Tax Archives - Page 6 of 9 - Payne Nickles & Company - Ohio Accounting Firm, Business CPAs & Advisors

IRS Finalizes Rule for Truncating SSN on W2

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 …

Ohio Income Tax Changes for 2019

There has been some recent legislation that significantly changes Ohio income tax laws for the 2019 tax year. We’ve summarized the changes that impact most individuals. All income tax rates have been reduced by 4%. The lowest three brackets are combined into one zero bracket. So taxpayers with taxable nonbusiness income of $21,750 or less …

Navigating retirement planning can be challenging but it is crucial especially as life expectancy in the U.S. steadily increases. To address the need for our wealth to finish the race with us, the House recently passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act. This legislation, receiving almost unanimous bipartisan support, offers the …

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 …

What does your tax return say about your financial situation? The fact is, the paperwork you file each year offers excellent information about how you are managing your money—and highlights areas where it might be wise to make changes in your financial habits. If you have questions about your financial situation, we can help. Our …

The Internal Revenue Service reminds taxpayers to review their 2019 tax withholding using the IRS Withholding Calculator and make any changes with their employer as soon as possible. This is especially true for anyone who adjusted their withholding during the middle or later parts of 2018. That’s because a mid-year withholding change, only affecting part …

The Qualified Opportunity Zone Program will only work if investors can confidently follow the breadcrumbs to their prize. Regulatory confusion has kept many investors paralyzed in uncertainty. In the update below, we provide an overview of the highly sought-after guidance, which was released by the Internal Revenue Service (IRS) and the US Treasury Department on …