Gift Tax Case Reopens Tax-Affecting Debate

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 […]

Read More

IRS wheels out additional guidance on company cars

The IRS has updated the inflation-adjusted “luxury automobile” limits on certain deductions taxpayers can take for passenger automobiles — including light trucks and vans — used in their businesses. Revenue Procedure 2019-26 includes different limits for purchased automobiles that are […]

Read More

Federal Tax News

The Tax Cuts and Jobs Act (TCJA) financially hurts some children receiving military survivor benefits. The Congressional Research Service (CRS) recently issued a new report suggesting ways to fix the issue. The TCJA changed the calculation of the “kiddie tax” […]

Read More

5 Financial Tips for New College Graduates

  Congratulations to the graduating class of 2019! As soon as a new graduate switches his or her tassel to the other side of the cap, it’s time to plan for the future — and there’s more to do than […]

Read More

House Approves Bipartisan IRS Reform Bill

The House on April 9 approved by voice vote a bipartisan, bicameral IRS reform bill. The IRS bill, which now heads to the Senate, would redesign the IRS for the first time in over 20 years.   IRS Reform The […]

Read More
BKR International logo.
Ohio Oil & Gas Association logo.
NACVA logo.
The Ohio Manufacturers' Association logo.
AICPA logo.
Team neo Cleveland+ logo.