IRS to track all 1099s

by Agnes Spoelker January 24, 2012

Beginning this year, corporations must report on their corporate tax return if they are required to file Form 1099 and whether they have filed all that are necessary. The IRS added the following question to the 2011 return in order to better track the 1099s that are not being filed: a. Did the corporation make [...]

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Reminder: Ohio non-profits must register online

by Paula Hume January 20, 2012

The Ohio charities and non-profits registration process has changed with the launch of the Online Charitable Registration System. The new system, which launched December 1, 2011, aims to eliminate the paper-based process of filing with the Ohio Attorney General. Moreover, the Online Charitable Registration System will increase transparency and accountability throughout the sector.  You probably [...]

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Increased disclosures for multi-employer plans

by Jason Rammes January 16, 2012

A new accounting standard will require employers to disclose more information about their contributions to multi-employer pension plans. It will be a significant change for employers and plan sponsors in heavily unionized industries such as construction. The new disclosures include: The amount of employer contributions made to each significant multi-employer plan and the total made [...]

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Martin quoted as authority on fraud

by Scott Priestle January 16, 2012

Barnes Dennig Director Chad Martin, who has earned the designation of Certified Fraud Examiner, was recently quoted by the Cincinnati Business Courier as an authority on fraud. The newspaper article details a lawsuit by a local car dealership against a former payroll clerk who is alleged to have embezzled more than $6 million over a [...]

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Beware of fake IRS e-mails

by Scott Priestle January 16, 2012

If you receive an e-mail that claims to be from the IRS and asks you to provide personal and financial information, do not reply to the message, open any attachments or click any links. It is most likely a scam. The IRS receives thousands of reports each year from taxpayers who receive suspicious e-mails, phone [...]

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2011 tax changes set stage for busy 2012

by Scott Cress January 11, 2012

With a contentious summer of debate in the rear-view mirror and a presidential election on the horizon, we could see a number of tax changes in 2012, including the retroactive extension of a handful of incentives that expired at the end of 2011: state and local sales tax deduction, higher education tuition deduction, charitable distributions [...]

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Manage uncertainty, beware of fraud

by Tom Groskopf January 10, 2012

The economic environment today is characterized by significant uncertainty – demand questions, pricing unease, regulatory uncertainty, monetary expansion, and concern about European debt defaults.  There is a record $4 trillion U.S. in circulation, and savings rates are historically high. Businesses are holding over $1 trillion in cash reserves and short term investments.  Individual savings total [...]

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Payroll tax cut extended through February

by Julie Hagen December 27, 2011

After considerable debate, Congress agreed late last week to extend a payroll tax cut that will save employees hundreds of dollars over the next two months. The Social Security tax rate for employees was lowered from 6.2 percent to 4.2 percent in 2011, and the Temporary Payroll Tax Cut Continuation Act will keep it at 4.2 [...]

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