Articles

IRS Issues Guidance on Penalty Relief of Retroactive Termination of the Employee Retention Credit

On December 6, 2021, the Internal Revenue Service (IRS) issued guidance that provides penalty relief for employers that received an advance payment or reduced their employment tax deposits regarding the Employee Retention Credit (ERC) for the fourth quarter of 2021. Employers were awaiting guidance because the Infrastructure Investment and Jobs Act enacted on Nov. 15, […]

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The tax implications of owning a corporate aircraft

If your business is successful and you do a lot of business travel, you may have considered buying a corporate aircraft. Of course, there are tax and non-tax implications for aircraft ownership. Let’s look at the basic tax rules. Business travel only In most cases, if your company buys a plane used only for business, […]

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ODJFS Updates Unemployment Insurance Tax System

According to the Ohio Department of Job and Family Services (ODJFS), a new unemployment insurance tax system for employers went live yesterday, Dec. 6, 2021. The new system—called State of Ohio Unemployment Resource for Claimants and Employers (SOURCE)—replaces the former Employer Resource Information Center (ERIC), which was over 10 years old. It is also expected […]

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Why excess benefit transactions are out-of-bounds

Emily was a dedicated board member of her community’s most prominent social-services charity. But her commitment to the cause and the nonprofit’s programs didn’t prevent her from inadvertently violating the rule against excess benefit transactions. This happened when the organization wanted to build a new facility and bought land from her even though similar, and […]

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To tax affect or not to tax affect? A key question when valuing a pass-through business

Most U.S. businesses operate as so-called “pass-through” entities, including partnerships, limited liability companies (LLCs) and S corporations. For decades, the IRS and valuation professionals have been at odds over how to value pass-through businesses because of their unique tax characteristics. Taxation of pass-through entities For pass-through entities, all items of income, loss, deduction, and credit […]

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