If 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 and will...
Read MoreHappy New Year! Gov. Whitmer has given Michigan residents a present in the form of an election to have pass-through entities pay, and deduct, state taxes paid on behalf of its pass-through owners, retroactively effective January 1, 2021. This election removes these taxes from the individual...
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 for...
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 deposits...
Read MoreCohen & Co has been highlighted among the nation’s elite as part of Forbes’ 2022 list of America's Best Tax and Accounting Firms. The firm was also recognized as a top tax and accounting firm in 2021, and as a top accounting firm in 2020. To create the list, Forbes partnered with market research...
Read MoreDoes your organization have leases to account for under ASC 842, otherwise known as the new lease standard? Will the standard impact your debt covenants? What’s the best way to transition from ASC 840? Do you know what information to extract from your lease agreements to be compliant? These are...
Read MoreCohen & Co has announced plans to expand their footprint in Northeast Ohio, adding more than 60 new jobs and retaining 320 positions. The firm will expand throughout its three Ohio locations, including its Cleveland headquarters and Akron and Youngstown offices. The Ohio Department of Development...
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 — now up...
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...
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