The IRS recently issued new increases to tax deduction and contribution limits for tax year 2020. These increases are from the annual inflation adjustment that the IRS makes towards multiple tax schedules.
Victims of the severe storms, straight-line winds, tornadoes, flooding, and landslides that took place on May 27, 2019 in Ohio may qualify for tax relief from the Internal Revenue Service.
School starts soon for many students at universities and colleges around the region. Many of those students receive scholarships to help pay for school. While most scholarships are excluded from gross income, students need to be aware of situations where scholarships need to be reported as income and that income could be subject to federal income tax with a maximum tax rate of 37%.
After months of negotiations, Governor Mike DeWine signed Ohio's FY 2020-2021 general operating budget, and the following are a few key points that may impact you or your business:
As a tax manager, "busy season" is both demanding and time consuming. So, what do I do to burn off stress after busy season?
The Ohio House is pursuing a significant change to Ohio’s Business Income Deduction currently benefiting owners of Ohio pass-through entities. The current Business Income Deduction provides great tax benefits for business owners; however, it is costing the state approximately $1 Billion in revenue.
Businesses that use a car or other vehicle may be able to deduct the expenses of operating that vehicle on their taxes. Generally, a business can use one or two methods to figure their deductible vehicle expenses:
California, New York, Texas, and Washington D.C. have recently adopted economic nexus thresholds for sales and use tax collection purposes. California and D.C. adopted South Dakota’s thresholds, which were the subject of the U.S. Supreme Court’s decision in South Dakota v Wayfair, decided on June 21, 2018. Texas promulgated a rule requiring remote sellers to collect sales tax, unless the remote seller meets Texas’s safe harbor exemption. And, most recently, New York indicated that it would begin enforcing a rule that has been on its books since 1989.