BREAKING NEWS

Stephen Mazza Joins BMF as Partner!

BMF welcomes with pride and purpose, our newest partner and member of the firm, Stephen Mazza!

Articles & Publications

Employee Retention Credit: Be cautious of fraudulent schemes

October 28, 2022 Tax Advisor

The Employee Retention Credit (ERC) is still a hot topic at networking events, trade organizations and other gatherings for business owners and executives. The ERC is a tax credit, which was part of the COVID relief packages, focused on. Read More >>

Inflation Reduction Act – New & Expanded Tax Credits

On August 16, 2022, President Biden signed the Inflation Reduction Act (IRA) into law. The major impact of the IRA is the government’s investment in clean energy and sustainability through incentives and tax credits. The credits are designed to. Read More >>

Incentivizing Manufacturing: CHIPS and Science Act, Inflation Reduction Act

Before going into their August recess, both Houses passed the CHIPS and Science Act of 2022, which The President is expected to sign shortly. The Senate also announced the Inflation Reduction Act of 2022 as a budget reconciliation bill.. Read More >>

Pass-Through Entities: A New Tax Break for Ohio Business Owners

On June 14, 2022, Ohio passed a law to help pass-through entity (“PTE”) owners deduct state taxes. The new law will provide PTE owners with a state “work-around” tax that is not intended to be subject to the $10,000. Read More >>

Navigating IRS Notices

With tax season now over, the IRS has begun sending out notices for recently filed returns. There is no need to panic as these notices are sent for a variety of reasons that do not always involve owing more. Read More >>

Remote Working: Tax Friend or Foe?

COVID-19 has certainly accelerated many shifts for businesses and employees, most notably remote working. Since many employees were forced to work from home due to government mandates or CDC recommendations, employees were able to show that they could work. Read More >>

Advanced Child Tax Credit: Planning for Your 2021 Tax Filing

The child tax credit has been getting a lot of attention in the press lately. An updated version of the ChildTaxCredit.gov website was released Monday with new features to assist taxpayers with obtaining the information they need to file. Read More >>

2022 Standard Mileage Rates Issued

January 18, 2022 Tax Advisor

Each year, the IRS issues optional standard mileage rates for the coming year. The rates cover the cost of using your personal vehicle, most commonly for business, but also if you drive for medical, moving, or charitable purposes. Each. Read More >>

IRS Clarifies Guidance on 2021 Employee Retention Credit Termination

The Employee Retention Credit (ERC) was enacted under the March 2020 CARES Act to encourage businesses to keep employees on their payroll and was extended to last until the end of 2021. On December 6, the IRS released IRS. Read More >>

Tax Framework for the Infrastructure Bill & Build Back Better Package

With the bipartisan infrastructure bill expected to be signed into law on Monday, the Biden Administration continues to iron out the details of its Build Back Better framework. Both packages carry significant tax aspects, and we have highlighted the. Read More >>