2017

Spring is in the air...which means peak home-selling season isn’t far away. In fact, according to recent market data, 60 percent of all home sales in the United States will occur in the spring and summer months. If you’re thinking about putting your home on the market, now is the time to get prepared—which includes considering how you will “stage” your home to...

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Avoid March Madness—Why You Should File Your Taxes Now

February 17, 2017

For sports fans, this time of year is an exciting one. First the Super Bowl, and then the buildup toward the NCAA March Madness tournament. While tax season isn’t quite as exciting as these events, you’ll still want to make the effort to get ahead of the game—and the April 18 deadline—to score the benefits of early filing.

Avoiding identity...

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Submit your Tax Documents by March 15th

February 16, 2017

As a reminder, 2016 tax documents were to be post dated by January 31st, so you should have most all your tax documents by now. Please submit your documents to us as soon as possible but not later than March 15th to ensure your return is not extended.  If you need to make an appointment, please contact Chris Bailey in our office at (614) 854-9000 extension

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Small Businesses Can Restart Health Reimbursement Accounts in 2017

February 1, 2017

Although the fate of the Affordable Care Act (aka Obamacare) is not yet clear, thanks to the passing of the 21st Century Cures Act at the end of 2016, employers with fewer than 50 employees can now start funding stand-alone health reimbursement accounts (HRAs) again. Employees can use HRAs to pay for medical expenses, including health insurance coverage on the Obamacare health insurance...

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Tips to Defend Your Business from Cyber Attacks

January 17, 2017

You need only tune into the news to see that cybercrimes are a very real threat. From viruses to malware, everyday computer use and online browsing can leave you vulnerable to hackers who want your valuable information. If you have a small business, your risk of a cyberattack is likely even higher, especially if you do not have the resources or know-how to enact effective security policies....

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Online Client Organizer

January 6, 2017

Your Client Organizer is the first important step to analyzing your tax position for the year.  Our online version is designed to help you quickly and conveniently provide us with critical information to maximize your deductions and minimize the hassles.  We revamped the client tax organizer this year to be more of a checklist.  The checklist is personalized with some of...

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Break Barriers in 2017 with These Mind-Changing Mini Resolutions

December 28, 2016

There’s a reason why the regular New Year’s resolutions like losing weight, exercising more and sticking to a budget are popular—so many of us need to do them! There’s also a common reason why so many of us fail to meet our goals in these areas: we haven’t developed the mindset to support the changes that we want to make.

Instead of setting a big,...

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Keep the Holidays Merry with These Simple Stress Relievers

December 14, 2016

The holiday season can be wonderful, but they can also be one of the most stressful times of the year. Fortunately, the experts at Psychology Today also offer these simple stress relievers to put the joy back in this special time of year:

  1. Take a time-out. Time-outs aren’t just for toddlers who have a tantrum. In fact, rather than being a...

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Obama’s New Overtime Pay Rule is On Pause—What Does it Mean for Your Business?

November 30, 2016

Just days before it was scheduled to be implemented on December 1, a federal judge in Texas has blocked the implementation of the new Department of Labor (DOL) federal overtime rule, which would have doubled the Fair Labor Standards Act’s (FLSA’s) salary threshold for exemption from overtime pay. According to an NPR report, this extension of overtime eligibility would have...

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2017 Limit Adjustments

November 16, 2016

•Social Security Wage Base increases to $127,200, up from $118,500 in 2016

•The Social Security Rate remains at 6.2%, as well as the Medicare Rate remains at 1.45%

•The annual contribution limit to an IRA remains unchanged at $5,500, and the catch-up limit (for those reaching age 50 in the 2017 year) remains unchanged at $1,000

•The annual...

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Post Election Blog

November 15, 2016

The presidential election cycle is finally over and hopefully we won’t hear any campaign rhetoric for another 3 years. Neither party gave us a very good choice. During each election period the candidates promise they will make all kinds of changes, but it seems once elected it goes back to business as usual. It should be interesting over the next few months to see how President-elect...

