Category Archives: CPA & Business Advisory

State and Local Tax (SALT) Updates for April 2018

Posted on Wednesday, April 18, 2018 by

There have been several updates to Ohio’s state and local tax law in April involving Ohio’s economic nexus, liquor license renewals and trucks used in highway transportation for hire.

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A Business Roadmap to Depreciation Deductions Under Tax Reform

Posted on Monday, April 2, 2018 by

Thanks to a taxpayer-friendly provision included in the recently enacted tax reform package, bonus depreciation has been expanded to 100% for qualified property placed into service after Sept. 27, 2017 and before Jan. 1, 2023.

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Accounting Method Change Could Benefit Manufacturers

Posted on Monday, March 26, 2018 by

A change to the cash receipts and disbursements method can potentially yield sizeable benefits very quickly for manufacturing and distribution businesses and be a powerful tax deferral tool over time.

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IRS Announces End to Offshore Voluntary Disclosure Program

Posted on Thursday, March 15, 2018 by

The IRS has announced that it will be ending its Offshore Voluntary Disclosure Program on Sept. 28, 2018. Individuals should take advantage of the OVDP to report foreign bank accounts that haven’t been reported previously.

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Successful Teams Share Common Traits

Posted on Tuesday, March 6, 2018 by

So many of us have experienced it… at one point in your life, you’re a member of a high-functioning team that leverages each other’s strengths, appreciates differences and works toward common goals. At another point in your life, you’re a member of a low-functioning team with members who are self-promotional, narrow-minded and work toward individual goals.

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The Section 45L Credit Was Just Extended, and That’s Good News. Here’s Why.

Posted on Sunday, March 4, 2018 by

Another tax law was passed recently without all the fanfare of the Tax Cut and Jobs Act of 2017. The Bipartisan Budget Act of 2018 has several tax law changes that affect 2017 taxes. One of the most important changes, when combined with the aforementioned Act, is the extension of the Sec 45L credit.

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What to Know About New Limitations on the Deduction of Business Interest

Posted on Sunday, February 25, 2018 by

The Tax Cuts and Jobs Act made sweeping modifications to the Internal Revenue Code, including a much lower corporate tax rate, changes to credits and deductions, and a move to a territorial system for corporations that have overseas earnings. One of the major provisions of the Act changes the deductibility of business interest expense.

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Estate and Gift Tax: Key Tax Reform Takeaways

Posted on Tuesday, February 20, 2018 by

Congress pushed through massive changes to the federal tax law, most of which are effective beginning in 2018. One of the most significant changes made was to the estate and gift tax law.

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What Business Owners Should Know About the New Qualified Business Income Deduction

Posted on Monday, February 19, 2018 by

The recently enacted Tax Cut and Jobs Act provides a significant deduction in 2018 for qualified business income” that comes from a pass-through entity, which includes S corporations, LLCs, or sole proprietorships. Fair warning—this new tax-saving opportunity is a bit complex.

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Tax Reform Expands Section 529 Deductions for Education to Include K-12 Costs

Posted on Thursday, February 15, 2018 by

Until now, 529 distributions were tax-free only for college expenses. The enactment of the Tax Cuts and Jobs Act in December expands the tax-free withdrawals for K-12 private school and home schooling costs.

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