BMF Akron Office Closure Beginning May 1

Beginning May 1, our Akron Office will be closed to the public for renovations but will remain available to assist you. Contact your BMF Advisor or call 330.762.9785 to speak with someone who can help. We anticipate renovations taking several weeks, so stay tuned for updates!

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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 >>

Ohio Supreme Court Ruling Impacts Remote Work Taxes During COVID

February 19, 2024 Tax Advisor

In a 5-2 decision announced on February 14, the Ohio Supreme Court upheld the constitutionality of a temporary state law allowing cities to collect taxes from remote employees who were working from home during tax year 2020, even if. Read More >>

Are You Ready For the New Beneficial Ownership Interest (BOI) Reporting Requirements?

Beginning January 1, 2024, the new Beneficial Ownership Interest (BOI) reporting requirements set forth by the Corporate Transparency Act (CTA) come into play. These requirements mandate certain companies operating in the United States to report information about who owns. Read More >>

Enhanced Benefits of Section 179D for Energy Efficient Buildings

February 7, 2024 Tax Advisor

The deduction under Section 179D has long served as an incentive for energy efficiency in commercial and certain residential buildings. Originally established in 2006, recent updates under the Inflation Reduction Act of 2022 have significantly expanded its scope and. Read More >>

IRS Issues Important SECURE Act 2.0 Guidance in Notice 2024-2

January 26, 2024 Tax Advisor

On December 20, 2023, the Internal Revenue Service (“IRS”) issued Notice 2024-2 providing guidance, in Q&A format, on 12 specific sections of the SECURE Act 2.0. Per an internal revenue bulletin from the IRS, the notice is not intended. Read More >>

Unpacking The 2024 Tax Relief for American Families and Workers Act

The Tax Relief for American Families and Workers Act of 2024 has made its way through the House Ways and Means Committee and is headed for a full House vote on January 29th. Several of its provisions are retroactive. Read More >>

IRS Releases 2024 Standard Mileage Rates

January 19, 2024 Tax Advisor

The IRS has released the annual optional standard mileage rates for 2024, 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 >>

IRS Announces Employee Retention Credit Voluntary Disclosure Program

January 11, 2024 Tax Advisor

On December 21, 2023, the Internal Revenue Service (“IRS”) unveiled details concerning the Employee Retention Credit Voluntary Disclosure Program (“ERC-VDP”). This program is aimed at taxpayers who mistakenly claimed and received Employee Retention Credit (“ERC”) refunds for specific quarters. Read More >>