Federal Tax News

Are you suffering financially due to COVID-19? You might qualify to withdraw up to $100,000 from your IRA or other retirement plan before December 31, 2020, without any negative tax consequences. Qualifying distributions aren’t subject to the 10% tax penalty […]

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Buying a Distressed Business

Many businesses have suffered financial losses due to the COVID-19 crisis. Some may even be on the verge of bankruptcy or otherwise looking for an exit strategy. Fortunately, there's an upside: Adverse market conditions can create opportunities for investors with […]

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IRS guidance provides RMD rollover relief

The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take so-called “coronavirus-related distributions” (CRDs) from IRAs, 401(k) plans and certain […]

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Sales Tax Holiday!

Ohio will have a sales tax holiday from Friday, August 7, 2020, at 12:00 a.m. to Sunday, August 9, 2020, at 11:59 p.m. During the holiday, the following items are exempt from sales and use tax: An item of clothing […]

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Federal Tax News

A new law is providing more COVID-19 relief. On June 5, President Trump signed the Paycheck Protection Program (PPP) Flexibility Act of 2020, which provides more flexibility for participants in the loan program. The law includes provisions that allow participants […]

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Family Business Tax-Saving Moves in the COVID-19 Era

Many family-owned businesses have been adversely affected by the novel coronavirus (COVID-19) pandemic. But some may benefit from new opportunities created by the crisis. If you're optimistic about the outlook of your business in this radically changed environment, here are two tax-smart strategies — involving hiring family members and taking advantage of 100% first-year bonus depreciation — that you might want to consider in 2020.

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COVID-19 Relief: New Rules for Deducting Charitable Contributions

The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes several changes that encourage charitable giving during the coronavirus (COVID-19) crisis. This is welcome news for certain public charities, including churches, educational organizations, hospitals, medical research organizations and food banks. […]

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Federal Tax News

Taxpayers have many questions about Economic Impact Payments (EIPs). The IRS has answered some of them on its website. For example, is an EIP considered taxable income? The IRS says it's not and taxpayers won't owe tax on it. EIPs […]

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Federal Tax News

Be on “high alert” for scams related to the coronavirus (COVID-19) pandemic. The Treasury Inspector General for Tax Administration (TIGTA) has issued this urgent warning to taxpayers related to the government Economic Impact Payments that are being made to taxpayers […]

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