Three Lines of Defense for Better Risk Management
Effective internal controls help organizations manage risks and processes in a systematic and effective way. The internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) helps many organizations manage risks. However, one potential improvement would be to more strongly establish responsibilities for the specific duties
More Business Tax Incentives for Kentucky Companies
Kentucky business owners and entrepreneurs have the opportunity to take advantage of a variety of incentives and tax credits for qualifying business activities. From coal and environmental incentives to industry-specific workforce training there are several tax savings opportunities companies can leverage to reduce their overall tax liabilities. These incentives exist
Ohio FY 2016-2017 Budget – Tax Highlights
Recently Governor John Kasich signed the fiscal year 2016-2017 budget bill into law. Below are tax highlights covered in the budget. Income Tax Cut As of 2015 a taxpayer may deduct from business income the lesser of 75% of Ohio small business income for small businesses earning under $250,000 or
Tax Credit Extenders – Game Changers for Small Businesses
On July 21, the Senate Finance Committee, by a vote of 23 to 3, favorably reported out of committee the Chairman’s modified mark of a bill to extend 52 tax expired tax provisions. Several tax credits key to small businesses extended by the bill are: Research and Experimentation Tax
Look Out for These Common Sales Tax Pitfalls
Many businesses share in the challenge to be compliant with the most recent sales tax laws. Having the proper insight and awareness as to what legislation is in place and what’s coming down the pipeline requires a significant investment of time and resources. Laws and applicability are established at the
Businesses Required to Collect Sales Tax for All States – A Proposal to Expand States Taxing Authority
Co-Author: Cheryl Ganim Congressman Jason Chaffetz and bipartisan lawmakers introduced on June 15, 2015, H.R. 2775, the Remote Transactions Parity Act (RTPA)[1]. Under the RTPA, streamlined sales and use tax agreement member states, (23 full-member states, including Ohio[2]), can collect taxes on sales from Internet and