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Identity Theft Update

Early this year we published an article warning about the rise of tax identity theft. This article pointed out that one of the most popular ways to steal money is by filing fraudulent tax returns. Criminal groups are using. Read More >>

Potential Changes for Valuing Closely Held Business Interests in Intra-Family Transfers – Limiting the Use of Valuation Discounts

September 2, 2015 Tax Advisor

  There have been recent rumblings that the IRS might soon publish regulations limiting use of certain valuation discounts for estate and gift transfers of closely held business interests to family members.  While the technical details related to such. Read More >>

The Ohio Supreme Court Weakens Ohio’s Bright-Line Test for Non-Residency

August 18, 2015 Tax Advisor BMF

August 18, 2015 In Cunningham v. Testa, The Ohio Supreme Court held that the state is permitted to challenge whether a taxpayer is domiciled in Ohio if other evidence available to the state provides a “substantial basis” that the. Read More >>

IC-DISCs: A Tax Incentive for U.S. Exporters

Thousands of companies benefit from an IC-DISC every year, but many exporters still do not take advantage of this beneficial tax incentive. An IC-DISC is available for companies that export goods manufactured in the United States, provide engineering or. Read More >>

Sales Tax Holiday for Back-to-School Shopping August 7-9th

In an effort to provide relief to Ohio families during back-to-school shopping, qualifying purchases of clothing, school supplies, and school instructional materials will be exempt from sales tax starting Friday, August 7, 2015, through Sunday, August 9, 2015. During. Read More >>

Supreme Court of the United States Digs Deep Into Alabama’s Tax Code – Could Change How State Taxes are Analyzed

March 25, 2015 Tax Advisor

  On March 4, 2015, The Supreme Court of the United States (the “SCOTUS”) released its decision in Alabama Department of Revenue v. CSX Transportation, which dealt with the issue of whether Alabama’s sales tax violated the Railroad Revitalization. Read More >>

Ohio’s Municipal Income Tax Reform: A Step Towards Uniformity

  Ohio Governor John Kasich recently signed House Bill 5 (“H.B. 5”) into law, which will be effective January 1, 2016. H.B. 5 contains broad and sweeping changes to Ohio’s municipal income tax, and is a step toward establishing. Read More >>

Accounting Method Change Relief Issued for Small Business Taxpayers

  Administrative Relief The IRS released Revenue Procedure 2015-20 (“Procedure”) on February 13, 2015, which provides administrative relief to small business taxpayers.  This Procedure allows small business taxpayers adopting the tangible property regulations to make accounting method changes on. Read More >>

The Tangible Property Regulations: Elections and Safe Harbors

  The tangible property regulations have gone into effect for tax years beginning in 2014 and apply to all taxpayers who have tangible property.  We previously released Tangible Property Regulations Advisors to clarify the guidance the IRS provided on. Read More >>

Be on the Lookout for Tax Identity Theft

February 2, 2015 Tax Advisor

Tax identify theft is the biggest and most prevalent tax scam going right now — and peak season is just around the corner for refund fraud. This scam has become a big problem due primarily to its simplicity. Identity. Read More >>