The era of paper checks for federal transactions is coming to a close. An executive order signed in March 2025 will phase out paper checks for all federal disbursements and receipts by September 30, 2025. This move marks a major step toward modernizing payment systems, improving security, and reducing costs
Taxpayers with research and development (R&D) expenses are going to have to implement a tax adjustment for 2022 – and it’s going to have a significant impact on the manufacturing industry. Here’s what’s happening, and why. Until the beginning of 2022, taxpayers had the option to either deduct 100% of
The new year is here and while the books are closed on 2023, now’s a perfect time to make the most of your opportunities and start planning your tax strategy for 2024. Taking smart actions early on can help reduce your tax liabilities and maximize available deductions – and with
To help relieve the financial stress caused by the COVID-19 epidemic, On April 8, 2020, Ohio Governor Mike DeWine and Ohio Bureau of Workers’ Compensation (BWC) Administrator/CEO Stephanie McCloud proposed allocating up to $1.6 billion to Ohio employers in the coming months to relieve the economic impact of the coronavirus
The Ohio Supreme Court has upheld the State Department of Taxation’s (DOT) ability to create a centralized filing and collection system for Ohio municipal business income taxes. This decision upholds 2014’s House Bill 5 and 2017’s House Bill 49. Municipalities challenged the Ohio General Assembly’s ability to authorize a centralized
As part of the recently enacted One Big Beautiful Bill Act (OBBBA), a new type of tax-advantaged investment account has been created for individuals under the age of 18: 530A accounts (also called Trump Accounts). These accounts are designed to encourage early savings and investment for children and young adults,
In 2018, we published a blog post outlining the new revenue recognition accounting standard (ASC 606) and how it would potentially impact distributors. Now that the standard is effective, let’s take a look back and see what the impact on distributors has actually been. Below are areas we found to
For the third year running, Barnes Dennig is one of Forbes’ Top Accounting and Top Tax Firms – one of fewer than 200 firms to achieve the distinction in both categories. Forbes creates the list each year by partnering with market research company Statista, which conducts broad surveys among CPAs,
Issuing company credit cards to employees can streamline business operations, but it also introduces risk. Without proper oversight, employee credit card misuse can lead to significant financial loss and internal control breakdowns. Unlike consumer cards, business credit cards generally are not protected by the Truth in Lending Act, and the
EIDL Loan Increase, Shuttered Venue Operators Grant, Restaurant Revitalization Fund Grant Updates The American Rescue Act, signed into law by President Joe Biden on March 11, provides assistance for struggling venue operators, restaurants, and bars that have been especially hard-hit by the COVID-19 Pandemic. The American Rescue Plan Act of
Award for Service Excellence Reflects Commitment to Clients Barnes Dennig is proud to announce recognition for outstanding client service with ClearlyRated’s Best of Accounting Award for the third year in a row. ClearlyRated’s Best of Accounting® Award recognizes accounting firms that have demonstrated exceptional service quality based exclusively on ratings
Individual Tax Filing Due Date On March 24, 2021, Ohio Tax Commissioner Jeff McClain announced that Ohio will follow suit with the federal government and IRS in extending the deadline to file and pay Ohio individual income taxes for tax year 2020. The new deadline will now be May 17,