The deadline for reporting beneficial ownership information (BOI) to FinCEN is approaching. In anticipation of this requirement, BRSW advises those who are required to file to seek the counsel of an attorney. BOI filing penalties are steep for those who willfully fail to comply. Civil penalties are $500 per day and criminal penalties include $10,000 […]
The 2024 Ohio sales tax holiday is taking place from July 30th through August 8th. Items exempt from sales tax include any tangible personal property and taxable food (such as dine-in) that is $500 or less with certain exceptions, such as tobacco and alcohol. There is no limit on the total amount of the purchase
If you are a farmer and have incorrectly received an Ohio School District Tax notice, you’ll likely be receiving a correction notice soon. Farmers and fishers often take advantage of the March 1 deadline to avoid paying estimated payments throughout the year, but there was an error in this year’s Ohio Department of Taxation (ODT)
All offices will be closed Thursday July 4 and Friday July 5. We wish you a safe and happy holiday!
Visa and Mastercard has settled a $5.5 billion class action lawsuit that claimed they violated anti-trust laws overcharging merchants with interchange fees from January 1, 2004 through January 24, 2019. All persons, businesses, and other entities that accepted Visa or Mastercard branded debit or credit cards during that time period are eligible to submit a
The Department of Labor has issued an increase to the overtime exemption threshold of salaried and highly compensated employees (HCEs). Even though the ruling will likely be challenged, employers should identify impacted employees and be ready to implement changes to payroll beginning July 1, 2024. On July 1, 2024 the weekly/annualized salary threshold will increase
Ohio House Bill 33 was signed into law last July that changed how employers need to withhold taxes for minors for tax year 2024. Beginning January 1, 2024, all individuals under 18 will be exempt from paying municipal income tax in all Ohio municipalities. If an employer has incorrectly withheld taxes for a minor, the
Another successful tax season in the books! We are grateful for your trust and support during our busiest time of year. Our office hours will now revert back to our off season hours shown below. All offices will be closed Friday April 19, 2024.
The USDA Rural Energy for America Program (REAP) is providing grants and guaranteed loan financing for renewable energy systems up to $1,000,000 and for energy efficient improvements up to $500,000. Eligible applicants are agricultural producers whose income is at least 50% derived from agricultural operations and rural small businesses that meet Small Business Association’s size
The proposals in the AFWA were passed in the House January 31 and the bill has moved to the Senate. Because some of the provisions are retroactive to 2023, such as 100% Bonus Depreciation, Research and Experimental Expenses treatment, and increases to the refundable Child Tax Credit, completing affected tax returns this season will be
Update: Tax Relief for American Families and Workers Act of 2024 Passes in House Read More »
