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  • Affordable Care Act Update

    Affordable Care Act Update

    Health Reimbursement Arrangements Get a Second Life By: Dave Reyes, CPA, CEBS, Shareholder The Affordable Care Act (ACA) made sweeping changes to how employers provide health coverage for their employees. Health Reimbursement Arrangements (HRA’s) were significantly impacted by the ACA. Prior to the ACA, many small employers would use an HRA to not only reimburse employees for their out of ... Read MoreRead More »
  • Law Change Allows Bonus Depreciation for Qualifying 39-year Property

    Law Change Allows Bonus Depreciation for Qualifying 39-year Property

    Nonresidential real estate owners should be aware of recent tax law changes that could increase depreciation deductions significantly. The 2015 PATH Act modified Sec. 168(k) to create a new category of property called Qualified Improvement Property, or QIP, which qualifies for the taxpayer-friendly accelerated bonus depreciation. QIP property is any improvement to an interior portion of a nonresidential building after the building was originally placed in service. Amounts paid for an enlargement, elevators, escalators, or the internal structural framework of the building are not included as QIP.Read More »
  • FASB Simplified Guidance on Presentation of Debt Issuance Costs for Private Entities

    FASB Simplified Guidance on Presentation of Debt Issuance Costs for Private Entities

    The FASB issued ASU 2015-03 on April 7, 2015, which changes the presentation of debt issuance costs in financial statements. Under the new guidance, debt issuance costs related to term loans should be presented as a direct deduction from the carrying amount of the associated debt liability. Prior to the issuance of the new standard, debt issuance costs were presented as a deferred charge (as an asset) on the balance sheet rather than a direct reduction of the carrying value of the debt.Read More »
  • Cybersecurity: Not an IT issue, but a Business Issue

    Cybersecurity: Not an IT issue, but a Business Issue

    As organizational structures evolve, the growing integration and reliance on information technology introduces a variety of risks into the operating environment. Information technology and cybersecurity are often addressed separately from the operations side of the organization. The policies and procedures related to cybersecurity must be implemented from an operations standpoint in order to effectively address the associated risks to the organization.Read More »
  • Ohio Tax Update – Nov 2016

    Ohio Tax Update – Nov 2016

    As a background, Ohio Revised Code (ORC) 5747.212 requires certain nonresident investors to apportion the gain on the sale of their ownership interest in a closely-held investment. What would otherwise be considered nonbusiness income from the sale of an intangible asset (i.e. common stock or equity interests in a pass-through entity), ORC 5474.212 requires an apportionment using a special 3-year apportionment factor.Read More »
  • Fighting the Threat of Ransomware

    Fighting the Threat of Ransomware

    Ransomware is a fast growing cyber security threat. The FBI estimates that over $200 million in ransom was paid so far in the first quarter of 2016. This figure will top $1 billion by the end of the year, up from just $24 million in 2015(1).Read More »
  • Not a new LEASE on life

    Not a new LEASE on life

    In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases, which provides new guidelines that change the accounting for leasing arrangements for lessees.Read More »
  • FASB Not-For-Profit Update

    FASB Not-For-Profit Update

     Late last week, the Financial Accounting Standards Board (FASB) released Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements for Not-for-Profit Entities. This release is the first significant change to financial statements of not-for-profits in 20 years and is the first of two standards changes stemming from the FASB exposure draft released in Spring 2015.Read More »
  • IRS Phone Scams: What taxpayer’s need to know

    IRS Phone Scams: What taxpayer’s need to know

    The Internal Revenue Service (IRS) faces a growing list of issues they must combat on a daily basis. One of the more problematic issues they are facing is criminals making threatening phone calls to unsuspecting taxpayers impersonating IRS agents. The IRS states they have received reports of roughly 896,000 fraudulent calls being placed since October of 2013 and have become aware of over 5,000 victims who have collectively paid over $26.5 million as a result of the scam.Read More »
  • New Overtime Rules Issued: What it Means for You

    New Overtime Rules Issued: What it Means for You

    A change in the rules governing overtime has been coming for two years, with a sneak preview of proposed modifications last year. But on May 18, the Department of Labor (DOL) came out with its new final rules, which take effect on December 1, 2016. The rules will significantly raise the salary level used to determine whether employees are eligible for overtime and will affect more than 4 million salaried employees, according to the DOL.Read More »
  • Long Awaited Lease Accounting Standard Released

    Long Awaited Lease Accounting Standard Released

    The Financial Accounting Standards Board issued its long-awaited lease accounting standard Thursday, one of the major convergence projects on which it has collaborated for a decade with the International Accounting Standards Board. Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months.Read More »
  • March 31 ACA Filing Deadline Nears

    March 31 ACA Filing Deadline Nears

    Have your employees received their 1095-B's and 1095-C's yet? These new forms required under the Affordable Care Act inform the government whether or not individuals had health coverage during 2015. They allow the IRS to enforce both the individual mandate and employer mandate penalties. 2015 is the first year for these new forms which were originally required to be provided to employees by February 1, 2016.Read More »
  • Jonathon P. Ruple Named to MEACO Board

    Jonathon P. Ruple Named to MEACO Board

    Jonathon P. Ruple Brings Deep Non-Profit, Accounting And Management Experience. MEACO is a non-profit Certified Development Corporation specializing in small business lending. As a partner with the U.S. Small Business Administration, MEACO provides SBA 504 loans to businesses throughout Northeast Ohio.Read More »
  • ACA Reporting Deadlines Extended

    ACA Reporting Deadlines Extended

    With the deadline for employers to file new IRS forms under the Affordable Care Act a little more than a month away the IRS in a surprise move extended the upcoming deadline. For a detailed summary of these new rules, here is a link to an article from our September 2015 newsletter. The following is a quick summary of the new forms required for calendar year 2015.Read More »