Zinner & Co. Blog and Newsroom

Deadline nears for Workers’ Compensation true-up

Posted by Zinner & Co. Tax Team on Jul 25, 2018 4:19:00 PM

The deadline is approaching for private employers to “true-up” with the Ohio Bureau of Workers’ Compensation (BWC).

A press release posted on the Ohio BWC website reminds employers they have until Aug. 15 to complete an important action necessary for the BWC to accurately calculate premiums.

iStock-936143492_blogAccording to the press release, prior to each policy year (July 1- June 30), employers' payroll amount, the basis for their premium, is estimated based on historical data. When the policy year-ends, employers are required to true-up, which means they must report the actual payroll for the policy year that ended on June 30 and reconcile any difference in premium paid.

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Topics: Brett W. Neate, Bureau of Worker's Compensation, Business - Management, Issues & Concerns, Ohio business owners, payroll

Zinner & Co. Quickbooks Support Policy: What you need to know

Posted by Zinner & Co. on Dec 27, 2017 9:00:00 AM

Effective June 1st 2018 Zinner & Co. will officially adopt Intuit’s Quickbooks Discontinuation policy. If you are using Quickbooks version 2015 or older, you will need to upgrade to maintain compliance. This policy will maintain support for the three most recent versions of Intuit Quickbooks. The annual drop date for the oldest product version is May 31st. Intuit’s current “Disco” policy states:

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Topics: quickbooks, Zinner News, Ohio business owners, Business - Management, Issues & Concerns

Ohio Manufacturer? Sales tax savings that help your business grow

Posted by Brett W. Neate, CPA, MTax on Dec 12, 2017 9:39:17 AM

Like everything in life, the manufacturing process has a beginning and an end. Understanding that process is important for making business decisions regarding raw materials, staffing, inventory, fixed assets, and innovation. 

This knowledge is also used by well-advised businesses to reduce tax expense in Ohio and many other states that have designed their sales tax structure to promote manufacturing.

Read more from Brett Neate here

Ohio does not require sales or use tax to be paid on the purchase or consumption of items used primarily in the manufacturing operation to produce personal property for sale. One of the challenges in maximizing the benefit of this exemption is understanding, for sales tax purposes, when the production process begins and ends.

Production begins when raw materials are committed to the process and ends when the product is in its final state or form. While these definitions seem straightforward, they tend to incredibly nuanced depending on the product being created and the specific process being utilized by the manufacturer.

An additional challenge in properly applying the exemption is when assets or materials are used in both manufacturing and non-manufacturing processes. For example, forklifts are often used to move raw materials, production items, and finished goods. The cost to purchase, maintain, and power the forklifts may or may not be subject to sales tax depending on whether or not they are used primarily in the production process.

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Topics: Brett W. Neate, Ohio business owners, manufacturing

Electronic Delivery of Invoices to Begin January, 2018

Posted by Zinner & Co. on Nov 25, 2017 8:46:00 AM

Fall 2017 | Winter 2018

Zinner & Co. is ready to ring in the New Year with a commitment to sustainability, focus on our environment, and assurance that our clients receive year-round service.  As part of this initiative, beginning in January 2018, business client invoices will be delivered via electronic mail. To ensure timely and effective receipt of your invoice, please take a moment to update your company information by downloading the form here and adding your billing department information if it is different than your primary company contact. (Please let us know if you prefer to continue to receive your invoice via USPS). You can return the form to us at ClientUpdate@zinnerco.com or via US mail:

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Topics: Zinner News, Business - Management, Issues & Concerns, Ohio business owners

The Ultimate Cheat Sheet for Ohio’s Sales Tax Holiday

Posted by Zinner & Co. Tax Department on Jul 27, 2017 5:06:21 PM

For many parents, the idea of getting their kids ready for back-to-school conjures up both a welcome relief and a financial frenzy. According to NEAToday.org, in 2016, parents spent $200, on average, per elementary student and $330 and $375 per middle and high school student, respectively. That is a lot of paper and pencils!  

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Topics: Taxes - Individual, Ohio business owners

Show Me the Money - How InvestOhio may reduce your taxes

Posted by Brett W. Neate, CPA, MTax on May 28, 2017 8:39:00 AM

While there are a myriad of ways to reduce Ohio income taxes that are well known and widely leveraged, some methods seem to go largely unnoticed.  One of those lesser-known and underutilized methods that every small business owner, or those interested in owning a small business, should be aware of is the InvestOhio program.

InvestOhio, launched by the State of Ohio several years ago, was created to encourage investment in Ohio-based eligible small businesses.  Qualifying applicants to this program will receive non-refundable Ohio personal income tax credits equal to 10% of their investment in an eligible small business.  Any unused credits can be carried forward up to seven years.

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Topics: Brett W. Neate, Ohio business owners, Taxes - Corporate & Business

The Department of Labor Overtime Rules - Simply Stated

Posted by Zinner & Co. Tax Team on May 24, 2016 1:22:44 PM

 The Department of Labor has finalized new overtime rules under the Fair Labor Standards Act, ending months of speculation about how the proposal, which was introduced last July, would affect employers.

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Topics: Ohio business owners, Taxes - Corporate & Business

New Income Tax Reductions for Ohio Business Owners

Posted by Zinner & Co. on Jul 7, 2015 2:06:00 PM

By Brett W. Neate, CPA, MTax
Senior Tax Manager 

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Topics: Ohio business owners, Taxes - Corporate & Business, Taxes - Planning, Rules and Returns


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