The One Big Beautiful Bill Act (OBBBA) will have widespread impact for almost every taxpayer. Visit our OBBBA Resource Center regularly for continuing updates and guidance on the tax impact of this legislation to you and your industry.
Learn MoreAt 16, you can drive a car. At 18, you can vote and serve in the military. And at 21, you can order a drink in a bar. But when is the right time to create an estate plan? When should you create the basic documents that will help you and your family make important decisions in the face of an...
Read MoreThe pace and intricacies of regulatory change in the investment industry are, at times, nothing short of overwhelming. Yet, organizations in this space need to have a clear understanding of evolving regulations, their timing and overall impact. To help you stay up to date, below is Cohen & Co’s...
Read MoreThe help of the trusted business adviser has never been more in demand than it is today. From sorting through the multitude of government financial incentives (think: paycheck protection program, employee retention tax credits and a host of others) and complying with government health mandates, to...
Read MoreIt’s natural for families to help each other out, sharing their good fortune with those they love. So, what if a child or grandchild wants to purchase a home or car and needs some help? Should you gift them the money, or is a loan the better option? There may be business, personal or financial...
Read MoreNot all businesses are required to adhere to an internal control framework, but organizations of all types can certainly benefit from implementing better controls. Every significant process within your organization has the potential for things to go wrong, meaning there is risk just about...
Read MoreCohen & Co has been named the best tax and audit provider by Hedgeweek in their 2022 US Digital Assets Awards. The inaugural awards ceremony recognized excellence among fund managers and service providers in the digital assets space. “It’s humbling to be recognized in the digital asset space by...
Read MorePartnerships and S Corporations with certain foreign activity or foreign owners may have a surprise in their returns this year — in the form of additional reporting via Schedules K-2 (Partners’ Distribute Share Items – International) and K-3 (Partner’s Share of Income, Deductions, Credits, etc. –...
Read MoreMany commercial entities have received funding from the federal government in various forms since 2020 in response to the COVID-19 pandemic. The Department of Health and Human Services (HHS) continues to be at the forefront, funding healthcare entities specifically with Provider Relief Funds (PRF)...
Read MoreOn February 9, 2022, the Securities and Exchange Commission (SEC) voted to propose new rules and amendments to the Investment Advisers Act of 1940 that, if adopted, will significantly affect private fund advisers. Below highlights the primary changes and their potential impact. Proposed...
Read MoreWhether building a new project, acquiring assets or making improvements to in-service assets, it’s important for developers to understand the rules, benefits and detriments of expensing or depreciating capital expenditures for tax purposes. With a clear view of what’s at stake, you can set policies...
Read MoreGovernor Whitmer signed H.B. 5376 on December 20, 2021, enacting a flow-through entity tax for those doing business in Michigan. This legislation was passed as a workaround to the federal $10,000 state and local tax deduction limitation that has frustrated many business owners since it was passed in...
Read MoreWith staffing burdens impacting the IRS as much as any other sector, it is increasingly difficult to reach an agent via phone for timely tax-related questions and information. To help alleviate this issue, the IRS is now using ID.me, which allows taxpayers to access a host of account information...
Read MoreCohen & Co, an award-winning, national accounting and advisory firm, is pleased to announce that Chris Bellamy has been selected as the firm’s next chief executive officer (CEO) effective June 1, 2022. Bellamy will succeed Randy Myeroff who joined Cohen & Co in 1985 and has served as CEO for 25...
Read MoreAs the pandemic drags on, employees continue to split their time between the office and home — leaving many questions for employers and employees related to city income tax withholding. Below takes a look at the reality Ohio municipalities have faced over the past two years and where those in the...
Read MoreFrom digital art to in-game digital assets, the recent emergence and rising popularity of non-fungible tokens (NFTs) is leaving individuals with a plethora of tax questions. This article is intended to provide some clarity for those looking to invest in this evolving asset class. What is an...
Read MoreAs a not-for-profit dealing with the never-ending struggle to raise funds, you might look for more creative ways to meet your budgeted revenue goals. In some cases, certain activities surrounding high-profile events, such as Super Bowl Squares or NCAA March Madness bracket pools, may seem like...
Read MoreThe 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. Specifically,...
Read MoreCohen & Co is proud to share that our CEO, Randy Myeroff, has been recognized by Cleveland Magazine as a member of The Cleveland 500 list. Cleveland Magazine’s 2022 edition of The Cleveland 500 is a compendium that profiles leaders from all facets of the business, entertainment, education and...
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 Ohio...
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 and will...
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