Revised instructions to ICE Form I-9 for new employees includes guidance on the E-Verify procedure. E-Verify provides an automated link to federal databases to help employers confirm the employment authorization of new hires. E-Verify is free to employers and is available in all 50 states.
read more…The much awaited repeal of the 1099 reporting rules has finally come true.
The Senate approved the retroactive repeal of the expanded 1099 reporting requirements and the legislation was signed by President Obama. The signing of this legislation is sure to put a
smile on the faces of CPAs and business owners everywhere.
read more…
Even though a one-member limited liability company (LLC) is treated as a “disregarded entity” for income-tax purposes, under state law the LLC is still a separate property owner.
read more…Posted by: DeAnna DeWitt
read more…The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes.
The rate will increase to 55.5 cents a mile for all business miles driven from July 1, 2011, through Dec. 31, 2011. This is an increase of 4.5 cents from the 51 cent rate in effect for the first six months of 2011, as set forth in Revenue Procedure 2010-51.
by Joe Ramey, ATS Manager
The SEC recently released a work plan for how International Financial Reporting Standards (IFRS) might be worked into the U.S. financial reporting system, stressing that the SEC has not yet committed to convergence of U.S. GAAP with IFRS.
The plan drew a picture of how dramatically Financial Accounting Standards Board’s (FASB) role may change in standard setting.
read more…
FBAR, otherwise known as Foreign Bank Account Reporting Form TD 90.22-1, is a separate filing from the U.S. Income tax return. Its purpose is to inform the federal government of the existence of foreign financial accounts in which you have an interest. Why do they want to know about this? To protect against international terrorism, combat money laundering and other crimes and to identify illicit funds or income escaping federal income tax because the money is being hidden outside the US!
Who is required to file?
It appears that we may be one step closer to repeal of the Ohio Estate tax. On May 5, the Ohio House of Representative approved H.B. 153. Within this bill, was the inclusion of language eliminating Ohio’s estate tax, effective January 1, 2013.
read more…Posted by: Brett Neate, CPA
The Ohio Budget Bill signed by Governor Kasich on June 30th includes a massive tax break for businesses delinquent in filing Use Tax returns. Not only will interest and penalties be waived, but the tax itself will be abated for all pre-2009 periods! The amnesty period runs from October 1, 2011 to May 1, 2013 and offers benefits to both registered and unregistered taxpayers.
On March 25, President Donald Trump signed Executive Order 14247, Modernizing Payments to and from America’s Bank Account. The Executive Order is intended to modernize financial operations, reduce costs, minimize fraud and eliminate inefficiencies associated with...
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...
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