Barnes Dennig

Category: Content
Type: Blog Article

Generated 2 days ago

New blog articles detected

  • IRS Publishes New Guidelines for Hardship Distributions

    On February 23, 2017, the IRS issued a memo on substantiation guidelines for safe-harbor hardship distributions from 401(k) plans.  This memorandum was sent to all employee plans (EP) examination employees.  The memo covers whether or not a 401(k) plan hardship distribution is “deemed to be on account of an immediate

Barnes Dennig

Category: Content
Type: Blog Article

Generated 2 weeks ago

New blog articles detected

  • 6th Circuit Upholds Tax Avoidance: IC-DISC as Vehicle for Roth IRA Investment

    In a recent, well-reasoned case, the Sixth Circuit upheld a taxpayer’s use of an IC-DISC as a Roth IRA investment to accumulate earnings tax-free. The investment was established by the following steps: Roth IRA owns shares of Holding Company (Holdco); Holdco owns shares in IC-DISC, a tax-exempt entity for export

  • Tax Amnesty for Outstanding Liabilities – Pay Less Than What is Owed

    Tax amnesty is a limited time opportunity for taxpayers to pay a defined amount of outstanding income, sales or other taxes in exchange for forgiveness of interest and penalties and waiver of criminal prosecution relating to a previous tax period or periods. Amnesty programs can potentially reduce state tax liabilities

  • Major Changes on the Horizon for Mental Health Not-for-Profits

    At one of our recent Not-for-Profit roundtable luncheons, dedicated to mental health and wellness organizations, our discussion covered such a wide variety of topics, that we felt it would be most helpful to gather the group’s ideas and share them on our blog. Here are some of the top issues

  • Ohio Tax Reform May Mean Big Changes for Contractors

    Ohio Governor John Kasich released the fiscal year 2018-2019 budget on January 30, 2017. Key tax reform proposals of particular interest to commercial builders and construction contractors include: Simplifying Municipal Tax Filing for Businesses to Encourage More Economic Growth: The Ohio local tax compliance burden is onerous for contractors who

Barnes Dennig

Category: Content
Type: Blog Article

Generated 1 month ago

New blog articles detected

  • Building Your Construction Talent Pool for Future Growth

    With approximately 22 percent of employees planning to leave the workforce in the next five years, and 44 percent in the next ten years, it’s no surprise that effective recruiting and retention strategies are continually at the top of contractors’ greatest concerns.  Barnes Dennig recently hosted Stephen Boughton of FMI

  • Facing the Forces of Change: Navigating the Seas of Disruption

    The National Association of Wholesaler-Distributors (NAW) has recently published its newest installment in its highly illuminating and influential series, Facing the Forces of Change. The 11th installment (Navigating the Seas of Disruption) is a deep dive into the wholesale/distribution industry. The report is full of very powerful insights from

  • AICPA identifies the Seven Benefits of Cybersecurity Penetration Testing

    AICPA identified a list of benefits for cyber security penetration testing that is consistent with Barnes Dennig growth in data security services. Barnes Dennig offers cyber security service for businesses throughout Ohio, Kentucky and Indiana.  Our clients appreciate that we have trained cyber security experts available to meet their growing

  • Fiduciary Rule Evaluation – No Action Taken Yet

    In February 2017, President Donald Trump ordered the United States Secretary of Labor to perform an analysis of the U.S. Department of Labor’s (DOL) proposed investment fiduciary rule for retirement plan advice.  The DOL first proposed the rule in September 2010 and re-proposed the rule in April 2015, finally making

Barnes Dennig

Category: Content
Type: Blog Article

Generated 1 month ago

New blog articles detected

  • How a SOC Audit Creates Flexibility on your Internal Commitments

    If your business provides outsourced service functions like payroll, cloud computing, document management, SaaS, or many others, your customers may be looking for independent validation of your controls. This could be to satisfy their own Sarbanes-Oxley requirements or as part of their own internal due diligence on vendors. In one

  • IRS Announces Initial Audit Campaigns for Large Business and International Division

    The IRS will be pursuing a new audit strategy known as “campaigns,” a move towards issue-based examinations. The move represents an effort to more efficiently utilize auditing resources by targeting specific issues that the IRS believes raise the risk of non-compliance. On January 31, the Large Business and International (LB&I)

  • Here’s How a Distributor beat a Tough Deadline Using Internal Audits

    It’s a fact that all businesses face risk. The questions that business leaders need to confront on a daily basis are numerous: Is fraud occurring in your business? Are you complying with regulations? Does staff follow established policies and procedures? As technology and business strategy change, so do the risks

  • Employee Benefit Plan Audit FAQ: What do I Need to Know?

