Blog Archives - Page 2 of 16 - Payne Nickles & Company - Ohio Accounting Firm, Business CPAs & Advisors

Building Success Amid New Lease Accounting Standards: A Comprehensive Guide for Construction Businesses

As a construction business owner, navigating the financial intricacies of your industry can be daunting. Between managing contracts and tracking new regulations, the shift from ASC 840 to ASC 842 in lease accounting standards may seem like just another complexity. However, understanding these changes and their implications is key to ensuring your business’s financial stability …

As we increasingly embrace the post-pandemic era, the world of work has undergone a significant shift. Many companies have opted for remote work models, dispersing employees across various states and countries. However, while beneficial in many respects, this transition carries complex tax implications for businesses. Understanding and adapting these implications has become vital to business …

Profit is the heart of success for any construction job, particularly in an industry known for its wafer-thin margins. Job costing is a powerful tool, helping forecast expenses and identify potential issues before they nibble away at your profit. How can the project be completed within the budget constraints? What risks loom on the horizon? …

As we approach the halfway point of 2023, it’s the perfect opportunity to evaluate your business tax planning and determine ways to decrease your tax burden. Employing the right strategies can reduce your taxes, optimize your cash flow, and enhance your long-term financial success. In this article, we’ll introduce three tax strategies for 2023: Roth …

2022 Year-End Reporting Reminders

We have prepared this list of year-end reminders for you. If you would like us to prepare 4th quarter payroll reports, reconciliations & W-2s, please provide the wage information no later than January 9, 2023. This will ensure all W-2’s are provided to your employees by the January 31, 2023 deadline. W-2’s and Wages For …

The House of Representatives passed The Inflation Reduction Act (IRA) Friday, August 12, and President Joe Biden signed into law August 16. The legislation, which is a pared-down version of the proposed Build Back Better plan, was passed through the budget reconciliation process and is expected to pay for itself and decrease the budget deficit. …

For more than 60 years, G.W. Samaha Antiques has been a prominent part of the community in Norwalk and surrounding towns. Milan, Ohio became an important antiques destination after G.W. Samaha, Sr. began hosting antiques shows in the Milan Town Hall ballroom several times a year. The business was eventually handed down to G.W. …

As Tax Day approaches, taxpayers will often rush to complete their returns by the April 15th deadline. While it’s ideal to file your return by the IRS due date, there are many instances that can prevent this. In these circumstances, it can be beneficial to extend your return. Consider, for example, K-1s from pass through …

Nonprofits, like any organization, must protect themselves from fraud. While fraud in the nonprofit sector isn’t as prevalent as in for-profit entities — comprising just 9% of fraud cases according to the Association for Certified Fraud Examiner’s 2020 Report to the Nations – the results can be devastating because nonprofits usually have fewer resources to …

Business owners spend a lot of time and effort ensuring their operations run smoothly, from delivering quality goods and services to providing accurate financial statements and tax returns. Yet one scammer going after your company can bring it all down, harming your reputation and your revenue. One of the best ways to protect your business …