Is an S corporation the best choice of entity for your business? By: Kate Protsenko-Blake CPA Are you thinking about launching a business with some partners and wondering what type of entity to form? An S corporation may be the most suitable form of business for […]
Business highlights in the new American Rescue Plan Act By: David M. Reape President Biden signed the $1.9 trillion American Rescue Plan Act (ARPA) on March 11. While the new law is best known for the provisions providing relief to individuals, there are […]
Launching a small business? Here are some tax considerations By: David M. Reape While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these people start out operating as sole proprietors. […]
Is My Charitable Donation Tax Deductible? By: David M. Reape The holiday season is when many people think about how they can give back, often wanting to donate to a charity. The IRS has a tool that can help figure […]
Small businesses: Get ready for your 1099-MISC reporting requirements By: David M. Reape A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors, and others. You may have to […]
IRS has begun sending letters to virtual currency owners advising them to pay back taxes and file amended returns By: David M. Reape 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 […]
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 By: David M. Reape 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 […]
Employers: Beware of a harsh payroll tax penalty By: Linda Zevnik CPA CSA If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty can be imposed. To make […]
Hire your children this summer: Everyone wins By: David M. Reape If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save […]
Consider a Roth 401(k) plan — and make sure employees use it By: David M. Reape Roth 401(k) accounts have been around for 13 years now. Studies show that more employers are offering them each year. A recent study by the Plan Sponsor Council of America […]