Starting in July of 2021, qualifying families with children ages 17 and under will start receiving monthly child tax credit (CTC) payments from the Internal Revenue Service (IRS). The American Rescue Plan Act (ARPA) expanded the child tax credit when it was signed into law this spring. All the details haven’t been completely worked out, so we will keep this blog post updated as more information is available.

As it stands right now, here are the important points to be aware of: Read More >>

Eric Dorenkott, CPA

As we move into Q4, now is the time to begin year-end tax planning.

The new Section 199A may be the most radical change of last year’s historic tax reform bill, and one not to be overlooked. Section 199A gives a 20 percent deduction of qualified business income to pass-through entity owners. The deduction has two components.

  1. Eligible taxpayers may be entitled to a deduction of up to 20 percent of qualified business income (QBI) from a domestic business opera
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Robert O’Neil, CPA explains how to determine which entity is best for your situation.

In the months after the recent Tax Cuts and Jobs Act was signed into law, we’ve received many questions from business owners regarding the new 21 percent corporate tax rate and if it applies  to them.  In almost every case, the response is no because they either were a partnership, S corporation, or a disregarded entity for tax purposes.  In all three of those entity structures, the income pas Read More >>

On February 9, Congress passed the “Bipartisan Budget Act of 2018.” In addition to a plan to fund the federal government through March 23, the act contains a host of tax law changes.

Included in the act were the following extenders that were previously set to sunset after 2016:

The following INDIVIDUAL provisions were extended for ONE year:

  • Discharge of indebtedness from principal residence
  • Treatment of mortgage insurance premiums (PMI) as deductible qualified residen
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Robert O’Neil, CPA  explains the key changes to foreign income taxation under the “Tax Cuts and Jobs Act.”

The new tax law under the “Tax Cuts and Jobs Act” passed just before the end of the year, resulted in a lot of changes mostly taking effect as of 1/1/2018.  In addition to the many changed provisions that impact most US Taxpayers, there were also several key changes to foreign income taxation.  This article will focus on those changes that impact the small bu Read More >>

Liyuan (Shirley) Wu , explains what you need to know as employers and employees. 

The IRS released Notice 1036 (see link below), which updates the income-tax withholding tables for 2018 reflecting changes in tax rates and tax brackets, increased standard deduction and repeal of personal exemptions that were included in the new tax reform law Tax Cuts and Jobs Act (TCJA) signed in December.

Employers should begin using the 2018 withholding tables as soon as possible, but n Read More >>

Congress is enacting the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into effect next year, there’s still a narrow window of time before year-end to best position yourself for the tax breaks that may be heading your way.
Lower tax rates coming. The Tax Cuts and Jobs Act will reduc
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Hank Gingerich is a Director in the Tax Department.

I am getting a lot of questions from my clients about the effect of the proposed tax bill.  The bill, known as the Tax Cuts and Jobs Act, proposes significant changes for both individuals and businesses. This will be the first significant overhaul of the U.S. tax code in more than 30 years. The goal of the change is to provide tax relief for individuals and businesses by cutting and simplifying taxes.

The law is not finalized now a Read More >>

Shirley Wu, CPA gets you up to speed on the changes involved with House Bill 5:

 

 

Starting this year, there are a lot of changes to Ohio municipal tax under House Bill 5, which was passed in late 2014. We are listing some key provisions here and want to make you aware of them so you will not be subject to possible penalties and interests. Contact us if you have any questions. We are always here to help!

  • Municipal Income tax withholding
    • Municipal tax withholding deadline f
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