From the category archives:

Tax Update

Use R&E Tax Credit to fund business continuity plan

by Scott Priestle on May 16, 2012

About half of all companies close within five years of opening, and 70 percent will close within 10 years. An established company that suffers a significant loss due to a disaster faces the same long odds. The failure rate is virtually identical to the failure rate of startups, risk management consultant Bob Bernens said. “You [...]

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Ohio, Kentucky offer tax amnesty programs

by Scott Priestle on May 4, 2012

A note from Tax Manager Cheryl Ganim, CPA: In an effort to speed tax receipts into the next fiscal year, Ohio and Kentucky recently signed tax amnesty measures that would allow those who owe back taxes to pay at a reduced interest rate with little or no penalty. The Ohio amnesty program began Tuesday and [...]

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Gift tax exemption opens valuable possibilities

by Scott Cress on March 16, 2012

This article appears in the March 2012 edition of the Goering Center newsletter: Business owners and high-net-worth individuals who wish to pass along assets to their children were given a gift last year, but it comes with an expiration date. The lifetime gift tax exemption was temporarily raised from $1 million to $5 million ($10 [...]

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Ohio offers grant for international marketing

by Scott Cress on March 15, 2012

Rapid technological advancements are making international business accessible for companies of all sizes, but the opportunity for new sales comes at a cost – not the least of which is introducing your product to a new, foreign audience. The Ohio Department of Development and the U.S. Small Business Administration can help. They offer a grant [...]

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Kasich proposes Ohio income tax cut

by Scott Priestle on March 15, 2012

Ohio Governor John Kasich unveiled a mid-budget review Wednesday that calls for a significant cut in Ohio income taxes, which will be tied to an increase in taxes on oil and natural gas. The plan is to take advantage of the “fracking” boom in eastern Ohio, where energy companies are drilling the Utica and Marcellus [...]

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Survey shows increasing optimism in U.S. economy

by Scott Priestle on March 8, 2012

Executives across the country are increasingly encouraged about the economic recovery, and executives in Greater Cincinnati have extra reason to be optimistic. According to the most recent AICPA Economic Outlook Survey, business executives expressed much more optimism about the U.S. economy during the first quarter of 2012 than in the third and fourth quarters of [...]

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Obama proposes corporate tax overhaul

by Scott Priestle on February 22, 2012

A week after releasing a budget request that calls for significantly higher income taxes for wealthy individuals, President Obama today unveiled a proposal to revamp the corporate tax code, lowering the top rate but eliminating numerous credits and incentives. As with the proposed tax changes in the President’s budget, this proposal is unlikely to be [...]

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Congress agrees to extend payroll-tax relief

by Scott Priestle on February 20, 2012

Both houses of Congress passed a bill last Friday that will extend the 2 percent payroll tax cut through 2012, ending months of debate and saving hundreds of dollars for employees. The employee portion of the payroll tax was reduced from 6.2 percent to 4.2 percent in 2011, then extended through February 2012. The new [...]

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