Ohio Corporate Taxes

This month's issue of Valuation & Litigation Advisory Insights includes the following articles:

• Growth rate becomes critical to lost profits calculation
• In the battle of experts, one weapon simply isn't enouth
• Tax Court to valuators: Explain yourself!

Growth rate becomes critical to lost profits calculation

In commercial cases involving lost profits, selecting an appropriate growth rate is a critical step in calculating damages. It’s also one of the most challenging. Depending on the amount at stake...

This quarterly Not-For-Profit Standard includes the following articles:

• Buyer Beware Alternative Investment Compliance and Tax Issues
• State Tax Liability for all Alternative Investments
• Nonprofit Board Members Paid or Volunteer
• Incentives and Disincentives for Contributions
• Issues in Charitable Giving
• FASB ASU 2011-04 and its Effects on Nonprofit Organizations
• 2011 OMB Circular A-133 Compliance Supplement Issued
• IRS Targeting Fringe Benefits for Intermediate Sanctions
• Gifts of Property and Forms...

CLEVELAND, Ohio – Skoda Minotti, a CPA, business and financial advisory firm, has been named a recipient of The Plain Dealer’s second annual Top Workplaces 2011 award, for the second year in a row. This honor was given to 132 companies, nonprofits and agencies in northeast Ohio companies this year, based strictly on survey results of their employees.

Survey results were gathered using an independent workplace consultant. Employees were asked to indicate, on a seven-point scale, how much they...

Ohio recently enacted legislation creating two tax amnesty programs that may affect you or your business. 

Use Tax Amnesty Program

The first program is a change to the Ohio Use Tax Education Program. In case you are unaware, here is a quick refresher on Ohio use tax.

Use tax is a tax on the storage, use or other consumption of tangible personal property and certain taxable services in Ohio. The use tax is a complement to the sales tax.   In general, if you have paid Ohio sales tax on an item,...

CLEVELAND – Skoda Minotti, a CPA, business and financial advisory firm, has once again been named a World Class Customer Service award winner, as presented by Smart Business Magazine. With this year’s award, Skoda Minotti became one of only four companies to have won this award in each of the five years since its inception.

“At Skoda Minotti, a key component of our firm’s vision is to create a culture of continually improving client service,” says Skoda Minotti partner, Mike Trabert, CPA. “This...

CLEVELAND – Skoda Minotti, a CPA, business and financial advisory firm with offices in Cleveland and Akron, has been named a recipient of the 2011 Leading EDGE Award. Presented by Crain’s Cleveland Business and The Entrepreneur’s EDGE, this award recognizes companies that have consistently generated value to the Northeast Ohio economy over the past three years.

Uniquely positioned to provide business and financial advisory services to companies of differing sizes and industries...

Reduced Taxes for Exporters Extended: Are You Taking Advantage of the IC-DISC?

Does your Company export goods to Canada, Mexico, or other countries?  Do you provide engineering, architecture, or design for property constructed outside the United States?  If so, you may be eligible for a Federal income tax incentive known as an Interest Charge Domestic International Sales Corporation (the "IC-DISC").  The IC-DISC could potentially save you a significant amount of US income taxes.

Click here to...

Nearly 90% of owners of family-run businesses believe that the same family (or families) will control the business in five years.  Unfortunately, if history provides any indication, only about two-thirds of those businesses will survive to the second generation.  The statistics deteriorate when it comes to the third and fourth generations, with only 5% of family-owned businesses surviving to the fourth generation.  These statistics illustrate a key challenge that today’s business owner faces:...

Tax Analyst Job Description:

• Prepare and file international tax compliance forms and disclosures within the US federal income tax return, such as forms 5471, 8858, 1118, etc.. including calculations of Subpart F, foreign E&P, foreign tax credit and Section 987 within the required time limit established by the taxing authority.
• Assist as needed in the preparation and filing of foreign, federal, state and local income tax returns, and property tax returns within the required time limit established...

CLEVELAND – Skoda Minotti is pleased to announce one new hire to its Small Business Services Group:

Alexandra Goodrich – Goodrich joins the firm as paraprofessional in Skoda Minotti’s Small Business Services Group. In this role, she will provide outsourced bookkeeping support for the Kidney Foundation and Epilepsy Association in Cleveland, Ohio. Goodrich also currently works as bookkeeper for the Lake Humane Society.

