Articles & Publications

Tax Cuts and Jobs Act of 2017 (TCJA) and the 2025 “Tax Cliff”

February 6, 2025 Tax Advisor

Some of the taxpayer favorable tax reductions from the Tax Cuts and Jobs Act of 2017 (TCJA) were permanent changes but most are set to expire on December 31, 2025.  With President Trump and the Republican majority in both. Read More >>

Federal Disaster Relief Act of 2023: New Law Delivers Crucial Aid for Disaster Victims

February 5, 2025 Tax Advisor

The Federal Disaster Relief Act of 2023 (H.R. 5863) was signed into law on December 12, 2024. This long-awaited bill provides critical tax relief to individuals and businesses affected by federally declared disasters, including Hurricane Ian and Hurricane Helene.. Read More >>

IRS Releases 2025 Standard Mileage Rates

January 27, 2025 Tax Advisor

The IRS has released the annual optional standard mileage rates for 2025, encompassing the expenses associated with using your personal vehicle. This commonly applies to business usage and is also relevant if you use your vehicle for medical, moving. Read More >>

2024 Year End Tax Planning for Businesses and Individuals

As the year draws to a close, it’s an ideal moment to assess your financial strategies and plan for year-end tax considerations. Despite ongoing legislative uncertainties, we’ll focus on actionable steps that go beyond the political climate. This includes. Read More >>

2025 Cost-of-Living Adjustments (COLAs)

November 13, 2024 Tax Advisor

On November 1st, the IRS announced several retirement plan contributions increases and cost-of-living adjustments (COLAs) for pension plans and other retirement-related items for 2025. New for the upcoming year, are the “super catch-up” contributions for eligible taxpayers ages 60. Read More >>

IRS Announces Second Employee Retention Credit Voluntary Disclosure Program

August 20, 2024 Tax Advisor

On August 15, 2024, the Internal Revenue Service (IRS) announced details of the launch of a second Employee Retention Credit Voluntary Disclosure Program (ERC-VDP). The second program is similar to that of the original one that ended in March. Read More >>

Supreme Court Ruling on Connelly Case Impacts Business Succession Plans

August 16, 2024 Tax Advisor

After the U.S. Supreme Court ruling in Connelly v. United States, owners of private, closely held businesses might need to update their plans and strategies for succession planning. The Supreme Court ruled that for estate purposes, the value of. Read More >>

Ohio 2024 Sales Tax Holiday: Expanded Dates and Higher Price Limits on Tax-Free Shopping

The Ohio Department of Taxation announced that the 2024 Sales Tax Holiday will begin on Tuesday, July 30, and run through Thursday, August 8, ending at 11:59 pm. This extension from the usual Friday through Sunday event means more days to. Read More >>

Maximize Your Tax Savings: Don’t Miss These Home Improvement Tax Credits

When gathering documents for your income tax return, remember to consider any home improvements made during the year. There are two main credits to consider: Energy Efficient Home Improvement Credit (25C) and the Residential Clean Energy Credit (25D). Energy. Read More >>

Navigating State Income Tax: A Guide for Multistate Manufacturers

If your manufacturing business operates across state lines, understanding your state income tax obligations is crucial. While much attention has been given to sales tax obligations since the landmark 2018 Supreme Court decision in South Dakota v. Wayfair, Inc.,. Read More >>