• Visa / Mastercard Class Action Settlement

    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…

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  • Increase to Overtime-Exempt Threshold

    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…

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  • Change for City Withholding for Minors

    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…

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  • Off Season Hours

    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.

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  • USDA Funding Available for Energy Projects

    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…

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  • Update: Tax Relief for American Families and Workers Act of 2024 Passes in House

    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…

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  • Possible Early End to ERC to Cover Tax Relief Bill

    Congress has introduced a bipartisan bill that extends some of the provisions that have recently expired. The Tax Relief for American Families and Workers Act of 2024 proposes the following changes: Bonus depreciation would go back to 100% for property placed in service in 2023 through 2025. Research and development costs from 2022 and forward…

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  • New Mandatory Business Reporting Requirements

    Nearly all businesses with less than 20 full time employees and $5 million in revenue are subject to these new requirements.

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  • New 1099 and W-2 E-Filing Requirements

    Many business owners will be required to e-file information returns for the first time beginning in 2024. The threshold for requiring e-filing by filers has been lowered from 250 of each type of return to 10 total returns in a year (including W-2s) for tax year 2023. The IRS has launched a new portal called…

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  • BRSW Client Newsletter

    Our year-end newsletter is here to help make you aware of any tax planning and upcoming changes that should be considered. If you have any questions, reach out or set up an appointment so we can make a plan together.

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