New for 2021 is Form 1099-NEC (Non-employee Compensation). The IRS now requires exempt organizations to report non-employee compensation on the new Form 1099-NEC instead of Form 1099-MISC. This is for payments totaling $600 or more to a nonemployee, such as an independent contractor. Form 1099-NEC should be filed with the
A new Ohio law provides a SALT cap workaround and will save some taxpayers tens of thousands in federal tax. On June 14, 2022, Ohio Governor Mike DeWine signed Senate Bill 246 which allows a workaround to the $10,000 state and local tax (SALT) deduction cap imposed by the Tax
We all know a recession is predicted for this year, but there are bigger issues on the horizon, according to leading economists Alan and Brian Beaulieu, President, and CEO & Chief Economist of ITR Economics, In December, the two took a deep-dive into their economic forecast, emphasizing how individuals can
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 the One Big Beautiful Bill Act (OBBBA), a new type of tax-advantaged investment account has been created for individuals under the age of 18 called the Trump Account. These accounts are designed to encourage early savings and investment for children and young adults, with
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