- Changes to Ohio Charitable Registration
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written on December 21, 2011
by William Riccio
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Tracking Business Finances
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The Ohio Attorney General’s Office has made changes that affect the way charities and non-profits register.
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- 2012 Federal Standard Mileage Rates
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written on December 21, 2011
by William Riccio
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Tracking Business Finances
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Internal Revenue Service notice 2012-01 contains the federal standard mileage rates for 2012.
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- Ohio Minimum Wage Rate Increase for 2012
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written on November 04, 2011
by William Riccio
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Tracking Business Finances
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On January 1, 2012 the Ohio minimum wage rate will be increasing.
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- Social Security Wage Base Increased for 2012
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written on October 27, 2011
by William Riccio
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Tracking Business Finances
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Social Security Administration recently published their Cost-of-Living Adjustments for 2012.
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- Updated 2011 Federal Standard Mileage Rates
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written on June 28, 2011
by William Riccio
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Tracking Business Finances
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Under Revenue Procedure 2011-69, the Internal Revenue Service has issued updated federal standard mileage rates for 2011.
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- 2011 Tax Calendar
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written on December 23, 2010
by Administrator One
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Tracking Business Finances
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The Internal Revenue Service just released its 2011 Online Small Business Tax Calendar filled with important tax deadlines and tips.
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- 2011 Federal Standard Mileage Rates
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written on December 06, 2010
by William Riccio
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Tracking Business Finances
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Under Revenue Procedure 2010-51, the Internal Revenue Service has issued the federal standard mileage rates for 2011. The standard mileage rate for cars, vans, pickup trucks or panel trucks will be increasing to 51 cents per mile starting January 1, 2011.
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- Late Filing Penalty for Partnership Returns Increased
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written on November 17, 2010
by William Riccio
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Tracking Business Finances
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The Partnership late filing penalty for tax years beginning after 2009 has been increased to $195 per month for each month up to 12 months that the return is late or does not contain the required information.
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- Late Filing Penalty for S Corporation Returns Increased
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written on November 12, 2010
by William Riccio
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Tracking Business Finances
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The S corporation late filing penalty for tax years beginning after 2009 has been increased to $195 per month for each month up to 12 months that the return is late or does not contain the required information.
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- State of Ohio Sponsored Help Wanted and Job Seekers Online Resource
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written on August 09, 2010
by William Riccio
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Tracking Business Finances
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The State of Ohio has created a little know free online resource for Ohio employers and job seekers at www.OhioMeansJobs.com.
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- IRS Seeks Public Comments Regarding Expanded 1099 Reporting Requirements
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written on July 16, 2010
by William Riccio
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Tracking Business Finances
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The Internal Revenue Service issues Notice 2010-51 seeking public comments regarding the expanded 1099 reporting requirements found in section 6041 of the Internal Revenue Code and amendments.
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- Closing Deadline for First Time Homebuyer Credit Extended
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written on July 09, 2010
by William Riccio
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Tracking Business Finances
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The Homebuyer Assistance and Improvement Act of 2010 extended the closing deadline till September 30, 2010 for eligible taxpayers who entered into a binding contract on or before April 30th.
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- 2010 Federal Standard Mileage Rates
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written on May 25, 2010
by William Riccio
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Tracking Business Finances
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Under Revenue Procedure 2009-54, the Internal Revenue Service has issued the federal standard mileage rates for 2010.
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- 2011 Health Savings Accounts Inflation Adjustments
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written on May 25, 2010
by William Riccio
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Tracking Business Finances
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Under Revenue Procedure 2010-22, the Internal Revenue Service has issued the health savings accounts inflation adjustments for 2011.
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- Social Security Wage Base Remains Unchanged for 2010
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written on November 05, 2009
by William Riccio
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Tracking Business Finances
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The Social Security Administration recently published their Cost-of-Living Adjustments (COLA) for 2010. Maximum taxable earnings subject to Social Security withholding remains unchanged for 2010 at $106,800.
