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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 >>

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 >>