Ohio Tax Reform May Mean Big Changes for Contractors

Ohio Governor John Kasich released the fiscal year 2018-2019 budget on January 30, 2017. Key tax reform proposals of particular interest to commercial builders and construction contractors include: Simplifying Municipal Tax Filing for Businesses to Encourage More Economic Growth: The Ohio local tax compliance burden is onerous for contractors who

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Building Your Construction Talent Pool for Future Growth

With approximately 22 percent of employees planning to leave the workforce in the next five years, and 44 percent in the next ten years, it’s no surprise that effective recruiting and retention strategies are continually at the top of contractors’ greatest concerns.  Barnes Dennig recently hosted Stephen Boughton of FMI

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Fiduciary Rule Evaluation – No Action Taken Yet

In February 2017, President Donald Trump ordered the United States Secretary of Labor to perform an analysis of the U.S. Department of Labor’s (DOL) proposed investment fiduciary rule for retirement plan advice.  The DOL first proposed the rule in September 2010 and re-proposed the rule in April 2015, finally making

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Ohio Tax Commissioner Talks Tax Issues for Construction Firms

On October 20, 2016, Jay Rammes and Cheryl Ganim of Barnes Dennig joined Associated Builders and Contractors in a meeting with Commissioner Testa to discuss areas of Ohio taxation that are particularly challenging to the construction industry. The Commissioner requested the meeting as he begins his preparation of the upcoming

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Challenges Arise Against Pending Department of Labor Fiduciary Rule

On April 6, 2016, the Department of Labor introduced a new rule extending and strengthening its existing definition of a fiduciary. Previously, while many financial advisors such as Certified Financial Planners and Registered Investment Advisors were subject to these fiduciary standards, brokers and insurance agents were exempt. Rather, they abided

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Dramatic Change in DOL Overtime Rules Finalized

Over the past several months, the U.S. Department of Labor has been developing new rules that would raise the salary threshold for whether an employee is exempt from overtime pay. On May 18th, the final regulations were released, and they present a dramatic change from the current rules. Millions more

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