Update on Depreciating Business Assets By: David M. Reape The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation adjustments. And due to high inflation, the adjustments […]
Divorcing Business Owners Should Pay Attention to Tax Consequences By: David M. Reape If you’re getting a divorce, you know the process is generally filled with stress. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership […]
Education Assistance Programs Can Help Pay Workers’ Student Loans The Internal Revenue Service issued a news release reminding employers and employees that employers with educational assistance programs can use them to help employees pay the principal and interest on qualified student loans, […]
House Bill 33 Amends the Commercial Activity Tax (CAT) The newly enacted House Bill 33 amends Ohio’s Commercial Activity Tax (CAT) exemption amounts. Though still awaiting official guidance from the Ohio Department of Taxation (ODT), the Ohio Society of […]
Guaranteeing a Loan to Your Corporation? There May Be Tax Implications By: Ed Decker Let’s say you decide to, or are asked to, guarantee a loan to your corporation. Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of […]
Maximum 2023 Educator Expenditure Deduction is $300 It’s a new school year, and the IRS is reminding teachers and other educators that they can deduct up to $300 in out-of-pocket classroom expenses for the fiscal year when […]
Planning Ahead for 2024: Should Your 401(k) Help Employees With Emergencies? By: Mary Eileen Vitale CPA CFP AEP The SECURE 2.0 law, which was enacted last year, contains wide-ranging changes to retirement plans. One provision in the law is that eligible employers will soon be able to provide […]
Taxpayers: Be Aware of Scammers Posing as the IRS Criminals are constantly searching for novel ways to deceive innocent taxpayers. Scammers can mimic the IRS via phone or email, in person, or by mail or delivery service, wasting people’s time and money. Taxpayers can […]
Receive More Than $10,000 in Cash at Your Business? Here’s What You Must Do By: David M. Reape Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax […]
A Tax-Smart Way to Develop and Sell Appreciated Land By: Ed Decker Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels and sell them off for a hefty profit, it could […]
Nonprofits: Special Events Call for Tax Planning By: David M. Reape Tax reporting may be the last thing on your mind when planning a special fundraising event. But your not-for-profit should carefully track revenues and expenses and retain related documentation now to […]
Corporate Officers or Shareholders: How Should You Treat Expenses Paid Personally? By: David M. Reape If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may end up being nondeductible both by an […]