Tag Archives: tax

InvestOhio Update: What to Do If You Receive a Denial Letter

Now that the state of Ohio is catching up on InvestOhio applications from the first round of funding, agency officials are issuing letters to applicants, notifying them that their application for credit has been denied. Skoda Minotti can help if you receive a “final denial.”

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State and Local Tax (SALT) Updates for April 2018

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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Will a Government Pension Reduce My Social Security Benefits?

If you earned a government pension from a job not subject to Social Security tax withholding (“noncovered employment”) and are also eligible for Social Security benefits through a job where Social Security taxes were withheld, two provisions might reduce your benefits.

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A Business Roadmap to Depreciation Deductions Under Tax Reform

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

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

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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College Saving: How Does a 529 Plan Compare to a Roth IRA?

Roth IRAs were created a year later, in 1997, to give people a tax-advantaged way to save for retirement. But a funny thing happened along the way — some parents adapted the Roth IRA as a college savings tool.

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

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

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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Why Did I Get Taxed on My Employer-Owned Life Insurance Benefit?

Hidden inside the Pension Protection Act is a provision regarding Employer-Owned Life Insurance (EOLI) that could cost your business hundreds of thousands of dollars.

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