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The first tax-filing season under the Tax Cuts and Jobs Act (TCJA) was a time of uncertainty for many businesses as they struggled with the implications of the law’s sweeping changes for their bottom lines. With the next filing season […]

The IRS recently issued its 2020 cost-of-living adjustments. With inflation remaining largely in check, many amounts increased slightly, and some stayed at 2019 levels. As you implement 2019 year-end tax planning strategies, be sure to take these 2020 adjustments into […]

Fall is in the air and that means it’s time to turn your attention to year-end tax planning. While several clear strategies and tactics emerged during the first tax filing season under the Tax Cuts and Jobs Act (TCJA), 2019 […]

Ohio Governor Mike DeWine recently signed two bills – House Bills 62 and 166, that enact several significant Ohio income tax changes for the upcoming tax filing season. The following income tax changes are effective for tax year 2019 (as […]

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. […]

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 […]

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 […]

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 […]

First-year bonus depreciation has been around for a while now. However, the Tax Cuts and Jobs Act (TCJA) set forth more-generous, but temporary, rules for 2018 through 2026. Recent IRS guidance gives you additional flexibility to fine-tune the bonus depreciation […]