Mockensturm, Ltd
Have Tax Questions? Talk To One Of Our Experienced Professionals.
419-442-7764 | 800-718-0722
With over 50 years combined tax experience, we provide solutions to all your tax and creditor problems.
Do You Have IRS Problems? Mockensturm Limited Can Help Stop All Collection Action.

Toledo Tax Law Blog

Application preparation important when pursuing tax-exempt status

One tax benefit an organization might pursue is being granted 501(c)(3) tax-exempt status. Examples of groups that may qualify for this status include: charities, religious groups, scientific groups and education groups.

Whether a group holds this status can impact it deeply. So, among the things that can be frustrating and problematic for leaders of an organization that is seeking this status are delays in the processing and consideration of their application.

When a public relations crisis strikes a small business

Among the things that can fill a small business owner with dread is a public relations crisis. There are many things that could lead to a small business facing such a crisis. This doesn’t just include missteps by a company, but also things out of company’s control.

However a PR disaster comes about, how a business responds to it matters considerably. Such crises can be particularly tough on small businesses. Among the things a major PR problem can do is harm a company’s reputation, which could drive customers away. A significant loss of customers, even for a short period of time, can subject a business to a big financial hit. Small businesses often don’t have much of a financial cushion available to help weather such a hit.

The benefits of estate planning for singles without kids

If you are never married, you are among a growing sector of the population. The latest research shows that about 20 percent of adults have not tied the knot, and the number of women without children has also risen.

Although the single life may or may not have been your choice, some choices are still in your hands. For example, while many may think estate planning is for people who have families to inherit their heirlooms, having a will or trust may be even more important for you and other single adults.

States vary in their sales tax treatment of the sharing economy

Businesses can be heavily impacted by a wide range of tax laws and policies. This includes the sales tax laws and policies of the states that they operate in. States vary greatly in their sales tax rules. This includes in their rules regarding how their sales tax applies to the sharing economy.

The sharing economy, which includes things like ride-sharing and room-sharing, has introduced brand new classes of transactions to the market. These new transactions raise some unique questions regarding sales tax applicability.

When an Ohio company is subjected to a sales tax audit

For Ohio business owners, there are a variety of situations that can be very alarming ones. Among these is their company receiving an Audit Commencement Letter. This can mean that the state’s Department of Taxation will be performing a sales tax audit on their company.

Laws and regulations related to the state sales tax are among the many rules that Ohio businesses are to comply with. A sales tax audit looks into whether a company complied with these rules and paid the state the amount of sales tax that it should have.

March saw a lot of new entity filings in Ohio

It appears that Ohio has seen a fair amount of startup activity so far this year.

According to recent data from the state’s Secretary of State’s office, 12,827 new businesses submitted business filings this March here in Ohio. This is the highest new filing total of any month that the Secretary of State’s office has records on. It was also significantly higher than the total from March of last year, topping it by 22.4 percent.

Ohio ranked ninth for average federal tax liability

With tax day just having passed, federal taxes can be fresh on people’s minds. How much federal tax liability do people here in the U.S. generally have? Well, reportedly, in 2016, the national per-person average for federal taxes paid was $8,943. This includes income, estate and payroll taxes.

A recent Associated Press analysis looked at what the average federal tax bill is in the different states and Washington D.C. There was a great deal of variation in these averages. The analysis indicates that residents of Ohio have a relatively high federal tax liability.

Understanding the pros and cons of tax filing extensions

It may seem hard to believe, but the deadline for Tax Day 2017 is now just over a week away, falling, oddly enough, on Tuesday, April 18 owing to an especially peculiar calendar year that sees April 15 fall on a Saturday and the following Monday fall on a designated holiday in Washington, D.C.

While it's tempting to think the number of people who file their returns on time will be greater than in years past owing to these extra few days, experts indicate that this isn't likely to be the case. Indeed, many are predicting that just like every other year, millions of people will not file their returns on time due to everything from procrastination to the inability to secure critical forms before the deadline.

3 minor renting issues that can turn into serious legal battles

Leasing property for commercial or residential use can be a good way to earn money. However, landlords often have to deal with a number of issues with tenants. When problems start small, it can be easier to address them. Under these circumstances, tenants and landlords can simply examine the lease and discuss an issue as well as possible resolutions.

However, problems sometimes seem small at first and quickly erupt into serious legal battles when they are not or cannot be addressed early on. Landlords should be aware of a few common problems that start small but often spark contentious, costly lawsuits in order to avoid them if possible.

  • accredited business
  • Lead Counsel
  • AVVO
  • Facebook
  • Linked In