Debbie Petrone
Avoiding a Tax Audit
Even though the Internal Revenue Service likes to present a “kinder, friendlier” image to the public, you better believe that they are not slacking off in the collection of taxes. After all, their job is to raise money for the federal government. IRS staff has actually decreased, but more sophisticated computer programs cross check items [...]
BWC “Grow Ohio” Program to Lower Workers’ Comp Rates for New Employers
COLUMBUS – The Ohio Bureau of Workers’ Compensation (BWC) Board of Directors has approved the creation of Grow Ohio, a program targeted toward job creation by lowering workers’ comp costs for employers new to Ohio. The program could reduce premiums by as much as 51 percent for employers new to Ohio since July 1. “Grow [...]
Death To The Estate Tax in Ohio
By now most of you know that Governor Kasich’s two-year $55.6 billion budget bill was passed in June. The bill included the permanent repeal of Ohio’s estate tax. Ohio has the dubious distinction of having the lowest estate tax exemption ($338,333) in the country. According to the Ohio Department of Taxation, Ohio’s estate tax generated [...]
InvestOhio Income Tax Credits
Ohio taxpayers and pass-through entities can now receive a nonrefundable credit for investments in certain small business enterprises operating in the State of Ohio. Qualifying investments include the acquisition of an equity interest in a small business after July 1, 2011, and cannot include funds from a grant or loan from a governmental source. In [...]
CORPORATE OWNED LIFE INSURANCE
Corporate-owned life insurance (COLI) is a life insurance policy on an employee, owner, or director’s life that is owned by the employer, with benefits paid to the employer. Corporate- owned life insurance was originally intended to hedge against the financial cost of losing key employees due to an unexpected death, the cost of training replacements, [...]
