On September 24, 2019, the U.S. Department of Labor announced a final rule to make 1.3 million American workers newly eligible for overtime pay. The new rule will take effect on January 1, 2020. The final rule updates the earnings thresholds necessary to exempt executive, administrative and professional employees from the Fair Labor Standards Act’s…
Since 2016, each individual small business owner filing single or married filing jointly is eligible for a “small business” income tax deduction (SBD) against their state income tax liability equal to 100% of the first $250,000 of business income the owner receives or is allocated from a sole proprietorship or pass-through entity (“PTE”). In addition,…
Employee fraud and misconduct are risks to all businesses. It is often difficult for companies to acknowledge the reality of these risks, but, according to the most recent Report to the Nations published by the Association of Certified Fraud Examiners, it is estimated that companies lose 5% of their annual revenues to fraud. When fraud…
On July 17, 2019, Senate Bill 57, a bill decriminalizing industrial hemp cultivation and permitting possession of CBD oil derived from hemp was passed by the legislature and will be sent to the Governor for signature. Assuming it is signed (which is expected) it will take immediate effect. Currently, the State Board of Pharmacy has…
Garrett T. Senney has a PhD in Economics from The Ohio State University and works for the Office of the Comptroller of the Currency (OCC) in Washington, DC. Dr. Senney has graciously given us permission to publish his article below regarding banking a marijuana business. The views and opinions expressed below are those of the…
PS&E is proud to announce that Ebony Davenport recently joined our firm as an Associate. She will provide assistance to every area of practice throughout the firm. While in law school, she was very active in student organizations while helping to improve the overall culture for both faculty and students. Ebony served in a variety…
Investing in startup and growth-stage businesses has generally been limited to accredited investors. Accredited investors are individuals with annual compensation of at least $200,000 for the last two years or a net worth of at least $1,000,000 (not counting personal residence). Startups solicited accredited investors primarily because they could offer and sell securities to accredited…
The Ohio Senate unanimously recently passed Senate Bill 8. If enacted, this Bill would create a 10% Ohio income tax credit for Opportunity Fund investments. The maximum amount of such credits permitted under this Bill in the initial two-year period would be $50 Million, with a per applicant max of $1 million. Taxpayers would apply…
As part of its ongoing security review, the Internal Revenue Service announced today (IR-2019-58) that starting May 13th, only individuals with tax identification numbers may request an Employer Identification Number (EIN) as the “responsible party” on the application. An “EIN” is a nine-digit tax identification number assigned to sole proprietors, corporations, partnerships, estates, trusts, employee…
Senate Bill 57, a bill decriminalizing industrial hemp cultivation and permitting possession of CBD oil derived from hemp was unanimously passed by the Senate on March 28 and moves now to the House for consideration. Hemp and marijuana are related, but actually two different plants. Hemp contains a very low level of tetrahydrocannabinol, (THC) the…