In a landmark decision, the U.S. Supreme Court’s decision in Connelly v. United States will require closely-held business owners to reconsider their current buy-sell arrangement in order to avoid additional federal estate...more
6/14/2024
/ Buy-Sell Agreements ,
Closely Held Businesses ,
Connelly v United States ,
Contract Terms ,
Estate Planning ,
Estate Tax ,
Fair Market Value ,
IRS ,
Life Insurance ,
Redemption Agreement ,
SCOTUS ,
Small Business
Artificial Intelligence (AI) has been making waves across various industries, and tax law is no exception. Using AI in tax law can bring significant benefits, including analyzing data quickly, identifying patterns, and...more
This month, the City of Columbus introduced a revolutionary proposal to modernize its 70-year-old zoning code. The initiative aims to address the city and the region’s rapid growth by strengthening housing, mobility, and...more
Since the Internal Revenue Service (IRS) has received its supplemental funding under the Inflation Reduction Act, the IRS has continuously focused on high-income earners, partnerships, and large corporations. Under its most...more
Certain limited partners in venture capital and private equity will likely see an increase in their tax liability due to a recent U.S. Tax Court decision. Generally, partners in a partnership and members in a limited...more
12/8/2023
/ Business Entities ,
Exclusions ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Limited Partnerships ,
Partnerships ,
Self Employed ,
Self-Employment Tax ,
Tax Court ,
Tax Exemptions ,
Tax Planning
Under a bill signed by Governor DeWine this year, companies subject to Ohio’s Commercial Activity Tax (CAT) will receive a significant tax break beginning in 2024. In 2025, this tax law change could result in savings of over...more
The Internal Revenue Service (IRS) recently announced a renewed effort to ensure compliance with federal tax law, specifically focusing on high-income earners, partnerships, and large corporations. This additional scrutiny...more
9/28/2023
/ Artificial Intelligence ,
Audits ,
Compliance ,
Crypto Exchanges ,
Cryptocurrency ,
Disclosure Requirements ,
Documentation ,
Foreign Bank Accounts ,
Inflation Reduction Act (IRA) ,
IRS ,
New Regulations ,
Partnerships ,
Publicly-Traded Companies
Recently, the Wall Street Journal published an article entitled “The SALT Cap Has a $20 Billion Hole.” The premise of the article was that the projections of the additional revenue that would be received by limiting the SALT...more
Is it charitable to donate to a group that facilitates opportunities for athletes at a particular college? The IRS thinks not. In a recent memo released from the office of the IRS Chief Counsel, the IRS asserts that this...more
In a rare unanimous opinion, the U.S. Supreme Court recently confirmed that existing law allows the IRS to probe your bank records, without ever notifying you. Under the applicable statute, the Court concluded the IRS is not...more
6/2/2023
/ Bank Records ,
Debt Collection ,
Government Investigations ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Notice Requirements ,
Polselli v International Revenue Service ,
SCOTUS ,
Tax Court ,
Tax Debt ,
Tax Liability
The Ohio House of Representatives passed an $88 billion state budget plan this week that includes tax cuts, infrastructure improvements, additional K-12 public education funding and increased coverage for Medicaid. The...more
Every year, the IRS issues a list of the top 12 scams and schemes for taxpayers to take caution to avoid. While the first of April marked the annual “April Fools” period, I don’t want you to be fooled by IRS scams. So, while...more
4/12/2023
/ Charitable Donations ,
Email ,
Employee Retention ,
Fuel Tax ,
International Tax Issues ,
Investment Schemes ,
IRS ,
Offer-in-Compromise ,
Phishing Scams ,
Social Media ,
Spam ,
Tax Advice ,
Tax Avoidance ,
Tax Credits ,
Tax Preparers ,
Text Messages
For the first time in 5 years, Ohio may initiate a Tax Amnesty program for taxpayers to resolve delinquent tax obligations. Under a bill, signed by Governor DeWine in January 2023, the Director of Budget and Management can...more
The Research and Development Tax Credit, formally known as the Credit for Increasing Research Activities under Section 41 of the Internal Revenue Code, has been in existence for many years to encourage companies to conduct...more
3/24/2023
/ Commercial Contracts ,
Documentation ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
IRS ,
Research and Development ,
Small Business ,
Startups ,
Tax Credits ,
U.S. Treasury ,
Wages
Ohio provides for property tax exemptions for real property held by 501(c)(3) non-profit organizations. However, the exemption is not automatic. The exemption generally applies to real property owned by a qualifying 501(c)(3)...more
On Feb. 28, 2023, the U.S. Supreme Court decided Bittner v. United States, holding that non-willful violations of the Bank Secrecy Act (BSA) should be handled per annual report, not per bank account, a ruling that saved the...more
As of today, no one has successfully picked the right numbers to win the current Mega Millions. Based on current projections, it is scheduled to reach $1.35 Billion by the drawing on Friday, January 13, 2023. This is the...more
January 1 marks the start of the new year and with a new year, new tax law changes. If you’re an Ohio State Buckeye fan, your New Year did not begin exactly how you wanted to, but the year looks bright going forward. As we...more