Cincy Entrepreneur: Putting the P in CPA

Flagel Huber Flagel takes the “P” in “Certified Public Accounting” seriously. On Aug. 12, two thirds of the 60-person CPA firm, with offices in Symmes Township and Dayton, will spend the day in public service as part of the firm’s annual Accountants in the Community program. For the second year in a row, employees will volunteer to spend the day in service to local nonprofits such as the Ronald Continue Reading

Reminders of ACA Changes Coming Up in 2016

Changes brought by the Affordable Care Act (ACA) continue to roll in. For affected employers, these changes could mean higher expenses and will add filing responsibilities with the IRS. Background: The ACA has a language of its own, with many new terms employers must learn. For example, "applicable large employer," or ALE, is defined as an employer having at least 50 full-time employees or the Continue Reading

Executive Compensation: What Are IRS Auditors Looking For?

When IRS auditors begin the task of examining a company, they must first learn the in-house terminology utilized by the firm, as well as how records are maintained. In the case of executive "Every publicly held corporation maintains its executive compensation records differently. Likewise, every publicly held corporation maintains different methods for compensating its executive."-- IRS Continue Reading

Year-End Payroll Reminders

The year will be wrapping up soon and your business needs to submit the information we require to complete your documents. With that in mind, we're providing you with a list of important information. Some or all of the following items may apply to your business. Company Level Changes Company address. Make sure your company address is correct. We prepare all W-2s and annual filings with Continue Reading

IRS Moves to Head Off Payroll Deposit Problems

The IRS recently launched a pilot program to try to prevent employers from running into unmanageable payroll tax problems. When it seems likely that an employer will owe a payroll tax balance at the end of a quarter, IRS revenue officers will contact that employer before the quarterly federal tax return is due, the IRS stated in an e-newsletter sent to payroll professionals. The agency noted Continue Reading

The IRS Takes a Proactive Stance against Identity Theft and Tax Scams

The Federal Trade Commission estimates as many as 9 million Americans have their identities stolen every year. Although the security of personal data is a top priority of all types of entities, the IRS is especially vigilant, because tax-related identity theft is the most common form of reported identity theft. Are Identity Protection Services Taxable? Under federal tax law, gross income Continue Reading

Will Congress Resolve Taxing Issues for Internet Sellers?

The Internet Tax Freedom Act (ITFA) is currently set to expire at the end of September. A bill to permanently extend the ITFA passed the House in June and is awaiting approval by the Senate. There's a common misconception that the ITFA provides businesses with a "get-out-of-tax" card. In truth, however, it does not give businesses a blanket exemption from tax obligations on transactions conducted Continue Reading

Building Tax Breaks for Disability Accommodations

The IRS has posted information on its Web site about the tax breaks available to businesses when they accommodate disabled individuals. Here is a brief summary of three key tax breaks:   1. The disabled access credit - A small business may be entitled to a nonrefundable credit when it incurs expenses for providing access to individuals with disabilities. To be eligible, the business can't have Continue Reading

EMV Compliance: Are You Ready for the October 1 Deadline?

Can you imagine using a computer from the 1960s to run your business? Of course you can't. But many U.S. merchants and banks still use payment cards with magnetic strip technology that's more than 50 years old. On October 1, a liability shift goes into effect that may entice businesses to adopt modern "chip" technologies to more effectively combat fraud from counterfeit cards. Here's critical Continue Reading

20 FAQs about Required Minimum Distributions

The rules for required minimum distributions (RMDs) can be bewildering, frustrating and potentially expensive to retirement savers and their beneficiaries. Avoid the Year-End Crush Taxpayers subject to required minimum distributions (RMDs) have until December to calculate and schedule RMDs from qualified plans and IRAs. It's not unusual for people to wait until the last moment to take Continue Reading