David Reape CPA

Posted in: Articles, 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 unclaimed property, a negative or “none” report is still required to be filed. For non-life insurance companies, the deadline for reporting is Nov. 1 for […]

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David Reape CPA

Posted in: Articles, Tax

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 is 6% but can be reduced by a credit (described below). Most employers end up paying an effective FUTA tax rate of 0.6%. An employer […]

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HW&Co

Posted in: Articles, Nonprofit, Tax

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 public, and donors will no longer be able to make tax-exempt contributions. Although the loss of exempt status isn’t common, certain activities can increase […]

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David Reape CPA

Posted in: Articles, Tax

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, the IRS audited approximately 0.6% of individuals. Businesses, large corporations, and high-income individuals are more likely to be audited but, overall, audit rates are historically […]

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David Reape CPA

Posted in: Articles, Tax

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 involved in developing a website isn’t so easy. That’s because the IRS hasn’t released any official guidance on these costs yet. Consequently, you must apply […]

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