The State of Ohio has more than 600 municipal taxing jurisdictions to which businesses are required to file tax returns. Businesses file paper returns to each municipality, with the exception of those that are part of the Regional Income Tax...
On Jan. 18, 2019, the Treasury Department and the IRS issued final regulations and three pieces of guidance around the new qualified business income (QBI) deduction. The Tax Cuts and Jobs Act established a 20 percent QBI deduction for sole...
The IRS released Publication 535 on Jan. 30, 2019. Chapter 12 covers the qualified business income (QBI) deduction, including guidance, worksheets and instructions in arriving at the new 20 percent deduction. Under the Tax Cuts and Jobs Act, and beginning...
On Dec. 19, the IRS released a draft of Publication 535, Business Expenses, which includes information related to the rules for determining the new qualified business income (QBI) deduction as part of the Tax Cuts and Jobs Act. Specifically, it...
Here’s a comprehensive summary of tax tips for tax year 2018 and tax reform for your business and individual clients. Year-End Tax Tips for Businesses Ramped-Up Depreciation Benefits Business owners are now allowed to fully write-off the entire cost of...
As many of your small business clients know all too well, it can be a struggle to comply with tax laws. The administrative mechanisms provided by the IRS aren’t widely understood or used, and constantly evolving regulations leave many questions...
The Tax Cuts and Jobs Act (TCJA) was signed into law on Dec 22, 2017, and provides sweeping tax changes for business and individual taxpayers. One of the provisions of the TCJA is to reduce the entity-level income tax rate of...
In general, I don’t do much with sales tax for my clients. I help them out here and there, and file returns for companies that are unable to navigate the state sales tax portals. In fact, I should admit that...
Now is the perfect time for tax professionals to meet with their small business clients to see if it makes sense to invest in depreciable property in an effort to reduce taxable income and save tax dollars. As you know,...
In 2016, Tennessee business owner Larry Thornton was sentenced to a year in prison and fined close to $10 million for his failure to pay over $8 million in employment taxes. Although his is a more extreme example of employment...
The State of Ohio has more than 600 municipal taxing jurisdictions to which businesses are required to file tax returns. Businesses file paper returns to each municipality, with the exception of those that are part of the Regional Income Tax... 
