New Overtime Rules from the Department of Labor

There are new changes for overtime rules effective 12.1.2016. Click on the link below for the ruling. dol-overtime-rule-changes-12-1-2016 The key changes are the following: Updates to salary and compensation levels needed for executive, administrative and professional workers to be exempt from overtime. Increases standard salary level for fulltime workers from $455 per week to $913 […]

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IRS Updates Accounting Method Procedure for Adopting Favorable Capitalization Rules

Last September, the IRS issued final regulations which address when amounts paid to acquire, produce, or improve tangible property must be capitalized. The final regulations are generally effective for tax years beginning on or after January 1, 2014, but may be adopted for earlier years under certain circumstances. The IRS also issued proposed regulations on […]

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Ohio Small Business Deduction

COLUMBUS – A majority of small business owners and entrepreneurs in Ohio are eligible for a 50 percent tax deduction on their first $250,000 of business income as part of tax cuts approved last year, according to an alert issued by Ohio Tax Commissioner Joe Testa today. “Virtually all small businesses in the state will […]

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14 Top Income Tax Breaks Expiring in 2014

When the ball dropped in Times Square at midnight on New Year’s Eve, it did more than signal the start of another year. It also officially closed the books on several significant tax breaks for individuals and small business owners. Unless these provisions are resurrected by a bipartisan Congress – no sure bet – they […]

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IRS Warning of Pervasive Telephone Scam

WASHINGTON — The Internal Revenue Service today warned consumers about a sophisticated phone scam targeting taxpayers, including recent immigrants, throughout the country. Victims are told they owe money to the IRS and it must be paid promptly through a pre-loaded debit card or wire transfer. If the victim refuses to cooperate, they are then threatened […]

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Richland County Sales Tax Rate Change

To all clients and business contacts, I wanted to remind you that if you have taxable sales in Richland County, the rate goes back to 6.75% as of January 1, 2013 from the temporary increase. Please be sure to change your registers to calculate taxable sales at the new 6.75% rate. Thank you, Mark