The IRS recently released a memo outlining new informational requirements for amended tax returns claiming a Research and Development (R&D) tax credit, effective January 10, 2022. Depending on the specifics of your business, the impact could be minor or extremely time consuming. ...
Read MoreOhio has allocated $500 million in funding for brownfield assessment, remediation and demolition in its 2022-2023 budget. To be considered a “brownfield,” a property must be linked to either known or potential releases of hazardous substances, including asbestos abatement.Run by the...
Read MoreIf you received extra money from the IRS in 2021 in the form of the advance child tax credit payment or the third round of Economic Impact Payments (stimulus payments), you will soon receive a letter from the IRS, if you haven’t already. The letters began mailing out in late December 2021...
Read MoreManufacturers, auto dealers, distributors and retailers have experienced severe supply chain disruptions, chip shortages and idle factories resulting from the pandemic — leading some to significantly reduced inventory levels.A significant reduction in inventory may be even more concerning...
Read MoreThe Infrastructure Investment and Jobs Act ended the employee retention credit (ERC) for periods after September 30, 2021, except for recovery startup businesses. As the ERC had previously been extended through 2021, employers may have already requested advanced payments or reduced payroll...
Read MoreEarlier this year, Ohio passed its 2022-2023 operating budget. The legislation not only renewed the Ohio Opportunity Zone (OZ) Tax Credit, retaining the previous fiscal biennium limit of $50 million in tax credits to be issued, but it also doubled the amount a single application can claim —...
Read MoreForming a trust can seem like a daunting or unnecessarily complicated task, but its benefits often outweigh the paperwork and added tax complexity. Trusts are customizable to your specific situation and can help you protect your assets, establish an estate plan, direct how you will ultimately...
Read MoreThe election of a new president in 2020 created much speculation regarding changes to tax law, but minimal lasting changes actually took place in 2021.While the Consolidated Appropriations Act and American Rescue Plan modified and expanded some tax provisions for 2021, we still rely on the Tax...
Read MoreTalk about being thankful. We had more than 350 clients and friends register for our annual fall CPE day — undaunted by the virtual format we presented in again this year. We are always truly happy to put together this day, no matter the format, to help educate clients on what they need to...
Read MoreAs we continue to navigate a challenging environment, one certainty remains: year-end tax planning is upon us. Now is the time to look back on your business performance, successes and challenges to determine how you can use those to best optimize your tax position for 2021 — while keeping a...
Read More** Updated 11/15/21 **On November 5, 2021, Congress passed the long-awaited Infrastructure Investment and Jobs Act, which was signed by President Biden on November 15. Below is a look at the two tax-related provisions included in the Act and their potential impact.1. Crypto Asset Information...
Read MoreOn September 15, 2021, the House Ways and Means Committee approved tax increase provisions Congress will review as a part of the Build Back Better reconciliation legislation. These changes, if enacted, would require real estate and construction businesses to reset some of their key traditional...
Read MoreThe IRS recently issued corrective amendments to the final Qualified Opportunity Zone (QOZ) regulations. The amendments, effective August 5, 2021, and applicable on or after January 13, 2020, clarify the use of the working capital safe harbor and its interaction with the requirements to be...
Read MoreEarlier this year President Biden and his administration introduced The American Jobs Plan, which focuses on investment in infrastructure, and The Made In America Tax Plan and The American Families Plan, which is informing the Reconciliation Bill process. Much of the focus since the...
Read MoreAs we continue to help businesses make their way through an evolving and often challenging economy and onslaught of legislative changes, our tax team continues to dig deep and analyze major issues and opportunities ahead.As editor and contributors to the AICPA’s Tax Adviser August Tax...
Read MoreMany taxpayers are considering updating their estate plans to get ahead of expected tax law changes that may impact the lifetime exemption for gifting property. Currently those exemptions sit at $11.7 million per person but are scheduled to sunset on December 31, 2025, when they will revert to $5...
Read MoreSince the Employee Retention Credit (ERC) was introduced in March 2020, it has helped many companies keep their teams employed. However, there are several common questions employers have been asking in relation to the credit.In response, the IRS recently issued guidance via Notice 2021-49 and Rev...
Read MoreThis year’s 2021 Virtual Summer CPE Series was another great way for us to reach out and help our private company clients stay on top of important issues for their businesses. We are grateful for everyone who joined us over the past couple of months, giving us the chance to speak and answer...
Read MoreU.S. exporters often wonder whether organizing as a C Corporation is more tax efficient than organizing as a pass-through entity, such as an S Corporation or partnership. To make this determination, U.S. exporters need to consider their ability to benefit from certain export incentives, such as...
Read MoreWhere does a trust “live” and, consequently, what set of tax rules will apply for the beneficiary? Fiduciary state income tax has always been a complicated tangle of rules. Every state has its own trust residency rules based on the location of the grantor, trustee, beneficiaries...
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