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- IRS Reports Record Number of eFiled Returns
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written on November 05, 2009
by William Riccio
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Tracking Business Finances
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On November 2nd 2009 the IRS announced that for the first time more than two thirds of all taxpayers e-filed their individual returns in 2009. Almost, 95 million individual returns were e-filed in 2009 which is a 6% increase from the prior year. The IRS processed over 141 million individual returns in 2009.
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- Latest IRS email Hoax
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written on September 21, 2009
by William Riccio
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Tracking Business Finances
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It seems that every day we are bombarded with e-mail hoaxes, scams and phishing attempts. Some of the most seductive ones appear to be from a reputable source. If you received an e-mail similar to the one below purporting to be from the Internal Revenue Service do not clink on the hyper link. The e-mail should be deleted.
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- Proactive Steps for Taxpayers who are Newly Married
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written on July 20, 2009
by William Riccio
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Tracking Business Finances
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In the recently released Internal Revenue Service Summertime Tax Tip 2009-04 titled Tax Tips for Recently Married Taxpayers the IRS tries to provide some guidance for recently married taxpayers. The following is a summary of the items listed in the tax tip.
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- Deductibility of Job Search Expenses
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written on July 13, 2009
by William Riccio
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Tracking Business Finances
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Are the expenses associated with your job search deductable? In the recently released Internal Revenue Service Summertime Tax Tip 2009-01 titled Tax Benefits for Job Seekers the IRS tries to provide some guidance to this issue. The following is a summary of the six items listed in the tax tip.
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- 2010 Health Savings Accounts Inflation Adjustments
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written on May 20, 2009
by William Riccio
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Tracking Business Finances
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Under Revenue Procedure 2009-29, the Internal Revenue Service has issued the following inflation adjusted amounts for Health Savings Account (HSA) effective for calendar year 2010:
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- 2009 Health Savings Accounts Inflation Adjustments
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written on May 18, 2009
by William Riccio
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Tracking Business Finances
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Under Revenue Procedure 2008-2009, the Internal Revenue Service has issued the following inflation adjusted amounts for Health Savings Account (HSA) effective for calendar year 2009:
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- Changes to Ohio Sales Tax Filing Requirements
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written on January 26, 2009
by William Riccio
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Tracking Business Finances
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For those Ohio businesses not yet filing their sales tax returns electronically the State of Ohio Department of Taxation is making electronic filing mandatory starting with returns due February 23, 2009 for monthly taxpayers. The mandatory electronic filing requirement also affects semi-annual sales tax returns filers as well. Semi-Annual return filers will have to begin electronically filing their sales tax returns starting with returns due July 23, 2009.
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- 2009 Federal Standard Mileage Rates
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written on December 02, 2008
by William Riccio
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Tracking Business Finances
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Under Revenue Procedure 2008-72, the Internal Revenue Service has issued the standard mileage rates for 2009. The standard mileage rate for cars, vans, pickup trucks or panel trucks will be decreasing to 55 cents per mile starting January 1, 2009. The standard mileage rate for medical or moving will be decreasing to 24 cents per mile. The charitable miles driven rate will remain unchanged at 14 cents per mile.
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- Employment Tax Reporting Changes for Some Single Member Limited Liability Companies
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written on December 01, 2008
by William Riccio
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Tracking Business Finances
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Starting January 1, 2009, a little know rule is going to change how some single member limited liability companies report federal employment taxes and wages. Back in 2007, new treasury regulations were issued. The biggest change made was to make the limited liability company responsible for filing and paying all employment taxes for wages paid after December 31, 2008.
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- RollingAverage Inventory Method Now Allowed by Internal Revenue Service
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written on October 01, 2008
by William Riccio
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Tracking Business Finances
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The Internal Revenue Service has changed its stance on whether or not rolling-average inventory valuation method of accounting clearly reflects income for a business. In the past the IRS has held that the rolling-average inventory method does not clearly reflect income. But, with Revenue Procedure 2008-43 the IRS has changed its stance and now will allow businesses to use the rolling-average inventory method.
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