Did you know all Ohio businesses must file an Annual Report of Unclaimed Funds?

It's that time of year again...

Time to report unclaimed funds! This one really gets business owners excited (sarcasm intended).

As stated by the Ohio Department of Commerce, "All businesses that are located and/or operate in the State of Ohio, or hold funds due to Ohio residents, are required to file an Annual Report of Unclaimed Funds."

Unclaimed Funds Reports are due by November 1st.

What types of accounts qualify as unclaimed funds?

We have a document from the Ohio Department of Commerce that helps explain what qualifies as "unclaimed funds," as well as how to report them, here:

How to File an Unclaimed Funds Report

Even if you have no unclaimed funds to report, a negative report must be filed.

What happens if your Ohio-based company does not report?

According to the Ohio Department of Commerce:

"For failing to report unclaimed funds or underreporting unclaimed funds, the company may incur civil penalties of $100.00 per day. The company may also have to pay interest at a rate up to 1% per month on the balance of unclaimed funds due per Ohio Revised Code section 169.12."

Still struggling in determining how to file an Unclaimed Funds Report?

At Banks & Associates CPAs, we're here to help. If you need assistance filing your report, please call our office by October 11, 2017.

Continued Reading:

A complete information booklet on Reporting Unclaimed Funds is available here:

Did you know tax-deductible mileage rates change from year to year?

It may seem like common sense that deductible mileage rates would change from year to year.

But it's also one of those things that's easy to forget. After all, the tax world can be a complicated space; and keeping up with the "devil in the detail" is one of the reasons it helps to have an accountant in your corner.

Why do rates change from year to year?

In a nut shell, rates change over time because the cost of operating a vehicle changes over time. As the IRS states, "The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile, including depreciation, insurance, repairs, tires, maintenance, gas and oil. The rate for medical and moving purposes is based on the variable costs, such as gas and oil. The charitable rate is set by law."

Whether you're procrastinating in compiling your 2016 tax deductions or you're looking ahead to 2017, we've created a handy list and corresponding graphs below to show you how tax-deductible mileage rates change over time. We've also included 2015 as a frame of reference.

2015 Cents Per Mile

Business - 57.5
Medical/Moving - 23
Charitable - 14

2016 Cents Per Mile

Business - 54
Medical/Moving - 19
Charitable - 14

2017 Cents Per Mile

Business - 53.5
Medical/Moving - 17
Charitable - 14

Business Miles

Deductible business mileage rates have actually decreased from 2015 to 2017, indicating that the fixed and variable costs of operating an automobile have gone down over that time.

Medical and/or Moving Miles

Like business rates, deductible medical and moving rates have actually decreased from 2015 to 2017, indicating that variable costs, such as gas and oil, have gone down over that time.

Charitable Miles

Tax-deductible charitable mileage rates have remained the same from 2015 - 2017, as this rate is set by law.

Given the information above, be sure to speak with your CPA / accountant about how you can best maximize your mileage tax deductions. And, as always, you can visit the IRS's official site for continued reading.

Did you know Banks & Associates was highlighted in the Mansfield News Journal regarding possible tax changes?

As tax preparers, we're in the midst of exciting (and unpredictable) times. Our very own Tom Banks, CPA | Managing Partner of Banks & Associates CPAs, recently spoke to the Mansfield News Journal about President Trump's potential impact on tax reform. “Everything I read says significant tax reform is on the horizon,” said Banks, who was amongst a handful of CPAs interviewed about what the future holds...

Head over to the Mansfield News Journal to read the full article here!

Did you know a federal judge has blocked Obama's new overtime pay rules?

You were probably just finishing up preparations for the new DOL overtime pay rules, only to find that they've been blocked!

In our November 4, 2016 blog entry, we outlined the new overtime pay rules that were slated to go into effect on December 1, 2016.

At the last hour, with only a little over a week until the new rules were to go into effect, a federal judge ruled against the overtime rules on grounds that they were unlawful.

For some, this is a great victory. For others, a grave disappointment. Where do you weigh in? Please submit your comments below.

Did you know new overtime rules go into effect December 1st?

November 23, 2016 Update: Some of the information contained in the following article, published on November 4, 2016, is no longer accurate, as a federal judge has ruled against the new overtime regulations. The regulations, which were to go into effect on December 1, 2016, have been suspended until further notice. For more information, view our latest update here.

That's right. It's official. New overtime rules are coming your way.

And they go into effect December 1, 2016.

The Backdrop

The Fair Labor Standards Act (FLSA) sets the stage for minimum wage and overtime pay standards affecting employees in both public and private sectors. In 2014, President Obama signed a Presidential Memorandum urging the Department of Labor to update the regulations defining which white collar workers are protected by the FLSA's minimum wage and overtime standards.

Then, on May 18th of this year, we heard from President Obama and Secretary Perez, who announced that the much-anticipated rule that will update overtime regulations had been published by the Department of Labor.

The Impact

This one's going to affect workers and business owners alike. The Department of Labor states that, when the rule goes live, "[it] will automatically extend overtime pay protections to over 4 million workers within the first year of implementation."

Naturally, employers will be affected too. Many employers do not track hours for exempt salaried employees. But those who are defined as "exempt" will change. The new threshold for exemption has increased from $455 to $913 per week (or, $47,476 annually). In other words, employers will need to start tracking hours for a much greater portion of their workforce to ensure they're complying with the new overtime rule.

Continued Reading

While we've given you the gist here, we recommend you read up on the entire scope of impact this rule will have on you or your business.

From the Department of Labor:

Final Rule: Overtime
Fact Sheet
Questions and Answers

Another Great Read:

New DOL Overtime Rule Changes: 8 Key Questions