Does Your Ohio 401(k) Plan Need An Audit?

Some Ohio businesses’ 401k and retirement plans are too small to need an external audit. Generally speaking, only when your participant count exceeds 100 will you be required to conduct a benefit plan audit. However, there is one exception to this general rule. The “80-120 rule,” as it is commonly

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DOL Relaxes 401(k) Rules for Small Businesses

On July 29, 2019, the U.S. Department of Labor released a final ruling that allows smaller businesses to link together and create joint 401(k) retirement plans for employees. This ability to link plans, historically restricted to businesses with common ownership, can provide significant cost savings as these joint plans will

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Relief for Not-for-Profits Provided by New Accounting Standard

On May 30, 2019, the Financial Accounting Standards Board (FASB) released Accounting Standards Update (ASU) 2019-06, a standard extending relief to not-for-profit entities with goodwill and certain identifiable intangible assets resulting from a business combination. The standard allows all not-for-profit entities to apply accounting alternatives that were formerly only available

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The Precarious State of U.S. Manufacturing

Impact of U.S. and China Trade Tensions The U.S. continues to impose tariffs on over $200 billion of imports from China. Trump and Xi Jinping have agreed to reinstate trade talks.  As the talks continue to drag out, it is clear that U.S. manufacturing is being negatively impacted by the

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HB 166: Lawyers and Lobbyists Lose in Ohio

Ohio Governor Signs HB 166, Eliminating the Small Business Deduction for Some; Cutting Tax Rates for All On Thursday July 18, 2019, Ohio Governor Mike DeWine signed into law House Bill 166. This is a 2-year state budget bill that includes many, significant tax changes for Ohioans. This bill has

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Ohio Opportunity Zone Tax Credit Signed into Law

On July 18, 2019, Ohio Governor Mike DeWine’s operating budget was signed into law, including a 10 percent nonrefundable income tax credit to those who invest in the state’s Opportunity Zones. The income tax credit is equal to 10 percent of capital gains reinvested, up to $1 million, into Qualified

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