Good but not that easy to do- Student loans and 401(k) plans

In August 2018 the IRS “issued a private letter ruling allowing an unnamed employer to make 401(k) contributions on behalf of employees who are repaying their student loans, and although it doesn’t set a precedent for other employers, it’s an interesting development when it comes to fighting student loan debt.”[1] The idea is that employers… Read more »

Are expense reports worth auditing

Many payables functions spend considerable time verifying that all expenditures are documented with receipts. Is this a productive use of the payables function’s time?  Major firms answer no. These companies have switched to company-provided credit cards and random expense reporting auditing. The threat of a random audit will achieve the honesty factor that firms are… Read more »

Changes to the 2019 W-4 form

The federal government requires employees to provide employers with a form W-4 so that the employer can adjust the employee’s income tax withholding to better match employee’s circumstances using IRS-supplied formulas and tables. You may question the accuracy of the historical use of the form and associated withholding tables as most taxpayers were positioned for… Read more »

Supreme Court landmark decision on Sales Tax- Exemption Certificates

The Supreme Court has ruled that states can mandate that companies, previously outside their jurisdictions, must collect sales tax on all transactions to which sales tax applies. As a business, you may say, I am a manufacturer who sells to distributors, my customers purchase for resale. You are correct BUT do you have documentation from… Read more »

Working with Families

In 1995 Sam Deep and Lyle Sussman published Smart Moves for People in Charge, 130 Checklists to help you be a better leader.  Below are some excerpts from that book which are still very true today. Tips for Working with Families When you start a business with family members, handshakes and hugs are fine but… Read more »

Quill, Wayfair and South Dakota

If you run a business, sell to retail customers, or purchase items over the internet, the South Dakota v. Wayfair, Inc. sales tax case before the Supreme Court should be of interest to you. History In 1992, when the internet was just in its infancy, North Dakota took on Quill Corp, an office supply company… Read more »

Brew In the Burbs

The Lakota Optimists are teaming with BC’s Bottle Lodge and CrossRoads Mason to host Brews in the Burbs on Friday April 20th from 7-11pm.  Music will be provided DV8, with food trucks and Mad Monk’s pizza providing food. The first week of sales brought over 140 ticket sales and 40% of the VIP tickets moved… Read more »

Tax law changes that will impact your business

Some details may have gotten lost in the noise of the tax law change. Entertainment expense is no longer deductible.  You will need to assess the value of your entertainment spending in light of the changed law.  Meals, however, remain 50% deductible.  If your business tracks these two expenses in a single expense category you… Read more »

Ohio Cities Sue to be Able to Individually Collect City Income Tax

Ohio has one of the more complicated state taxing systems in the US. Individual cities levy income tax on the residents, workers and companies.  While state laws set some parameters, the cities have developed a system of requiring separate tax returns for each jurisdiction.  You can imagine the administrative burden and cost to the cities… Read more »