On December 16, 2019, the Ohio Development Services Agency released the applications for the Ohio Opportunity Zone Tax Credit. Similar to the federal program, the Ohio-specific tax credit provides an incentive for taxpayers to invest in projects in economically distressed areas in Ohio, or “Ohio...
Read MoreOne of the many areas the Tax Cuts and Jobs Act (TCJA) impacts includes the treatment of nonresident aliens as potential current beneficiaries of an Electing Small Business Trust (ESBT). Historically, each potential current beneficiary of an ESBT had to be a U.S. citizen or resident for the trust to...
Read MoreThe Tax Relief, Unemployment Insurance Reauthorization and Job Creations Act of 2010 introduced for the first time the concept of portability of the federal estate tax exclusion between spouses. When enacted, it was meant to apply only to estates of decedents dying before January 1, 2013. However,...
Read MoreAs most recipients of significant federal funding are aware, the Office of Management and Budget (OMB) issues a new edition of the Compliance Supplement around June of each year. However, 2019 was a unique year. After the AICPA and others detected several errors in the June 2019 edition, the OMB...
Read MoreI had the privilege of recently participating on a panel discussion as part of the ACG® Detroit Chapter’s “Driving Business Value” series. Ryan Boylan of Cohen & Co, Brendan Cahill of Dykema Gossett PLLC and Douglas Sutton of Huron Capital joined me to discuss flex equity, or flexible deal...
Read MoreContract modifications — any change in the scope or price of a contract — are extremely common in the construction industry and are often seen in the form of claims and change orders. Under the new revenue recognition rules, or ASC 606, Revenue from Contracts with Customers, it’s important to...
Read MoreThe 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 2022, with the amount dropping each subsequent year...
Read MoreIn this installment of our “M&A Essentials” series — offering a fundamental understanding of the concepts, issues and processes every business owner should be familiar with when considering and conducting the sale of a business — we focus on the nuts and bolts of each stage in the sale...
Read MoreWhy is automation such a buzzword these days? It all comes down to the fact that the way we work is changing. In fact, the nature of work itself is changing. Old jobs are disappearing, and new ones are constantly being created. Two major drivers of this seismic shift in the employment landscape are...
Read MoreIn addition to the fiscal distribution requirements that govern Regulated Investment Companies (RICs) under Internal Revenue Code (IRC) Subchapter M, all RICs are required to comply with the excise tax rules under IRC Section 4982. The excise tax rules are intended to accelerate payment of tax to...
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