August 2023

1. What Certain IRS Notices Mean 2. What Exactly is a 'Small Business?' 3. Good Records are a Must for Businesses 4. The Advanced Manufacturing Investment Credit 5. The New Corporate Alternative Minimum Tax

1. Avoid Last-Minute Tax Filing 2. Be on the Lookout for a New Fraud Scam 3. Some Tax Help with the Cost of Kids 4. What can Happen When Taxes Go Unpaid? 5. Revised Dates for Required IRA Distributions

Have you met with your tax advisor to plan for 2023? The current tax year is already half over, and many tax planning moves require some time to implement. Fortunately, you still have several months to make changes. Here are four ideas to inspire small businesses and owners to take action to lower their tax obligations for this year

Inflated grocery and energy bills are straining household budgets this year. While you can't stop inflation, there are legitimate, proactive steps you may be able to take to lower your federal income tax bill. Here are six midyear tax planning ideas for individuals to consider. But time flies, so don't delay meeting with your tax advisor to set things in motion.

Businesses may purchase life insurance policies on their employees or owners for various operational and estate-planning purposes. Proceeds from these policies may be eligible for favorable tax treatment if certain conditions are met. Do you know the tax rules regarding exclusions from income, notice and consent, and annual reporting? Here's a brief overview.

If there's a silver lining to today's inflation, it's the increase in federal gift and estate tax breaks that the IRS adjusts annually for inflation. Here's an overview of the breaks that are available for 2023 and inflation-adjusted estimates for next year. Beware: Today's favorable unified federal gift and estate tax exemption is scheduled to expire after 2025, unless Congress extends it.

Some taxpayers can look forward to receiving transitional relief from the IRS related to the required beginning dates for taking required minimum distributions from retirement plans.

Ohio will have a sales tax holiday from Friday, August 4, 2023, at 12 a.m. to Sunday, August 6, 2023, at 11:59 p.m.

With a financial crisis averted, let’s take a look at the highlights of the Fiscal Responsibility Act.