Tax Archives - Page 7 of 9 - Payne Nickles & Company - Ohio Accounting Firm, Business CPAs & Advisors

IRS Issues Further Opportunity Zone Regulations Guidance

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 …

The Opportunity Zone Provision gives taxpayers an option to defer recognized capital gains by investing in a Qualified Opportunity Zone Fund (QOZF). The Opportunity Zones provision is based on the bipartisan Investing in Opportunity Act, which defines Opportunity Zones (OZ) as low-income census tracts that have been nominated by governors and certified by the U.S. …

Much of today’s workforce is part of a growing gig economy. According to a study by Intuit Inc., by 2020 40% of the American labor market will be considered independent contractors. Contract employment can have many perks such as safeguarding a business against the high cost of benefits, office space and taxes. Becoming an independent …

Despite a partial government shutdown, the Treasury Department and the Internal Revenue Service issued final regulations and guidance addressing implementation of the new qualified business income (QBI) deduction (section 199A deduction). The new QBI deduction, created by the Tax Cuts and Jobs Act (TCJA) allows entrepreneurs, selfemployed individuals, and investors to deduct 20 percent of …

Payne Nickles and Company is pleased to announce our preferred method of delivery for your copies of your 2018 individual income tax returns. Payne Nickles will transmit client copies of your individual income tax returns to you through our secure client portal. You will be receiving an email from cpas@pncpa.biz in the next week which …

Taxpayer Guide to Identity Theft

Identity theft is a frustrating process for victims. The IRS is taking this issue very seriously and continues to expand on their robust screening process to stop fraudulent returns. What is identity theft? Identity theft occurs when someone uses personal information such as your name, Social Security number (SSN) or other identifying information without your …

Ohio’s hourly minimum wage will increase to $8.55 on January 1, 2019 according to the Ohio Department of Commerce. Ohio’s previous minimum wage was $8.30. The $8.55 rate applies to non-tipped employees. The minimum wage for tipped workers will increase to $4.30 from $4.15. Some minimum wage workers in Ohio will not be paid $8.55 …

The Internal Revenue Service recently issued the 2019 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, 2019, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) are:: 58 cents …

Limit Type 2019 2018 Maximum Employee 401(K) or 403(b) Deferral $19,000 $18,500 Employee Catch-up Contributions $6,000 $6,000 Maximum Contribution to Defined Contribution Plan $56,000 $55,000 Maximum Benefit in a Defined Benefit Limit $225,000 $220,000 Annual Limit on Compensation $280,000 $275,000 Highly Compensated Employees $125,000 $120,000 Social Security Wage Base $132,900 $128,400 Annual IRA Contributions $6,000 …

The tax reform legislation that Congress signed into law on December 22, 2017, was the largest change to the tax system in over 3 decades. One of those changes, the elimination of a business-related deduction used for entertainment, amusement or recreation expenses, will make it costlier for business owners to entertain clients. Previously, if an entertainment …