    Does my plan need an audit? ERISA generally requires “large plans” to have an audit of the financial statements. The general rule is that plans with 100 or more participants at the beginning of the plan year are considered “large plans,” and plans with fewer than 100 participants are considered

Barnes Dennig

Category: Content
Type: Blog Article

Generated 1 month ago

New blog articles detected

  • Tennessee Sales Tax Registration Deadline – March 1, 2017

    The Tennessee Department of Revenue issued administrative rule 1320-05-01-129(2) in 2016 requiring out of state businesses to register and collect Tennessee sales tax if their sales to Tennessee customers are more than $500,000, regardless of whether they have a physical presence in the state. According to the Department’s website, “[t]his

Barnes Dennig

Category: Content
Type: Blog Article

Generated 1 month ago

New blog articles detected

  • Transfer Pricing Compliance Issues Targeted in new IRS Campaign

    The IRS has launched an initiative under the Large Business and International (LB&I) Division to audit U. S. subsidiaries of foreign multinational corporations which operated as distributors in the US for product manufactured by the related party for sale to U.S. customers.  The LB&I published a Practice Transaction Unit in

  • 2016 Wholesale Distribution Benchmarking Report

    Barnes Dennig and USI conducted its biennial Wholesale Distribution Compensation and Benefits Benchmarking Study. The study was summarized based on the 48 local wholesale distribution companies that participated with 65% having more than 50 employees and the remaining 35% having less than 50 employees. Report findings were outlined and discussed

  • Brewing Up Tax Savings

    Indiana craft breweries could see lower taxes in their future, thanks to a new bill recently introduced in the Indiana Senate[1]. The bill would significantly lower the state excise tax on beer, from $0.115 per gallon to $0.035 per gallon. However, to qualify for this lower excise tax

  • Understanding Indiana Sales Tax Nexus

    Growth in business is essential for success. Whether it comes from upselling existing customers, identifying new opportunities or enhancing offerings, the ability to generate new income is essential to the vitality of a company. While management focuses on the best strategy to facilitate growth it’s rare if there is any

  • Happy Holidays from Barnes Dennig

    Holiday greetings – from our door to yours!     We hope to see you BEYOND 2016 and for many years to come!   ~Your friends at Barnes Dennig

  • Indiana Voluntary Disclosure Program

    Tax regulations can be tricky especially true when dealing with sales, use and other taxes assessed on businesses, and in some cases, individuals. If a taxpayer is unaware a tax liability exists it may take years before they are alerted and it’s often by the state Department of Revenue. The

  • Ohio Supreme Court Upholds CAT Tax – No Physical Presence Required

    The Ohio Supreme Court recently upheld the “bright-line” factor presence test in Ohio’s Commercial Activity Tax (CAT) law. The taxpayers argued that imposition of the CAT gross receipts tax on out-of-state sellers with no physical presence in Ohio violated the Commerce Clause. Sellers are subject to the CAT if they

  • DOL Rule May Require Retroactive Overtime Pay

    Earlier this year, the Department of Labor (DOL) announced that, effective December 1, 2016, overtime pay would apply to full-time workers earning up to $47,476 per year, up from the current salary of $23,660.  The rule was delayed upon the granting of a preliminary injunction in federal court on November

  • Alan Beaulieu Predicts Growth for Economy in 2017

    Dr. Alan Beaulieu, an economist from Institute for Trend Research (ITR) Economics, presented his economic forecast on November 9th, at the 17th Annual Manufacturing Seminar, presented by Barnes Dennig, Huntington Bank and DBL Law. Dr. Beaulieu is a principal, as well as president of ITR. He

  • 2016 Year End Tax Planning Guide

    As always, it’s beneficial to begin planning as soon as possible because many strategies will only be effective if put into place before year-end. To assist in this process, our 2016 Year-End Tax Planning Guide is a valuable resource, and it is now available on our website. It highlights various

  • Summary of Not-for-Profit Annual Seminar

    On November 16, 2016 Barnes Dennig welcomed Tom Bakewell for the annual Not-for-Profit seminar. Tom is a skilled attorney and CPA who has consulted for a variety of large for profit and nonprofit organization. Some of the key points of the presentation titled, “Getting Strategy Just Right: Board and Management

  • Federal Judge Blocks Overtime Rule

    On November 22, 2016, U.S. District Judge Amos L. Mazzant III granted a preliminary injunction to stop the mandatory overtime pay rule that was due to be implemented on December 1, 2016. A lawsuit was filed by 21 states and a coalition of businesses in September to block the Department

  • Reminder: New Tax due Dates Effective January 1, 2017

    In 2015 President Obama signed into law the short-term highway funding bill that modifies several important tax due dates. These changes are effective January 1, 2017 and are as follows: We have updated our due date system to reflect these changes for our client base. Please be advised if you

  • Why Captive Insurance Companies Are Being Scrutinized by the IRS

    Captive insurance companies have become a popular risk management tool due to the ability to insure specific or otherwise uninsurable risks while also creating the potential for substantial tax savings. In a typical arrangement, a business establishes a licensed insurance company (the “captive”) which can be owned by the same

  • How Might Trump’s Tax Proposal Impact You?

