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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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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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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