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 MoreLearn about two new capital gain deductions available to qualifying business owners and investors that sell ownership interest in an Ohio business in 2026.
Read MoreOn April 7, 2025, Maryland passed the Budget Reconciliation and Financing Act of 2025 (House Bill No. 352), making several significant tax changes effective during 2025 and 2026. Specifically, HB 352 will impact many Maryland taxpayers through the creation of a new sales tax on specified technology...
Read MorePosted by Dale Hazzard and Hannah Prengler Beginning January 1, 2025, Pennsylvania requires nearly all types of domestic and foreign entities located or doing business in Pennsylvania to file an annual report. Below highlights what your business needs to know. 1. Which Entities Must File an...
Read MoreOn June 7, 2023, Illinois Governor J.B. Pritzker signed into law Senate Bill 1963, significantly changing the state’s qualified investment partnership provisions. Specifically, the law modifies the definition of “investment partnership” and “qualifying investment securities,” expanding the...
Read MoreIt’s always important for companies to keep abreast of the revolving door of changes to state and local tax compliance. It’s critical not only to ensure they are keeping up and avoiding penalties, but also looking for any potential opportunities. Our recent webinar offered a multi-state income...
Read More** This blog was last updated 8/14/24 ** NOTE: As BOI regulations continue to evolve, please see our BOI Reporting Resource Center for the most up-to-date reporting deadline information. On December 22, 2023, New York’s governor signed Senate Bill 995B/Assembly Bill 3484A, enacting the New...
Read MoreConsidering the Super Bowl is in less than a week, and the NCAA March Madness Tournament is right around the corner, it’s a fitting time to highlight a few important tax items to keep in mind if you’re engaged in sports betting in Ohio. For individuals placing bets, it’s important to be aware of...
Read MoreNow is arguably an exciting time for businesses and their owners. Flexibility and innovation offer endless possibilities. But that excitement also comes with its challenges — from finding the right talent, to understanding evolving tax laws for employees who may sit in a completely different state,...
Read MoreOn June 14, 2022, Ohio Governor Mike DeWine signed Senate Bill 246 (S.B. 246) into law, giving businesses in the state potential relief from the federal tax burden created by the Tax Cuts and Jobs Act’s (TCJA) $10,000 cap on state and local tax deductions. Under this new legislation: Ohio...
Read MoreCohen & Co congratulates Kim Palmer and Hannah Prengler on their recent, prestigious American Institute of CPAs (AICPA) appointments.
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 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 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 MoreAs a part of our series aimed at helping you navigate the impact of sales and use tax on your business, periodically we will focus on the impact of these taxes on specific industries, beginning with a high-level look at construction. Construction contractors face many complexities when navigating...
Read MoreIn this first installment of our series aimed toward helping you navigate the impact of sales and use tax on your business, we start with a fundamental element: understanding the difference between and implications of sales and use tax. Sales and use taxes are transactional based and impact...
Read MoreOn Thursday, July 1, 2021, Governor Mike DeWine signed Am. Sub. House Bill 110 (HB 110) into law. Namely, the budget: Provides 2021 municipal income tax guidance to employers and remote workers; Exempts employment labor services and employment placement services from sales tax; Reduces...
Read MoreNew Jersey is launching a compliance initiative that will allow members of combined filing groups who owe New Jersey state tax from periods prior to 2019 to voluntarily come forward with reduced consequences. If non-filers participate in the program — running June 15, 2021, through October 15, 2021...
Read MoreNew York passed its 2021-2022 budget bill, a $212 billion dollar spending package that primarily increases taxes on high earning individuals and businesses. Below are the five areas affected taxpayers need to consider. 1. Three New Tax Brackets for Individuals New York will increase tax rates...
Read MoreThe governor of Illinois has signaled his support for the state’s 2021 Budget Bill, a $42 billion dollar spending package. While the bill does not increase personal income tax rates, it does effectively increase taxes on businesses and their owners by closing several “tax loopholes” identified by...
Read MoreWith the recent signing of the Senate Bill 18 (SB 18), or the Ohio Conformity Bill, the state has made some noteworthy changes for taxpayers. 1. State Individual Extension Conformity Ohio has postponed the filing deadline for state tax returns to May 17, 2021, following the federal...
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