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Take Note of New Business Tax Deadlines in 2017

November 15, 2016

As a result of the highway funding extension bill signed into law by President Obama in 2015, there are important changes coming in 2017 to deadlines for business tax filings including:

  1. W-2 and 1099 filings are due January 31 in 2017 instead of March 31. These forms are still due employees and contractors by January 31, so it’s important to prepare and...

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Required Minimum Distribution from Retirement Accounts

November 2, 2016

As the saying goes, there are two certainties in life – Death and Taxes. There is another certainty when we reach age 70 ½ and that is the required minimum distribution (RMD) from your traditional IRA account. You should be aware that you must begin taking required minimum distributions from your traditional IRAs (but not your Roth IRAs) no later than April 1 following the year...

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Five Key Areas Every Business Owner Should Review Before Year End

November 1, 2016

We’re well in to the fourth quarter of the year, which means year end is fast approaching. Here are five important areas of your business to review before the calendar turns to 2017.

  1. Tax planning opportunities. November and December are prime time for tax planning, which can pay big dividends when filing time arrives. Touch base with our firm now to...

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Start Holiday Gift Giving for the Kids with an IRA Contribution

October 17, 2016

If you’re like many parents and grandparents, you may already be thinking about what kind of gift to get the children on your list this holiday season. For teens and young adults especially, it can be challenging to come up with truly unique and meaningful gifts. One idea with long-lasting impact is to make a contribution to either a traditional or Roth IRA on your children or...

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Earlier Deadline for filing Employer Forms W-2 and 1099-Misc

October 10, 2016

In an effort to reduce fraud and identity theft, the IRS has set an earlier filing deadline for employer forms W-2 and 1099-Misc. With an earlier deadline, the IRS will have more time to identify fraudulent returns and correct any issues before refunds are sent.

Starting with the 2016 Forms, the deadline for filing the employer...

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Don’t Let Year-End Cost-Cutting Derail Your Business Goals

October 3, 2016

Many businesses need to adjust their spending to meet the reality of their cash flow during the last few months of the year. While it can be tempting to just cut expenses across the board, this strategy may actually backfire if you cut in the wrong places. Here are four budget areas you should try to preserve to avoiding derailing your long-term business goals:

1....

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IRS Warns Taxpayers of Fraudulent CP2000 Notices

September 27, 2016

In a recent news release, the IRS alerted taxpayers and tax practitioners to an email scam involving fraudulent CP2000 notices for the 2015 tax year. The notices, which are attached to the email and appear to be issued from an Austin, Texas address, relate to the Affordable Care Act (ACA) and request that checks be made out to "I.R.S." ( Editor's Note: A real CP2000 notice is sent through the...

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Wondering About Tax Deductions for Political Contributions? Here’s the Lowdown

September 19, 2016

With election season in full swing, you may be wondering, “Are political contributions tax deductible?” Here’s the lowdown:

Whether it’s your county mayor or the future President of the United States, the rules on taking advantage of tax deductions for political contributions are the same: Donations are deductible if the organization you give to is a 501(c)(3)...

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Take Note! The Filing Deadline for W-2s and 1099s is January 31 in 2017

September 1, 2016

Consider this blog post as early notice that the date by which employers must file their W-2s and 1099s with the Social Security Administration (SSA) and IRS will change to January 31 in 2017.

Previously, W-2s and 1099s were not due to governmental agencies until March 31, so this new deadline will significantly reduce the window for making any necessary changes. These forms are still...

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The World is Chipping Away at Credit Card Fraud—But Individual Vigilance is Still Key

August 16, 2016

EMV chip technology, which is the first major upgrade for credit card fraud protection in many years, is slowly being rolled out by merchants around the world, including in the United States. While this technology has the potential to provide better security for your credit card data, it still has its limits and it is not completely hacker-proof or secure. As such it is still important to be...

