Manufacturers, 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...
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