Blog & Newsroom

WASHINGTON – The Internal Revenue Service issued a warning that tax-related scams continue across the nation even thou

gh the tax filing season has ended for most taxpayers. People should remain on alert to new and emerging schemes involving the tax system that continue to claim victims. 

“We continue to urge people to watch out for new and evolving schemes this summer,” said IRS Commissioner John Koskinen. “Many of these are variations of a theme, involving fictitious tax bills and demands to pay by purchasing and transferring information involving a gift card or iTunes card. Taxpayers can avoid these and other tricky financial scams by taking a few minutes to review the tell-tale signs of these schemes.”

The 2018 health savings account (HSA) guidelines were recently released by the Internal Revenue Service (IRS). These guidelines outline the inflation-adjusted contribution, deductible, and out-of-pocket spending limits for Health Savings Accounts (HSAs) and high-deductible health plans (HDHPs) for calendar year 2018. 

Partner Howard J. Kass, CPA, CGMA, AEP®, was recently installed as president of the Cleveland-Akron Chapter of the Society of Finance Service Professionals.  

"It is an honor and privilege to serve the Society and continue its longstanding mission of setting and promoting standards of excellence for professionals in financial services.  

From the Ohio Bureau of Workers' Compensation news desk
June 15, 2017

Ohio’s economy will get a big boost in July. That’s when the BWC will send $1 billion in rebates to eligible Ohio employers, the first part of The Third Billion Back plan that was announced in March.

Con artists often approach victims in their native language, threaten them with deportation, police arrest and license revocation, among other things.

“These scammers continue to adapt and evolve, and the IRS continues to receive reports of these schemes using multiple languages trying to find victims across the country,” IRS Commissioner John Koskinen said.

Q: I am fed up and frustrated trying to keep—and remember passwords that are both complex and creative. This is frustrating and I am at my wit's end. What can I do to make it easier for me to remember but more secure against attacks? -Mary Kay C, Business Executive, Brookpark, Ohio

Since their inception via the Revenue Act of 1978, 401(k) plans have been great tools to help workers save for retirement. While a 401(k) plan has many advantages, there are also some drawbacks to them that one should consider when creating a comprehensive retirement-strategy.

The advantages of a 401(k)

The basic concept of a 401(k) plan is to allow workers to make pre-tax contributions to the plan from their paychecks. As a result, money contributed is not included in their taxable income for that year.

While there are a myriad of ways to reduce Ohio income taxes that are well known and widely leveraged, some methods seem to go largely unnoticed.  One of those lesser-known and underutilized methods that every small business owner, or those interested in owning a small business, should be aware of is the InvestOhio program.

InvestOhio, launched by the State of Ohio several years ago, was created to encourage investment in Ohio-based eligible small businesses.  Qualifying applicants to this program will receive non-refundable Ohio personal income tax credits equal to 10% of their investment in an eligible small business.  Any unused credits can be carried forward up to seven years.