Federal Tax News

The IRS is expanding efforts involving virtual currency. The tax agency has begun sending information letters to taxpayers who may have failed to report income and pay the resulting tax from virtual currency transactions or didn’t report their transactions properly. […]

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Tax Strategies for Seniors

Good things come to those who wait. Older taxpayers may be entitled to some age-based tax breaks. Here are the details.    Catch-Up Contributions to Retirement Accounts Older taxpayers can make extra “catch-up” contributions each year to certain types of […]

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IRS issues final QBI real estate safe harbor rules

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 […]

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Governor approves changes to BID eligibility

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 […]

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Federal Tax News

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 […]

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Ohio Governor Mike DeWine Signs FY 2020-21 Budget Bill

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 […]

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Federal Tax News

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 […]

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