Blog - Page 24 of 25 - Payne Nickles & Company - Ohio Accounting Firm, Business CPAs & Advisors

The New Overtime Law and How Employers Can Respond

On May 18, 2016, the Department of Labor (DOL) announced a final rule for overtime. This rule increases the salary threshold for white-collar workers to remain exempt from overtime pay to $913 per week or $47,476 annually. This new regulation goes into effect December 1, 2016. If an employee’s salary falls below the newly established …

Ohio Workers’ Compensation Payroll True-Up is Coming in July

Beginning last summer, the Ohio Bureau of Workers’ Compensation (BWC) changed to prospective billing– the practice of charging premiums in advance of extending coverage, similar to the standard insurance industry. Part of this transition process is the payroll true-up, where employers will report their actual payroll for the previous year and reconcile any differences in …

Operational Succession Planning – Part 3 of 3

It is important for us to recognize the tax impact of implementing a succession plan. A large consideration for many of you will be the estate tax. This is a transfer tax on the value of assets passing from one generation to the next. Each individual is exempt from tax on the first $5,450,000 of …

Operational Succession Planning – Part 2 of 3

Key Areas to discuss as you formulate your plan are the Successor(s), the Structure and Management Continuity. Questions to consider when selecting a Successor(s): Will all of your children be involved with the day to day farming or business decisions? Will you have some children involved with the farm or business decisions and others not …

Operational Succession Planning – Part 1 of 3

So what happens to your farm or business; operation, assets such as land, buildings, equipment, etc. if you were to not make it home tonight? Who inherits the “ownership” of your business? Who inherits your assets? Are they the same people? Is it who you want it to be? Are they prepared to run the …

Permanent Extension of Nontaxable IRA Transfers to Charity

Many retirees will pleased to know that, as part of the recent tax extenders bill, Congress has permanently allowed the tax free transfer of IRA distributions to qualified charities. For the last few years, taxpayers who are over age 70 ½ were permitted to make up to $100,000 of direct transfers from Individual Retirement Account …

Retirement plan and social security limits announced by IRS

The cost of living adjustment recently announced for 2016 affects many retirement plan contribution limits and many social security limits. To assist you in planning, we are listing both the 2015 and the 2016 amounts for some of the most common items. The Traditional and Roth IRA annual contribution limit for 2015 is $5,500 and …

Now Available: EFT Payments for All Ohio Pass-Through

(Amends Tax Alert dated November 10, 2015) The Ohio Treasurer of State is now allowing Ohio Pass-Through Entities (PTEs) to make payments via an electronic fund transfer by ACH credit. This option applies to all pass-through entities required to file form IT 1140 or form IT 4708, and all trusts required to file form IT …

2015 Harvest for Hunger Campaign

Each year, the Second Harvest Food Bank joins with other area businesses and organizations to run the Harvest for Hunger Food Campaign. This campaign helps to raise awareness and much needed food for those less fortunate families in our areas. For the eighth year in a row, Payne, Nickles & Company is proud to be …

Ohio Tax Fraud Prevention Program

The Ohio Department of Taxation (ODT) issued a release referencing new procedures that have been put in place to help prevent Identity Theft on tax refunds. The new safeguards will allow ODT to help select returns that may be fraudulently seeking a refund. If your return is selected for further investigation, you will receive a …