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Before the First School Bell Rings, It’s Time to Reset the Alarm Clock

August 2, 2016

It’s August and children and parents everywhere are facing a grim reality: back to school season is just around the corner. At this time of year, many parents struggle to get their kids back into a regular sleep routine. To help, we offer these tips to reset your family’s alarm clock before the first school bell rings:

  1. Start tonight. While child...

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Getting Married this Year? Here’s Your Tax Tip Sheet

July 18, 2016

While most couples go to great lengths to ensure that their wedding day is perfect, far fewer think about how their nuptials will impact their tax liability. The truth is, the moment you get married, no matter what time of the year it is, in the eyes of the government you are considered to have been married for the entire tax year. With this in mind, here are some tax tips to consider as you...

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BWC Payroll True-Up Due 08/15/16

July 6, 2016

The first-ever payroll true-up period for private employers begins July 1, 2016. Payroll true-up reports are due to BWC no later than Aug. 15, 2016.

With the transition to prospective billing, the Ohio BWC now requires employers to reconcile their actual payroll for the prior policy year and reconcile any differences in premium paid. The payroll true-up allows the Ohio BWC to...

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Key Lessons from the Financial Fallout of the ‘Brexit’ Vote

July 5, 2016

It’s fair to say that the recent ‘Brexit’ vote by Britons to exit the European Union (EU) has shaken global financial markets to their core, at least in the short-term. Financial analysts say that it’s too early to tell what the long-term impact of this historic vote will be. But one thing is for certain, the Brexit offers several important lessons that individual...

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Smart Strategies to Handle the “Downfall” Problem 1 in 4 New Businesses Experience

June 21, 2016

One of the most (if not the most) important indicators of business health is its cash flow. Even if your business is profitable and growing, if you don't have a consistent stream of cash coming in, you'll run into financial trouble. Lack of cash flow is the primary reason that more than one quarter of new businesses fail—29 percent to be exact. Here are some smart strategies...

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IRS Fights Scammers – Instructs Staff to Initiate All Future Audits by Mail; Never by Telephone

June 10, 2016

With a rise in IRS phone scams, the Agency changed its policy on contacting taxpayers whose tax records are subject to an audit. The new policy instructs IRS agents to contact affected taxpayers only by mail—never by phone (which used to be the IRS’ go-to method of contact). As such, we urge all of our clients to adhere to the following guidelines should...

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New Office Hours

Duane Yoder

May 12, 2016

Our firm strives to maintain a good work life balance for all staff members. That balance is fully tipped to the work side from January to April. Over the past twenty years we have tried to balance it out during the summer by working shorter days and having half of the staff gone on Friday.
We are trying something different moving forward and during non-tax season (May to Dec) we will...

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Form 1095

February 12, 2016

Recently you may have received an email from us concerning the importance of getting your tax documents to us by March 15, 2016 in order to file your 1040 Individual Income Tax return by the April deadline. However, many of you have not received the Form 1095 with regard to your Health Care Coverage. Please be aware, if you have Medicare coverage, you will...

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Submit your Tax Documents by March 15th

February 10, 2016

As a reminder, 2015 tax documents were to be post dated in the mail to you by February 1st, so you should have most all your tax documents by now. Please submit your documents to us as soon as possible but not later than March 15th to ensure your return is not extended. If you need to make an appointment, please contact Chris Bailey in our office at (614) 854-9000 extension

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2016 Tax Filing

January 20, 2016

The tax filing season is here again. The IRS will begin to accept tax returns this week.

Many of you received an email a few weeks ago with instruction on accessing your web account to review and print your tax organizer. Some of you requested organizers mailed and you should have received them. We also have a generic organizer accessible on our website under Client Resources. If you...

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Important Changes to Withholding Requirements

January 18, 2016

EFFECTIVE JANUARY 1, 2016

Please be advised that municipal income tax withholding due dates and related thresholds are changing as noted below. These changes are the result of the enactment of House Bill 5 by the State legislature. In addition to these changes to withholding tax filing requirements, H.B. 5 also includes changes to the occasional entrant provisions, penalty and...

