Monthly Bulletins

The IRS has reminded taxpayers that the new Tax Withholding Estimator tool includes a feature designed to make it simpler for employees who received self-employment income to accurately estimate the right amount of income tax. The tool is featured on […]

Earlier this year, the IRS published a proposed safe harbor giving owners of certain rental real estate interests the opportunity to take advantage of the qualified business income (QBI) deduction. The QBI write-off was created by the Tax Cuts and […]

The U.S. Department of Labor (DOL) has released the finalized rule on overtime exemptions for white-collar workers under the Fair Labor Standards Act. The rule updates the standard salary levels for the first time since 2004. While it is expected […]

The IRS has released final regulations and another round of proposed regs for the first-year 100% bonus depreciation deduction. The Tax Cuts and Jobs Act (TCJA) expanded the deduction to 100% if the qualified property is placed in service through […]

Gov. Mike DeWine on Nov. 6 signed into law an OSCPA-supported bill that strikes the ban barring lobbyists and attorneys from using the business income tax deduction. House amendments to tax omnibus bill SB26, approved in the Senate Oct. 23, add […]

There’s a tax credit for parents of kids who don’t qualify to claim the child tax credit. In order to claim the child credit, your child must meet certain requirements, including being under the age of 17. If the child doesn’t […]

The U.S. Department of Labor (DOL) has released a final rule which should make it easier for smaller businesses to provide retirement plans to their employees. According to the DOL, the rule will enable more small and midsize unrelated businesses […]

On July 18, 2019, Ohio Governor Mike DeWine signed the fiscal year 2020-21 budget bill. The legislation incorporates multiple tax provision changes which include, among other things, amendments concerning income, sales and use, vapor products, gross receipts, and property taxes […]

The IRS is offering some “summertime tax tips” for a sunnier tax season. For example, summer brides should report any name changes to the Social Security Administration before filing tax returns next year. Report address changes to the U.S. Postal […]

Most U.S. businesses operate as so-called “pass-through” entities, including partnerships, limited liability companies (LLCs) and S corporations. Electing pass-through status allows these businesses to avoid entity-level taxes. Instead, taxes are paid at the level of the individual owners.    For […]

Taxes are a major consideration in mergers and acquisitions (M&As). The parties generally can structure a business purchase as either:  1.     An asset purchase. The buyer can purchase all or some of the assets of the business. 2.    […]

When a loved one who was “financially comfortable” passes away, his or her family must deal with the emotional issues that come with the loss — as well as winding up the decedent’s financial affairs.   Surviving family members are […]