Tax Tip: Misclassified Workers

May 13th, 2016

The Internal Revenue Service knows that a large number of businesses circumvent their payroll tax responsibilities by calling workers independent contractors when they are in actuality employees.

The IRS is ramping up its efforts to seek back payroll taxes and penalties from firms that wrongly treat workers as contractors. The Labor Department and states are also involved in sniffing out misclassification, and they share their audit results with the IRS.

If you have any questions, or, think that you might be a misclassified worker, do not hesitate to contact us.

Tax Tip: Employee fringe benefits

April 22nd, 2016

Want to know whether or not fringe benefits offered to employees are taxable? Take a look at the IRS Publication 15-B. It has a lot of info on perks you can offer employees, including adoption assistance, on-premises gyms, meals and lodging, life insurance coverage, employee discounts and more.

Tax Tip: CAT Tax Returns Due May 10, 2016

April 21st, 2016

This message is a reminder to all commercial activity tax (CAT) taxpayers that the first quarter 2016 CAT return is due May 10, 2016. The 2015 CAT annual return is also due on May 10, 2016 for all CAT annual taxpayers.

Taxpayers are required to file and pay the CAT electronically via the Ohio Business Gateway.

If your Ohio sales will exceeded $150,000, but were less than $1,000,000, in 2015, you are required to file the annual return. If your 2016 annual Ohio sales will exceed $1,000,000, then you are required to file quarterly.

Please give us a call, at 614.771.7700, if you need any assistance with filing your returns.

Tax Tip: IRS Impersonators

April 20th, 2016

The IRS will never call you, and you should never give out personal info to someone who calls and claims to be from the IRS. Even if your caller ID says IRS, do not trust it. If you owe taxes the IRS will send a notice in the mail to inform you.

Treasury Inspectors are fighting back against IRS scammers who are calling taxpayers and telling them that they owe taxes and must pay up fast. Some counter measures taken by the inspectors include using an auto-dialer to call the scammers and order them to stop all calls, working with phone companies to have the phone numbers shut down, and publishing scammers phone numbers online.

One law maker, Senator Chuck Grassley (R-IA), has sent a letter to the Justice Department to ask why only a few scammers have been criminally prosecuted. He also wants a description of the strategies and tactics the Department of Justice is using to deter the fraud.

Tax Tip: CAT Taxes Due soon!

April 11th, 2016

This message is a reminder to all commercial activity tax (CAT) taxpayers that the first quarter 2016 CAT return is due May 10, 2016.  The 2015 CAT 12 annual return is also due on May 10, 2016 for all CAT annual taxpayers.
Taxpayers are required to file and pay the CAT electronically via the Ohio Business Gateway.

If your Ohio sales will exceeded $150,000, but were less than $1,000,000, in 2015, you are required to file the annual return.  If your 2016 annual Ohio sales will exceed $1,000,000, then you are required to file quarterly.

Please give us a call, at 614.771.7700, ASAP, so we can get the information needed to prepare your return.

Tax Tip: Work Opportunity Credit

March 16th, 2016

The Work Opportunity Credit (WOTC) is a credit for 40% of the first $6,000 in wages paid to an employee.  It is now available when you hire people who have been out of work for 27 weeks or more and have received unemployment benefits.  This is an new addition to the list of possible situations where this credit is available.  You must pre-qualify your employee prior to offering employment.

Tax Tip: Simple IRA info

February 2nd, 2016

Simple IRAs may accept tax-free rollovers from 401(k)s and IRAs.

Note: Rollovers aren’t allowed in the first two years of participation in a Simple IRA.

Partnership returns now due March 15

January 27th, 2016

The due date for all partnership returns is now March 15.  This includes all LLC’s.
If you have already dropped your stuff off please disregard this email.
If you will need an extension, please let us know by March, 1 2015.

Please let me know if you have any questions