Accounting Article Library

Landowners across Ohio have been coming to us with what we can only describe as a “good problem to have.” Oil or natural gas has been found below their properties and companies are interested in buying or leasing their mineral… read more

Ohio recently launched a new tax amnesty program. The General Tax Amnesty program, which started May 1, is a great opportunity for businesses with delinquent tax obligations to make a fresh start with the Ohio Department of Taxation. … read more

If your business is cash-strapped, you may turn to creative methods like bartering to pay the bills. If you can find other businesses with which to barter, it can be a great way to get what you need for your business and keep money in your… read more

The IRS has a new online search tool to help you verify the tax-exempt status of an organization. This will help you determine if an organization lost its tax exemption for failing to file a Form 990. Using the new tool, "Exempt… read more

If you are an employer with employer-owned life insurance contracts, you are required by the IRS to report information about it on Form 8925. You must include this form with your income tax return. This reporting requirement only applies to… read more

Lately we've been surprised by how many people are thinking about filing a gift tax return without a business valuation. We've had a few conversations with people who are under the impression that they don't need to attach a valuation of… read more

Now that you have filed for use tax amnesty and are all set up with an account, how are you going to track it daily going forward? If you use QuickBooks, the answer is as simple as 1-2-3. Set up a new "Other Current Liability" account… read more

If you’re expecting a federal tax refund this year, it could be delayed. The agency reports that new anti-fraud measures could slow the refund process by approximately one week. The IRS put new safeguards in place this tax season to… read more

This February, we are celebrating the 50th service anniversary of Nita Bates , a client service specialist in our New Philadelphia office. Nita has been with our firm her entire career, starting part-time while she was in college. The… read more

For Dr. Kent Caserta , life has revolved around a family dental practice for the past 32 years. But in recent years, he started thinking about slowing down and introducing a new partner to the practice. He already had a retirement plan in… read more

The short answer is: it depends. First, it is important to remember that valuation of the in-kind gift is the responsibility of the donor. The donee’s responsibility is to make sure items being accepted correspond to the mission of the… read more

2012 will be here before we know it. Now is the perfect time to bring all of your business advisors together for a year-end financial check up. Set up a meeting with your accounting, legal, estate planning, investment and retirement… read more

Just a few years ago there was Blockbuster store in virtually every community. Due to huge revenue losses, the company filed for bankruptcy last year. It ended up closing nearly 90 percent of its U.S. stores, but still couldn't recover.… read more

Cybercrime experts estimate that fraudulent activities will be at their worst in 2011 and 2012. Earthquakes, tsunamis, tornados, hurricanes and floods are occurring with increasing frequency. So here’s the obvious question: are you… read more

When you mention the topic of succession planning to your management team, you might get a blank stare, a defensive response or a look of confusion. Since succession planning can mean different things to different people, here’s how it… read more

As today’s not-for-profit organizations face the challenges of decreasing funds, fewer volunteers and increasing demand for services, one popular solution has been to combine forces in partnership with other groups and occasionally… read more

Through Ohio’s new nonrefundable tax credit program called InvestOhio, Ohio taxpayers who invest in qualifying Ohio small businesses can qualify for a 10 percent credit against their Ohio income tax if they meet certain requirements. In… read more

You’re in a meeting after business hours, and need access to a document from your Rea & Associates advisor. What can you do? If you have set up access through our client portal, you’ll have access to all the tax returns,… read more

In the last issue of Facts & Figures, we reported the IRS was holding a webinar to explain its reporting requirements for healthcare coverage on employees’ W2’s for the 2011 tax year. We’ve provided a summary of the… read more