Construction Archives - Page 5 of 7 - Payne Nickles & Company - Ohio Accounting Firm, Business CPAs & Advisors

3 Tactical Budget Reminders for Construction

When you run a small business, you wear more than just one hat, but is budget master one of them? When it comes to protecting your bottom line, your budget plays a critical role. A smart budget accurately sets the tone for the timeline of your project; it also determines the people you hire and …

The Internal Revenue Service recently issued the 2020 optional standard mileage rates to be used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. As of January 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) are:: 57.5 cents …

The Internal Revenue Service (IRS) has released another preview of Form W-4 to the public. The new design aims to simplify the withholding system, replacing complicated worksheets with questions designed for the layman. The hope is that the form will help employees report more accurate amounts, allowing the IRS a better assessment of taxes paid. …

Final regulations from the Internal Revenue Service (IRS) give employers decision-making rights on whether to truncate their employees’ Social Security Numbers (SSN) on Form W2, Wage and Tax Statement. The rule, which began its journey in 2017 as a set of proposed regulations, is another step in the right direction toward protecting employees from identity …

Understanding your eligibility for tax credits is an essential facet of income tax planning. Unlike deductions, which reduce your tax owed as a percentage of the deduction multiplied by your marginal tax rate, tax credits reduce your tax owed on a dollar for dollar basis. Given the choice between a tax deduction and a tax …

The Taxpayer First Act

The Taxpayer First Act (the Act) of 2019 was signed into law on July 1, 2019. The bill, having gone through a few changes on its way to the president’s desk, passed with bipartisan support – a rare thing in Washington these days. The law aims to reform the Internal Revenue Service (IRS) by making …

The Tax Cuts and Jobs Act (TCJA) made many changes to the Internal Revenue Code. While many were widely discussed, businesses should know other provisions that may affect the taxable income computations on federal tax returns. Gross Receipts Test More small businesses will be eligible to use the overall cash method of accounting since the …

Employers can minimize their compliance and audit risks by meeting the recordkeeping requirements of the Internal Revenue Code (IRC). The IRC requires all employers that withhold and pay federal income, Social Security and Medicare taxes to maintain certain records for each employee. Failing to meet these recordkeeping requirements can mean big penalties, not to mention …

The construction industry is enjoying a time of robust growth. According to FMI, Total construction put in place estimates for the U.S. project positive momentum in the top three categories, residential, non-residential, and nonbuilding structures, over the next 5 years Top-performing segments (+5% or more) include office, educational, public safety, transportation, manufacturing, highway and street, …

Under the new tax law, a vehicle provided to an employee for personal use is subject to income tax obligations. Personal use of a company car is considered a noncash fringe benefit that is taxable. If an employer provides an employee with a vehicle that is available for business and personal use, the value of …