Skoda Minotti’s Small Business Services Group assists small- to mid-size...

The Patient Protection Act, as amended by the Health Care and Education Reconciliation Act, provides a sliding-scale small employer tax credit to help offset the cost of employer-provided health insurance coverage. Generally, a small employer is one with fewer than 25 full time equivalent (FTE) employees and average annual wages per employee of less than $50,000. The credit is phased out between 10 and 25 employees and average annual wages per employee between $25,000 and $50,000. 

FTE employees...

Per the American Payroll Association, the Treasury Department has announced that, as part of a three-pronged initiative to reduce the amount of paper transactions it handles, most employers that now are allowed to use paper Federal Tax Deposit Coupons and checks to make payroll tax deposits will have to make those deposits electronically through the Electronic Federal Tax Payment System (EFTPS) beginning in 2011. The primary exemption will be for employers that have $2,500 or less in quarterly...

This month's Special Delivery E-Newsletter includes the following articles:

• Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010
• Year-End Tax Planning Letter for Individuals
• Year-End Tax Planning Letter for Businesses
• What Are the Benefits of Buy-sell Agreements?
• Don't Miss Out on Above-the-line Deductions
• Keeping Records for Your Business Car
• Aurum Capital Markets Summary
• R&D Tax Credit Extended for 2010 and 2011 Calendar-year Expenses
• IRS Increases Business Mileage...

CLEVELAND - Joseph F. Skoda, CPA, a partner at CPA, business and financial advisory firm Skoda Minotti, recently became the first member of the Ohio IRS Tax Liaison Panel to be re-elected for a second two-year term. Skoda is joined on the 28-member panel by fellow Skoda Minotti partner Steven C. Hartstein, CPA, JD.

The panel meets with the management of the IRS and the Ohio Department of Taxation four times per year and is responsible for helping the taxing authorities identify systemic problems...

This month's Special Delivery E-Newsletter includes the following articles:

• Skoda Minotti Expands its Compensation and Benefits Advisory Services Group
• Own Rental Property? New Law May Affect You
• Capital Gain Exclusion on Small Business Stock
• One Last Chance to Repair Deferred Compensation Plan Issues
• Common Benefits of a Business Plan
• Home-office Deductions: Terms of Tax Endearment
• Cutting the "Kiddie Tax" Down to Size
• Aurum Capital Markets Summary
• Skoda Minotti Only Company Recognized at Inc....

The IRS granted around $15 million to 62 Ohio biomedical companies for qualified Therapeutic Discovery Projects that take place during 2009 and 2010. 

The Patient Protection and Affordable Care Act  enacted in March 2010 allowed for $1 billion dollars in tax credits or grants (for not yet profitable companies) for companies with projects that show potential to:

·          Result in new therapies to treat areas of unmet medical need or prevent, detect or treat chronic or acute diseases and...

President Obama’s latest proposal would allow companies to write off 100% of their new investment in plant and equipment as “bonus” depreciation -- in previous years, companies could deduct up to 50% of their new investment in plant and equipment.  Also included in this proposal is expansion of the R&D tax credit.  Details on the proposal will be laid out in a speech in Cleveland tomorrow. 

Click here to learn more and contact our Tax Planning & Preparation Group at 440-449-6800 with...

Seven Steps for Delegating Work
 
Do you own a small business? You may feel that the success-or the failure-of the business rests entirely on your shoulders. So you try to be in all places at all times. However, in most cases, this will result in problems for the operation and decreased productivity by other workers.

Solution: Practice the fine art of delegation. (It is an art, not a science.) If you parcel out certain jobs among other staff members, you can devote more of your time to areas with...

2010 Real Estate and Construction Survey

Skoda Minotti is conducting our 3rd annual survey of the Northeast Ohio real estate and construction industries. Every participant who completes the questionnaire will receive a free copy of the survey results and analysis and have a chance to win a $50 gift card to Dick's Sporting Goods.

The goal of the survey is to provide professionals in the real estate and construction industries in Northeast Ohio with the invaluable insight into their industries.

As...