Are Free Windows Really Free?

On Thursday, September 7, 2017 the Cleveland Indians won their 15th game in a row, which meant lots of rejoicing for not only fans of the team, but customers who purchased windows from a Cleveland company back in July. Universal Windows Direct offered rebates to any customer who purchased windows in July if the Indians won 15 straight games after August 1st. According to Yahoo!, the company now will pay out $1.7 million to honor the promotion, however, they purchased a $75,000 insurance premium to help cover the costs.

For customers who were lucky enough to win free windows, congratulations! But remember, in the IRS’ eyes, free isn’t always free. According to IRC Code Section 74, gross income includes amounts received as prizes and awards. The winners would be required to report the fair value of the windows they received on their 2017 income tax return. If you’re a lucky winner and need tax help with this transaction, please call the Ten Key Group at (234) 334-1966 and he will be happy to help. Or, if you’re not a winner and need tax help regardless, please reach out to him just the same.

Powerball Winnings and Taxes

The Powerball drawing, worth $650 million, will be held Wednesday, August 23, 2017. It’s splendid daydreaming about the houses, cars, vacations, and yachts one could possibly buy with the winnings. But what about the taxes? The Ten Key Group has you covered when you find out you’re the ...

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Ohio Bureau of Workers’ Compensation Refunds

Many of our clients have reached out to us about refund checks that they have received from the Ohio Bureau of Workers’ Compensation. Is Ohio really giving money back to employers? Is it safe to cash these checks? The answer to these questions is yes, Ohio is really giving back ...

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Ohio Bureau of Workers’ Compensation True-Up

For many business clients, July marks the beginning of the “true-up” period for the Ohio Bureau of Workers’ Compensation. Many of our clients have received a notice from the State of Ohio reminding them to complete the “true-up” calculation on the Ohio BWC website. This calculation is a crucial step ...

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Tax Update - April 2017

Tax Update - April 2017

Now that the 2016 tax season is in the books, we can begin to discuss the potential tax changes that are being discussed in Washington so we can begin planning to maximize your 2017 tax savings. While there’s still a lot that is not certain ...

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New Akron accounting firm opens doors

AKRON, Ohio (March 1, 2017) — A veteran Akron-area accountant has started a new accounting and bookkeeping firm in the Portage Lakes area of Akron. The Ten Key Group was established by David Zajac, Certified Public Accountant, to deliver professional accounting and bookkeeping services to small business owners, professional service ...

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Why your tax refunds may be late this year

If you’re getting a tax refund from the Treasury or the state this year, don’t hold your breath waiting for the check. The taxing authorities are in a pitched battle with the tax fraud industry, and the new mechanisms being put in place to detect false tax returns ...

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