Ohio Tax Update

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As part of Ohio’s biennial budget, the Ohio House of Representatives passed a bill on May 9, 2019, that contains several provisions which may affect individual and business taxpayers. This Ohio tax update bill has been forwarded to the Ohio Senate for their review.

Religious Congregation Financial Strategies

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Churches, synagogues, mosques and other religious congregations aren’t required to file tax returns, so they might not regularly hire independent accountants. But regardless of size, religious organizations often are subject to other requirements, such as paying unrelated business income tax (UBIT) and properly classifying employees.

Tax Planning for the End of the Year

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Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six last-minute tax moves business owners should consider in order to keep your tax bill as low as possible.

Parking Costs as Benefits

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On December 10, 2018, the IRS issued Notice 2018-99 which provides interim guidance to assist tax-exempt organizations in calculating unrelated business income (“UBI”) from providing parking and other qualified transportation benefits to employees.

Paid Family and Medical Leave

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There is a new tax credit called the Employer Credit for Paid Family and Medical Leave available to employers that has been established by the Tax Cuts and Jobs Acts (TCJA). This credit is available for the 2018 and 2019 tax years after which it will expire, absent any legislative action to extend it.

Qualified Charitable Distribution

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The basics of a Qualified Charitable Distribution are as follows: The distribution is made directly to a qualified charity on or after the individual has reached age 70 ½.  Up to $100,000 per year can be donated to a charity and be excluded from income. The QCD counts toward the individual’s annual RMD requirement.

ETHICS SEMINAR – NE OHIO AREA

Randy ChmEvent, Front Page

Maloney + Novotny will host an ethics training seminar on Tuesday, October 23rd at Embassy Suites Independence. Registration begins at 12:30 p.m., program begins at 1:30 with a cocktail reception afterward at 4:30 p.m. This training seminar satisfies the Accountancy Board of Ohio’s three-hour professional standards and responsibilities CPE requirements (CPE for CPAs only). PRESENTER: Tiffany Crosby, CPA, CGMA, CTP, … Read More

Tax Filing Deadlines 3Q 2018

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Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional tax filing deadlines that apply to you.

Tax Law Changes and Your 401(k) Plan

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When you think about recent tax law changes and your business, you’re probably thinking about the new 20% pass-through deduction for qualified business income or the enhancements to depreciation-related breaks. Or you may be contemplating the reduction or elimination of certain business expense deductions. But there are also a couple of recent tax law changes that you need to be aware of if your business sponsors a 401(k) plan.

Charitable Giving Post TCJA

Randy ChmFeatured News, Front Page

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Learn how the charitable deduction was affected by the new tax laws By Brianna Trivelli After the Tax Cuts and Jobs Act (TCJA) was passed, the charitable deduction was maintained with few changes. However, other provisions of the act affect the utilization of this deduction and changes tax planning for charitable giving. Standard Deduction vs. Itemized Deduction One of the … Read More