All companies that operate in the State of Ohio, or companies that hold funds due to Ohio residents, are required to file an Annual Report of Unclaimed Funds. If there is no activity on accounts for a period of time and the company cannot reach the account owner, the funds are reported to the Division.. read more →

The IRS has again attempted to define what constitutes a cost that is a normal repair or maintenance expense versus what has extended use and therefore must be capitalized. What a mouthful! And so are the 157 pages of new temporary regulations! These regs will virtually affect all business taxpayers beginning in 2012. The only.. read more →

Running a business from your home could save you taxes! Before you go through all of the trouble of filing out IRS Form 8829 consider whether the home office deduction is worth it or not. To help make that consideration you must pass the 4 question test:   Is the home office used in a.. read more →

Ohio’s minimum wage is scheduled to increase on January 1, 2012 to $7.70 per hour for non-tipped employees and to $3.85 per hour for tipped employees, plus tips. Ohio’s current minimum wage is $7.40 per hour for non-tipped employees and $3.70 for tipped employees, plus tips. On January 1, 2012 the increased minimum wage will.. read more →

The IRS had disallowed over half of the management fees paid between two related entities. Now the Tax Court has agreed per T.C. Memo 2011-236. A taxpayer owned trucks in a single member limited liability company (LLC) and leased them to his wholly owned corporations. The corporations paid a flat monthly fee to the LLC… read more →

The purpose of a W9 form is to request tax payer identification to determine tax status clarification for vendors. The form certifies if the vendor is exempt from backup withholding and also clarifies if the vendor should receive a 1099 for payments made. Obtaining W-9 Forms for 1099 processing should not be a year-end event… read more →

At Schlabig, we’ve paid careful attention to the support and service you need to help grow your business and increase your productivity, especially as it pertains to QuickBooks.  That’s why several of our associates are both QuickBooks ProAdvisors and Advanced Certified ProAdvisors. And here are the top 5 reasons why you should take advantage of.. read more →