Archive
Alternative investment strategies for NFP organizations
Many not-for-profit organizations are looking for ways to diversify their investment portfolios and improve returns on their investments. Organizations have sought to offset the effects of the financial markets over the past few years and have attempted to compensate for… View More
Ohio Use Tax
The Ohio Department of Taxation has increased their efforts to educate taxpayers about Ohio Use Tax. In addition, they have significantly increased their audit and enforcement activity for those businesses not filing Use Tax returns. Generally, use tax exposure… View More
Tips for Last Minute Filers
Tips for Last-Minute Filers The tax filing deadline is just around the corner. Here some tips for taxpayers still working on their tax returns: Check the Identification Numbers Carefully check identification numbers — usually Social Security numbers — for each… View More
Top Changes for This Tax Season
Each year changes are made regarding deductions, credits, and other tax provisions. Listed below are the newest additions to taxes for individuals and businesses along with past provisions that no longer apply. Additions for Individuals: 1. Roth IRA rollovers are… View More
Changes To Unemployment Taxes
As part of his effort to replenish the state unemployment-insurance trust fund, President Obama is expected to increase the amount of wages subject to unemployment taxes. While the tax rate will not change, the amount of wages subject to the… View More
Phase 3 of New Reporting Regulations
Background: Back in 2006, the Federal Funding Accountability and Transparency Act (FFATA) was established. The Act required that federal awards be reported. A prime grant or contract awardee is required to report its award along with any sub-grants or sub-contracts…. View More
Excess Benefits Penalties for Non-Profits
If the IRS determines that a top official from a tax-exempt organization engaged in a transaction and received an unfair benefit given his position, both the organization and the individual face penalties. While the idea behind the penalties is nothing… View More
Deduction of LLC Losses
Recent court decisions have made it easier for LLC owners who have experienced losses to escape passive activity loss (PAL) rules. Instead of being classified as passive, the losses can be deducted from non-rental activities. The Problem: Generally, passive losses… View More
Contractor Classification
When deciding how to classify a newly hired worker, most construction companies prefer to use the independent contractor classification rather than regular employee. Some of the benefits to an independent contractor classification include: FICA and FUTA is not due Workers… View More
Do More with Less: 8 Steps to Lean Manufacturing
Lean manufacturing encompasses a management philosophy that emphasizes waste reduction to increase profitability. Follow the 8 steps listed below to increase your company’s profitability and efficiency. 1. Eliminate Waste: Identify waste through a value stream analysis. Types of waste include:… View More
