Insights

    IRS Ups 401(K) & Other Retirement Benefits

    Posted by Steve Hood on Nov 11, 2021 9:31:09 AM

    The IRS has announced that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020. The IRS also issued technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2022.

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    Topics: ohio, Tax, Tax Team, Tax updates, IRS, Retirement Plan, Retirement, 2022 Tax Planning, 2022 Retirement Planning

    Important Additional Guidance for Employers Claiming the ERC

    Posted by Alan Greenwell on Aug 25, 2021 11:05:04 AM

    The IRS recently issued further guidance on the employee retention credit. This includes guidance for employers who pay qualified wages after June 30, 2021, and before January 1, 2022, and guidance on miscellaneous issues that apply to the employee retention credit in both 2020 and 2021. Additionally, the IRS issued a safe harbor allowing employers to exclude certain items from their gross receipts solely for determining eligibility for the employee retention credit.

    Notice 2021-49 addresses changes made by the American Rescue Plan Act of 2021 to the employee retention credit that apply to the third and fourth quarters of 2021.

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    Topics: ohio, workplace productivity, Management, Tax Credit, Workplace Culture, Coronavirus, SBA Disaster, COVID-19, Loan, Employee Retention, ERC

    What you need to know about the Employee Retention Credit

    Posted by Alan Greenwell on Aug 12, 2021 3:18:45 PM

    The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains a business relief provision known as the Employee Retention Credit (ERC), a refundable payroll tax credit for “qualified wages” paid to retained full-time employees from March 13, 2020, to Dec. 31, 2020. The purpose of the ERC was to encourage employers to keep employees on the payroll, even if they were not working during the covered, COVID-19, period. 

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    Topics: ohio, workplace productivity, Management, Tax Credit, Workplace Culture, Coronavirus, SBA Disaster, COVID-19, Loan, Employee Retention

    Tax Update: Decrease in Income Tax Rates & Repeal on Sales Tax for Staffing Services

    Posted by Jeff Kujawa on Jul 7, 2021 2:05:54 PM

    Tax Rate Update

    Ohio individuals will experience a tax rate decrease that is retroactive to January 1, 2021.

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    Topics: Tax Planning, ohio, Tax, Tax Team, Tax updates, Sales Tax, Income Tax

    NEW Grants Available for Ohio Businesses!

    Posted by Kari Brooke on Jul 1, 2021 9:43:14 AM

    Starting this week, Ohio is accepting applications to distribute $155 million in grant funding to small and medium-sized businesses in Ohio.

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    Topics: ohio, Programs, Small Businesses, Grant, Medium Businesses, Grant Funding

    How Nonprofits Can Maintain Donor Engagement

    Posted by Nicole Kelly on Jun 23, 2021 12:47:06 PM

    By Robby Vanrijkel

    COVID-19, the economy and political shifts have resulted in tumultuous times for many nonprofits. Organizational resilience depends heavily on securing funding, and organizations are seeking out new ways to engage with donors to ensure they have the resources needed to continue their missions. Successful nonprofits understand that maintaining these relationships is imperative for the survival and continued growth of their organizations.

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    Topics: ohio, Nonprofit, BDO, workplace productivity, Success, Management, COVID-19

    How Nonprofits Can Scale for Success in 2021

    Posted by Nicole Kelly on Jun 10, 2021 11:03:38 AM

    By Michael Ward

    The COVID-19 pandemic has impacted nonprofits in dramatically different ways, with some organizations scrambling to meet rapidly rising demand and others shrinking to survive the ongoing crisis. Whether an organization’s situation has been one of boom, bust or somewhere in between, scalability is a universal asset in a global pandemic.

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    Topics: ohio, Nonprofit, BDO, workplace productivity, Success, Management, COVID-19, Case Study

    Prepare for Potential Tax Increases

    Posted by Jeff Kujawa on Jun 7, 2021 11:56:14 AM

    The Biden Administration’s American Families Plan and other tax proposals may complicate the tax landscape for high-income earners. Many of the proposals target taxpayers earning more than $400,000 per year.

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    Topics: Tax Planning, ohio, Tax, Tax Team, Tax updates, workplace productivity, meal deduction, Management, Deductions, Workplace Culture, Tax Increases, Biden Administration

    Guidance Released: Temporary 100% Deduction on Business Meal Expenses

    Posted by Alan Greenwell on Apr 12, 2021 11:50:22 AM

    The IRSand the Treasury released guidance Thursday April 8, 2021 on a temporary exception to the 50% limit that businesses can deduct for food or beverages from restaurants during the pandemic.

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    Topics: ohio, workplace productivity, meal deduction, Management, Deductions, Workplace Culture, Coronavirus, COVID-19, Business Meal Expense

    Ready to Make a Change? 5 Steps to Streamline Your Auditor Transition

    Posted by Tom Petrovic on Mar 25, 2021 8:56:22 AM

    Was your annual audit process painful? Did you hear more about issues, or did you access meaningful insights?

    Whether you’re looking for new perspective, enhanced access to resources, or greater responsiveness, developing a new auditor relationship can seem like a daunting task. However, the transition can be made simpler with a vetting process that identifies the right firm, people, processes and technology to meet your needs and ensure seamless onboarding.

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    Topics: BUSINESS PLANNING STRATEGY, ohio, planning, workplace productivity, Management, Audit, Experience, Shareholder, Tom Petrovic, A&A, Audit Team

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