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 […]
Category: Tax
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 […]
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 […]
Municipal Employer Withholding Tax Update
Since the start of the COVID-19 pandemic, many employees have been working remotely instead of at their pre-COVID-19 principal place of work municipalities. Why did this cause an issue for […]
Important Reminders for Charitable Giving in 2021
With the kickoff of the giving season, many people will be donating to charitable organizations. Taxpayers may be able to deduct donations to tax-exempt organizations on their tax returns. Here […]
Small Businesses: There Still May Be Time to Cut Your 2021 Taxes
Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 tax liability. You still have time to execute a few strategies to potentially cut […]
IRS Tax Tip: Depreciation of Property Deductions for Small Business Owners
The IRS issued Tax Tip 2021-173, which addresses the depreciation of property deductions for small business owners. Depreciable property includes vehicles, buildings, equipment, machinery, and furniture; it does not include […]
Infrastructure Law Sunsets Employee Retention Credit (ERC) Early
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers survive the COVID-19 pandemic. A new law has retroactively terminated it before it was scheduled to end. […]
Businesses Can Show Appreciation — And Gain Tax Breaks — With Holiday Gifts and Parties
With Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its gratitude to employees and customers […]
Many Factors are Involved When Choosing a Business Entity
Are you planning to launch a business or thinking about changing your business entity? If so, you need to determine which entity will work best for you — a C […]
IRS Announces Increase to 401(k) Plan Limits for 2022
The IRS announced on November 4th that employee 401(k) contributions for 2022 will rise to $20,500 from $19,500. Additionally, plan participants who are 50 or older can contribute an extra […]
Tax Planning Tips for Year-End 2021
We’re encouraging our clients to plan for Tax Year 2021 (January 1, 2021 – December 31, 2021). April 15, 2022 will be the tax deadline for 2021 tax returns. Tax […]