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Online Client Organizer

January 5, 2016

Your Client Organizer is the important first step in analyzing your tax position for the year. Our online version is designed to help you quickly and conveniently provide us with critical information to maximize your deductions and minimize the hassles.
Here is how to access yours:

Follow the steps below to access and print...

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2015 Tax Extender Bill Passed

December 22, 2015

Our friends in Congress finally passed the tax extender bill for 2015. Many tax breaks expired at the end of 2014 after they were extended late in December 2014. It is a rerun of last year. It took 11-1/2 months for a decision, but they finally decided to extend the tax breaks for 2015. The good news is some of the key deductions were made permanent and some of the other ones were extended...

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FUTA Credit Reductions Released

November 30, 2015

Employers in eight states (Ohio is one of them) and the U.S. Virgin Islands will pay an increased 2015 FUTA tax rate in January 2016, due to unpaid federal loans. See the below table for a full list.

The FUTA tax rate is 6%, but employers receive a 5.4% credit for state unemployment insurance paid, which makes the effective FUTA tax rate 0.6 %. However, part of the credit is reduced...

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Phone Scams Continue to be Serious Threat, Remain on IRS "Dirty Dozen" List of Tax Scams for the 2015 Filing Season

September 9, 2015

In an effort to keep our clients informed we are sharing this below article from the IRS.gov Newsroom

 

IR-2015-05

WASHINGTON — Aggressive and threatening phone calls by criminals impersonating IRS agents remain near the top of the annual...

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BWC Reporting & Payments Due

August 19, 2015

As a reminder, the first BWC installment under the new program is due August 31, 2015. The payment may be made online at www.bwc.ohio.gov. Late fees will be assessed for delinquent payments. You may find that you have a credit balance on your account if your deposit exceeds the first installment amount.

In addition to the installment, the report of wages to the BWC for the period...

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Welcome Michael Fitzpatrick

August 17, 2015

Mattison, Yoder & Company is pleased to announce Michael Fitzpatrick has joined our team as a Staff Accountant. Michael is responsible for servicing clients on a day to day basis as well as preparing payroll tax returns, business financials, and business and individual tax returns.

Michael has a Bachelor’s Degree in Accounting and is currently working towards his CPA...

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BWC Installment Plan

June 30, 2015

In the month of June you should have received a notice from the BWC regarding the changes made to the reporting as well as your new installment plan. If you’re installment plan is bi-monthly, your first payment will be due August 31, 2015. Payments may be made online at www.bwc.ohio.gov where you will receive a 1% discount. Late fees will be assessed for delinquent payments, as well the...

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Change of Employment

June 30, 2015

We regretfully announce that Bryce Henkle, who has been with the firm for the past five years, has made a decision to pursue another employment opportunity. His last day was Friday, June 26th. Bryce played a key role in the firm and he will be missed. We wish him the best as he moves forward in his career.

We are working to find the right person to fill Bryce’s position and we...

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New BWC Reporting

May 29, 2015

All companies with a BWC account will receive notices early in June regarding the changes made to BWC reporting. BWC is changing to prospective billing (forward billing) instead of billing in arrears. This change is effective July 1, 2015. The default billing for BWC going forward will be bi-monthly (6 payments per year) and it will be based on the prior year payroll. The first payment due...

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Thank You for your Business

April 20, 2015

The big push of the tax season is over! We would like to thank you for your business and the opportunity to serve you!

If an extension was filed on your behalf, you will be receiving a copy in the mail next

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Submit your Tax Documents by March 16th

February 10, 2015

As a reminder, 2014 tax documents were to be post dated in the mail to you by February 2nd, so you should have most all your tax documents by now. Please submit your documents to us as soon as possible but not later than March 16th to ensure your return is not extended. If you need to make an...

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2015 Tax Filing

January 20, 2015

The tax filing season is here again. The IRS will begin to accept tax returns this week.

Many of you received an email a few weeks ago with instruction on accessing your web account to review and print your tax organizer. Some of you requested organizers mailed and you should have received them. We also have a generic organizer accessible on our website under Client Resources. If you...

