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.”
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.
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.
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.
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.
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.
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.
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.
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.