Many business operators, regardless of background, are charged with some degree of fiscal oversight. While some may have a basic understanding of the information listed on their company’s financial statements, the majority are not accountants, nor have they had training that covers the detail contained within their financial statements. 
The midway mark in the calendar year signifies a checkpoint for the Bureau of Workers Compensation (BWC). The BWC Annual True-up reports are due soon and while many companies are ready, some may still be a little fuzzy about the new process and timeline. 
This is the second year for annual True-up reporting. Most private employers are on a bi-monthly payment installment schedule (other than the minimum payers). If employers wish to elect a monthly installment option, they can make the change annually prior to the start of the new policy year,
From the Ohio Bureau of Workers’ Compensation news desk
June 15, 2017
Ohio’s economy will get a big boost in July. That’s when the BWC will send $1 billion in rebates to eligible Ohio employers, the first part of The Third Billion Back plan that was announced in March.
For many small business owners, the fourth quarter signifies a final flurry of activity. Whether that is projecting inventory against sales or contemplating major purchases against anticipated revenue, for those who use QuickBooks software, it may seem as if the program takes care of the business loose ends on their behalf. As a result, business owners view the end-of-year task list as one less thing to think about in the middle of the night.
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By Tax Services Department
I once had a wealthy client who was a private business owner that wanted to gift a vacation home to his children. Based on prior gifting, to transfer the property outright, he would have incurred a 40% gift tax rate on a portion of the value of the home because the fair market value was in excess of their remaining gift tax exemption. 
As his advisor, we had discussed his long-term financial goals and created an Ohio limited liability company so the vacation home could be deeded into the LLC. Since the home was now an LLC asset, he had a qualified professional perform a valuation of the LLC.
Assigning several “discounts” for the value of the LLC , when he transferred the LLC ownership to the children, he was able to reduce the fair market value of the vacation home by using a 30% discount per the valuation. This simple planning allowed him to transfer the vacation home to his children without incurring any gift tax.
Needless to say, valuation discounts are a very important and significant component of estate planning. The two main discounts are lack of control and lack of marketability.
Lack of Control
Typically, when ownership of a family business is gifted to family members of a lower generation, the control stays with the older generation by the use of voting and non-voting stock. While the IRS originally maintained that valuation discounts for minority interests (lack of control) were not available, the IRS changed its position in 1993, in Revenue Ruling 93-12.
Lack of Marketability
In addition, a discount for a lack of marketability has been allowed because the Family Limited Partnership (FLP) units are not sold in the stock or other open market and are not easily valued. The lack of marketability discount is available because of the difficulty of selling “hard to value” assets. This opened the door for FLPs and family limited liability companies (FLLCs) to become very useful estate planning tools.
By the Tax Services Department
You’ve finally made the decision to become one of “those people.” 
You know, the person who, as was drawing closer to retirement (and coincidently, during one of the never-ending sub-zero days of winter), decided that living somewhere south of the Mason-Dixon line just made sense. You meticulously planned to move south to retire. But, before you settle back in the lounge chair twirling the paper umbrella as it shades your Pina Colada, you may want to ensure you have all of your assets in order.
Posted by: DeAnna Alger, CPA
read more…Posted by: DeAnna Alger
read more…Jack Borkey Sr. established Professional Electric Products Company (PEPCO) in 1968 and has achieved great success with his family owned and operated company ever since. Jack is a scheduled panelist for a discussion on “The Transition Process – Planning for the future” during the 2012 Family Business Conference, sponsored by Zinner & Co.
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On July 4, President Donald Trump signed the One Big Beautiful Bill Act (“OBBB”) into law after the Senate and House passed the bill on July 1 and July 3, respectfully. The OBBB includes numerous tax changes, including permanent and limited modification of many tax...
On July 4, President Donald Trump signed the One Big Beautiful Bill Act (“OBBB”) into law after the Senate and House passed the bill on July 1 and July 3, respectfully. The OBBB includes numerous tax changes, including permanent and limited modification of many tax...
On July 4, President Donald Trump signed the One Big Beautiful Bill Act (“OBBB”) into law after the Senate and House passed the bill on July 1 and July 3, respectfully. The OBBB includes numerous tax changes, including permanent and limited modification of many tax...
Ohio’s annual sales tax holiday has arrived. This year’s weekend-long temporary tax break began on Aug. 1 at midnight and will end on Aug. 14 at 11:59 p.m. Initially introduced in 2019 to provide relief for families preparing for the back-to-school season, the sales...
The sales and use tax rate for Brown County (08) will decrease from 7.25 percent to 7 percent, effective Oct. 1, 2025.Please visit the Ohio Department of Taxation’s website at tax.ohio.gov or contact your Zinner and Company Tax Team member with any questions...
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