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Five Facts about Charitable Contributions

Source: https://www.irs.gov/newsroom/five-facts-about-charitable-contributions

IRS Tax Tip 2017-77, November 15, 2017

With the holidays around the corner, many people will be making donations to benefit charitable organizations. However, come tax time, the person who made the donation might also benefit. That’s because taxpayers who donate to a charity may be able to claim a deduction for the donation on their federal tax return.

Here are five facts about charitable donations:

Qualified Charities. A taxpayer must donate to a qualified charity to deduct their contributions. Gifts to individuals, political organizations, or candidates are not deductible. To check the status of a charity, taxpayers can use Exempt Organizations Select Check on IRS.gov.Read More

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The tax strategy your company is missing

Written on Nov 02, 2017
By Jessica Salerno, OSCPA content manager
Source: https://ohiocpa.com/communities/news/2017/11/02/the-tax-strategy-your-company-is-missing

The secret to becoming a more dynamic, efficient organization could be in your tax strategy.

“True tax planning can sometimes be overlooked if one is just focused on tax compliance,” said Susan Allen, CPA/CITP, CGMA, senior manager with the AICPA Tax Practice & Ethics team.

An emerging area in the tax profession called “tax information and operations management” (TIOM) focuses on enabling tax operations to run as efficiently as possible to add business value. Tax is an evolving area, and this is about doing more than simply complying with tax regulations.

To start executing an effective TIOM strategy, Allen suggested assessing the systems you have in place and how those operations are managed. Talk with people at varying levels in different departments to hear how they think processes could be improved.

“Collaboration is so key,” Allen said. “To get the numbers right from a tax perspective, finance and tax need to be buddies at every stage.”
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Registration Opens for Municipal Net Profit Tax

Ohio Department of Taxation

Today the Ohio Department of Taxation opened registration for businesses to ‘opt-in’ for centralized filing and state administration of the municipal net profit tax for the 2018 tax year.

Taxpayers can register at the Department’s website (tax.ohio.gov) either electronically or by filling out and submitting a paper registration form (see Tax Forms – Form MNP-R).

Businesses that opt-in will have the advantage of filing one municipal net profit tax return that encompasses every municipality in which they are required by law to report. The Department of Taxation will process all the centrally filed returns and distribute tax payments to the appropriate municipalities. The Department will also be responsible for all administrative functions, including appeals and audits.

Businesses that operate as a sole proprietor or single-member LLC are not eligible to file with the Department, and should continue their current method of filing.

To register, or for additional information, please visit our website at www.tax.ohio.gov or contact the Department at 1-844-238-0403.

Ohio Department of Taxation
Business Tax Division
P.O. Box 16158
Columbus, Ohio 43216-6158
Telephone: (844) 238-0403

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Download our New Mobile App

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Davis CPA & Associates LLC offers a mobile app

Our new mobile app will keep you up-to-date with push notifications on any new tax updates, important filing dates, LIVE chat and new services from Davis CPA & Associates.

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How family businesses can plan for the future

Strategy and succession are critical for survival, and CPAs can play a key role.
By Ken Tysiac – Source
July 1, 2017

How family businesses can plan for the future
The original A.J. Bush & Co. store, founded in 1897, houses the Bush Brothers visitors center in Chestnut Hill, Tenn. (Photo courtesy of Bush’s)

Bush Brothers had reached a crossroads in the early 1990s. Founded by A.J. Bush in 1908, the family-owned vegetable canning company based in Knoxville, Tenn., was experiencing succession challenges and ready for a change in strategy.

Many of the second-generation family members had died, and it was time to pass along ownership to the third generation. The steps Bush Brothers took to survive and thrive can provide a road map for leaders of family-owned businesses eager to see the companies they have built carry on for multiple future generations.

Family-owned businesses often struggle with strategic planning, beyond establishing yearly budgets. Less than half (45%) of family businesses participating in PwC’s 2017 U.S. family business survey said they have a strategy fit for the digital age. Meanwhile, just 23% of family companies participating in the survey have a robust, documented succession plan in place, and 46% of family business leaders said they are reluctant to pass on leadership to the next generation.
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