Identity Theft Tax Tip

January 23rd, 2019

If you think you have been the victim of tax related Identity Theft,  file Form 14039 Identity Theft Affidavit with the IRS immediately.

This alerts the IRS that there may be a problem and the IRS may issue you a six digit Identity Protection PIN to use when filing your return.

Commercial Activity Tax (CAT) Filing Deadline Reminder

January 18th, 2019

This message is a reminder to all commercial activity tax (CAT) practitioners and taxpayers that the fourth quarter 2018 CAT return is due February 11, 2019.
Taxpayers are required to file and pay the CAT electronically via the Gateway at  business.ohio.gov.

Please visit the website at tax.ohio.gov or contact the Department at 1-888-722-8829 with any questions regarding the CAT.

Sales and Use Tax Filing Deadline Reminder

January 18th, 2019

This message is a reminder to all sales and use tax practitioners and taxpayers that the December 2018 monthly sales and use tax returns and the July – December 2018 semi-annual sales and use tax returns are due January 23, 2019.

Taxpayers are required to file sales and use tax returns electronically via the Gateway at business.ohio.gov  or through TeleFile by calling (800) 697-0440.

Please visit the website at tax.ohio.gov or contact the Department at 1-888-405-4089 with any questions regarding sales and use tax.

Tax Scams tax tip

January 14th, 2019

capture2Be wary of emails that look like they come from the IRS about tax transcripts. Scammers are spreading a computer virus through these emails. Do not open the email or any attachments. You can delete the email or forward it to phishing@irs.gov.

Mileage Tax Tip

January 14th, 2019

capture2Record your year end mileage: You can take a picture of your odometer or get a car wash at the dealer to log your odometer.

Beneficiary Tax Tip

January 14th, 2019

capture2Review the listed beneficiaries on your retirement accounts, such as 401(k), 403(b), pension and IRA’s. You may need to make changes if you have experienced any life changes such as birth of a child, divorce, marriage, or death of a beneficiary. Make sure you list each beneficiary by name and avoid the phrase ‘all my children.’ Don’t forget to check your will and taxable investment accounts while you’re at it.

Important: 1099’s For 2018

December 17th, 2018
capture2The due date for Forms 1099’s this year is to January 31, 2018.  To properly report the information required on Form 1099, you need to have the provider’s taxpayer identification number (TIN). You can request that the provider fill out and give you a Form W-9, Request for Taxpayer Identification Number and Certification, before work is done or payments are made.

As a general rule, you must issue a Form 1099-MISC to each person, including partnerships and limited liability companies, to whom you have paid at least $10 in royalties or interest or at least $600 in rents, services, prizes, awards, or other payments. You do not need to send a 1099-Misc to a Corporation or S Corporation.

If you would like us to prepare your 2018 1099’s, fill out the attached form and email back to Ashley at Ashley@setcpa.com.

You will need to provide us the information by January 18, 2019. You can enter the info on our Data Input Sheet. 1099 MISC Data Entry Form

  •      Contractor’s name
  •      Contractor’s address
  •      Their federal EIN or SS#
  •      Amount paid

Bankruptcy and Retirement Accounts Tax Tip

December 17th, 2018

capture2Under bankruptcy law, only the person who creates and funds the 401(k) or IRA can exempt these from bankruptcy creditors. The IRA exemption limited to $1,283,025.