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    IRS Ups 401(K) & Other Retirement Benefits

    Posted by Steve Hood on Nov 11, 2021 9:31:09 AM

    The IRS has announced that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020. The IRS also issued technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2022.

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    Topics: ohio, Tax, Tax Team, Tax updates, IRS, Retirement Plan, Retirement, 2022 Tax Planning, 2022 Retirement Planning

    Tax Update: Decrease in Income Tax Rates & Repeal on Sales Tax for Staffing Services

    Posted by Jeff Kujawa on Jul 7, 2021 2:05:54 PM

    Tax Rate Update

    Ohio individuals will experience a tax rate decrease that is retroactive to January 1, 2021.

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    Topics: Tax Planning, ohio, Tax, Tax Team, Tax updates, Sales Tax, Income Tax

    Prepare for Potential Tax Increases

    Posted by Jeff Kujawa on Jun 7, 2021 11:56:14 AM

    The Biden Administration’s American Families Plan and other tax proposals may complicate the tax landscape for high-income earners. Many of the proposals target taxpayers earning more than $400,000 per year.

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    Topics: Tax Planning, ohio, Tax, Tax Team, Tax updates, workplace productivity, meal deduction, Management, Deductions, Workplace Culture, Tax Increases, Biden Administration

    2020 Year End Tax News

    Posted by Jeff Kujawa on Dec 8, 2020 8:37:35 AM

    This has obviously been anything but an ordinary year and tax guidance has been issued to provide some relief. In 2020, Congress passed the CARES Acts, in response to the pandemic, and many of these provisions will help mitigate the financial impact of the disease, which should be considered as part of your yearend planning to take advantage of them and the effects of the Secure Act to decrease 2020 income tax liabilities for individuals and businesses. Many of these provisions are quite complicated and probably require the expertise of our tax professionals, but there are steps which can be taken prior to yearend to minimize your tax liability.

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    Topics: Takeaways, brixey and meyer, Tax, Tax Team, Tax updates

    2021 Cost of Living Adjustments

    Posted by Steve Hood on Nov 17, 2020 10:43:43 AM

    Get prepared for 2021! Check out the cost of living adjustments and see how you will be affected.

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    Topics: ohio, year-end planning, Tax, Tax Team, Tax updates, workplace productivity, Management, New Year, 2021

    Tax Update: IRS Provides Certainty Regarding the Deductibility of Payments by Partnerships and S Corporations for State and Local Income Taxes

    Posted by Alan Greenwell on Nov 12, 2020 11:33:28 AM

    IRS Notice 2020-75 (‘the Notice”) was issued on November 9, 2020 and announced that the Department of the Treasury and the Internal Revenue Service intend to issue Proposed Regulations to clarify that State and local income taxes imposed on and paid by a partnership or an S corporation on its income are allowed as a deduction by the partnership or S corporation in computing its non-separately stated taxable income or loss for the taxable year of payment. Furthermore, the Proposed Regulations will provide certainty to individual owners of partnerships and S corporations in calculating their state and local tax deduction payments.

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    Topics: ohio, Tax, Tax Team, Tax updates, workplace productivity, Management, 2020, S Corporations, Partnership

    Tax Update: Programs Available in Response To COVID-19

    Posted by Alan Greenwell on Mar 20, 2020 3:05:09 PM

    As of March 19, 2020, there are different programs available to taxpayers as a response to COVID-19. Below are summaries of the programs available:

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    Topics: brixey and meyer, ohio, Tax, Tax Team, Coronavirus, Programs

    Tax Update: Certain 2019 Tax Payments Can be Deferred

    Posted by Jeff Kujawa on Mar 18, 2020 10:33:22 AM

    During a press briefing on March 17, Treasury Secretary Steven Mnuchin announced that certain 2019 tax payments can be deferred until July 15th. 

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    Topics: brixey and meyer, ohio, Tax, Tax Team, 2019, Deferred Tax Payments, Coronavirus

    How To Be Tax Efficient When Charitable Giving

    Posted by Steve Hood on Feb 7, 2020 10:26:56 AM

    Planning on making charitable gifts in 2020 and want to be tax efficient when doing so? There are many ways but below are a few common options...

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    Topics: brixey and meyer, ohio, Tax, Tax Team, 2020, Charitable Giving

    2019 Year End Tax News

    Posted by Jeff Kujawa on Dec 18, 2019 4:11:06 PM

    The passing of the Tax Cuts and Jobs Act led to many questions about your bottom line last tax season. With one year behind us, we look forward to moving into this tax season with more clarity and confidence to manage the effects of the reform for both individuals and businesses.

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    Topics: Takeaways, brixey and meyer, Tax, Tax Team, Tax updates

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