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. […]
Read More How Much Can Businesses Deduct for Vehicles Placed in Service in 2019?
Does your business need to add one or more vehicles? If so, the purchases may qualify for tax breaks under current tax law. Here are the details. First-Year Depreciation Breaks The Tax Cuts and Jobs Act (TCJA) allows unlimited […]
Read More 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 […]
Read More New Tax Withholding Estimator Tool Helps Employees and Self-Employed
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 […]
Read More 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 […]
Read More The U.S. Department of Labor finalizes the new overtime rule
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 […]
Read More IRS provides additional guidance on bonus depreciation under the TCJA
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 […]
Read More 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 […]
Read More 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 […]
Read More DOL expands retirement plan options for smaller businesses
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 […]
Read More 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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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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