Read More...

Tips Concerning Charitable Contributions

December 23, 2014

Donations of Property, including Clothing and Household Items. Your records must include receipt acknowledgment of the donated items, date of contribution, name of qualified charitable organization, and detailed description of the donated property, including the fair market value of the property and method used to determine the value. The IRS is beginning to scrutinize these...

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1040 Year-End Checklist

December 22, 2014

Tax filings are right around the corner and soon you may begin receiving important tax documents at home. Below is a summary list of things to be looking for, or to begin gathering for us.

Forms to watch for:

  • Form W-2 Reporting of wage income from your Employer
  • Form 1099-DIV Dividend Income
  • Form 1099-INT Interest Income
  • Form 1099-MISC...


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2014 Tax Extender Bill Passed

December 19, 2014

 

Our friends in Congress finally passed the tax extender bill for 2014, although the President still has to sign the bill which is expected to happen yet this week. Many tax breaks expired at the end of 2013. It took 11-1/2 months for a decision, but they finally decided to bring back those tax breaks for 2014. The extension now expires at the end of 2014 so Congress will have...

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FUTA Credit Reductions Released

December 3, 2014

Employers in seven states (Ohio is one of them) and the U.S. Virgin Islands will pay an increased 2014 FUTA tax rate in January 2015, due to unpaid federal loans. See the below table for a full list.

The FUTA tax rate is 6%, but employers receive a 5.4% credit for state unemployment insurance paid, which makes the effective FUTA tax rate 0.6 %. However, part of the credit is reduced...

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2015 Limits Released

November 25, 2014

•Social Security Wage Base increases to $118,500 from $117,000 in 2014 •The Social Security Rate remains at 6.2%, as well the Medicare Rate remains at 1.45% •The annual contribution limit to an IRA remains unchanged at $5,500, and the catch-up limit remains unchanged at $1,000 •The annual compensation limit for retirement plans is increased to $265,000 from $260,000 in...

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Are S-Corps reporting the Insurance Benefits of their “2% Shareholders” correctly on their W-2?

November 25, 2014

A more than 2% shareholder during the tax year, as well as their spouse and lineal ascendants and descendants, are affected. If paid by the employer, the cost of Group-Term Life Insurance up to $50,000, as well as the premium costs of Accident and Health insurance, Short and Long-Term Disability and Long-Term Care insurance should be reported on the shareholder’s W-2 as income subject...

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The Affordable Care Act Requirements

November 20, 2014

 

Under the Affordable Care Act, employers that offer (or fail to offer) health coverage are required under Code Section 6055 and Code Section 6056 to provide certain health insurance information to the IRS and to each individual employee. The information is required for calendar years beginning after December 31, 2014.

Specifically, Code Section 6055(a) requires every...

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2014 Tax Filing

January 31, 2014

Tax season is here again. The IRS will start to accept tax returns this weekend.

One ritual of the tax preparation process is the Tax Organizer. Many times clients feel the tax organizer is a complete waste of time and honestly it is for some people. Our firm does not require you to complete the organizer, but we do feel it helps if you...

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Ohio Tax Updates

September 5, 2013

The Ohio budget bill passed a few months ago had significant tax changes for Ohio businesses and individuals.  Some of the more notable changes that will affect most businesses and individuals are listed below.

  • Sales tax rate is increasing by 0.25% as of September 1, 2013.  If your business currently charges sales tax, you need to make the...

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Year 2013 Tax Filing

January 21, 2013

It is hard to believe another year has passed and we are back to the annual ritual of filing tax returns.  We look forward to helping you with your tax filing again this year and making this overall process as easy as we can for you.

As most of you are aware, there were some last minute tax changes made at the end of December.  Some of them were permanent changes, some were...

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Our New Website!

January 2, 2012

We are excited to announce the recent launch of our firm’s new website! We’ve been working very hard to enhance our site and give our firm a major facelift. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure we continue to meet your needs. Take a moment to look around our new website and review some of our...

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