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New Proposed Regulations Impact Valuation Discounts for Transfers of Family-Owned Businesses

  Last week the Internal Revenue Service (IRS) released proposed regulations under Internal Revenue Code Section 2704 (Section 2704) that impact the valuation of interests in closely held businesses for estate and gift tax purposes. As mentioned in our. Read More >>

Tax Free Shopping for Back-to-School

July 14, 2016 The Ohio Department of Taxation announced that the 2016 Sales Tax Holiday will start on Friday, August 5, 2016 and end on Sunday, August 7, 2016 at midnight.  During the holiday the following items will be. Read More >>

Michael Hydell Promoted to Senior Manager at BMF

AKRON, OH – January 19, 2016 – Bober Markey Fedorovich (BMF), a leading CPA and advisory firm in Northeast Ohio, announced that Michael A. Hydell, CPA, MTax, has been promoted to Senior Manager within the firm’s Tax Services group. Read More >>

Ohio’s Residency Contact Period Test Increased by 30 Days

January 4, 2016 Tax Advisor

Starting in 2015, individuals with less than 213 “contact periods” will be considered a non-resident for purposes of Ohio personal income tax.  Prior to 2015, individuals with less than 183 contact periods were considered non-residents. A contact period within. Read More >>

Congress Passes Tax Extenders Bill; Business and Individual Provisions Reinstated

December 18, 2015 Congress has approved the long-awaited tax extenders bill and is now awaiting President Obama to sign the Protecting Americans from Tax Hikes Act of 2015 (“the Act”) into law. Most provisions of the Act are retroactive. Read More >>

Middle Market Companies Should Review Capitalization Policies Before Year End to Deduct More Property Costs in 2016

  The IRS recently issued Notice 2015-82 which increased the de minimis safe harbor amount for taxpayers without an applicable financial statement (AFS) from $500 to $2,500.Generally, an applicable financial statement would be one that is either required to. Read More >>

2015 Year End Tax Planning Tips

December 3, 2015 Tax Advisor

As we near the end of 2015, there are various strategic tax planning moves you may want to consider to minimize your 2015 and future tax liabilities. This letter is intended to provide some ideas for planning to consider. Read More >>

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

  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 >>