    America exercised their right to vote on Tuesday and late into the wee hours of Wednesday morning, a President-Elect was announced. Donald Trump will be sworn in as our President of the United States in January of 2017. Many times this campaign season, I heard the candidates harp more on

  • Ohio Tax Commissioner Talks Tax Issues for Construction Firms

    On October 20, 2016, Jay Rammes and Cheryl Ganim of Barnes Dennig joined Associated Builders and Contractors in a meeting with Commissioner Testa to discuss areas of Ohio taxation that are particularly challenging to the construction industry. The Commissioner requested the meeting as he begins his preparation of the upcoming

  • Just SAY No – to Illinois Affiliate Nexus

    Under Illinois law, an out-of-state retailer is subject to “click-through” nexus if an Illinois resident is compensated by the retailer for sales made via links or promo codes on their website or blog. Even if the out-of-state retailer has no physical presence in Illinois, they will still be considered to

  • Final Regulations Cover Research Credit for Internal Use Software

    Businesses routinely develop new or improved proprietary internal use investment or valuation models, proprietary financial software, improved software algorithms for security, and new coding to improve speed and functionality. Internal use computer software (IUS) that is developed by (or for the benefit of) the taxpayer primarily for back-office functions is

  • Election Time Reminder: What Exempt Organizations Can and Can’t Do

    With Election Day getting closer, the campaigns for political candidates are in full swing. Exempt organizations must tread carefully, though, because IRC §501(c)(3) states that exempt organizations may “not participate in, or intervene in (including the publishing or distributing of statements), any political campaign on behalf of (or in opposition

  • Is the LIFO Method of Accounting for You?

    The method for valuing inventory is a big decision for any manufacturer or wholesaler/distributor. The system you choose can have large effects on your financials and your taxes. To determine which method of inventory makes most sense for you, you must first understand the difference between the two types of

  • KY Intercompany Sales – Taxable or Exempt

    Manufacturing companies commonly sell equipment, materials and supplies to their affiliates and other related companies. However, are these sales subject to Kentucky sales tax? Kentucky law begins with the assumption that all tangible personal property sales are subject to sales tax, unless they meet an exception[1]. Often overlooked

  • Save Money with the 2017 Pennsylvania Tax Amnesty Program

    Individuals, businesses, and other entities that owe outstanding tax to Pennsylvania, can come forward through the Tax Amnesty Program to move into compliance with The Department of Revenue. The 2017 Pennsylvania Tax Amnesty Program, available from April 21, 2017 to June 19, 2017, is an opportunity for taxpayers to save

  • New Fraudulent Scheme is Tricking Taxpayers

    Although the IRS has been long aware of fraudsters using email and social media to seek out personal information, the IRS has received reports of a new successful scheme against taxpayers. In order to combat against scams and fraudulent notices, the most predominate way the IRS communicates with taxpayers is

Barnes Dennig

Category: Content
Type: Blog Article

Generated 5 months ago

New blog articles detected

Barnes Dennig

Category: Content
Type: Blog Article

Generated 6 months ago

Barnes Dennig

Category: Content
Type: Blog Article

Generated 6 months ago

New blog articles detected

  • Barnes Dennig Client STOBER Drives Named Manufacturing Leader of the Week

    Barnes Dennig would like to congratulate client STOBER Drives on their well-earned recognition. STOBER Drives was recently the focus of IndustryWeek’s Manufacturing Leader of the Week. IndustryWeek’s Manufacturing Leader of the Week highlights manufacturing leaders, executives, and stars who are driving growth in today’s industry and helping to shape the future of manufacturing. Peter Feil, […]

Barnes Dennig

Category: Content
Type: Blog Article

Generated 6 months ago

Barnes Dennig

Category: Content
Type: Blog Article

Generated 6 months ago

Barnes Dennig

Category: Content
Type: Blog Article

Generated 7 months ago

Barnes Dennig

Category: Content
Type: Blog Article

Generated 7 months ago

New blog posts detected

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