Tax

Many Ohio businesses believe that because they pay sales tax on the majority of their purchases, they do not have to worry about paying use tax or filing a use tax return. Use tax is a tax on the consumption of goods or services for which sales tax should have been paid, but wasn’t. It …

Early this year, new tables for federal income tax withholding were released, reducing the amount being withheld throughout the year. This could lead to an unpleasant surprise when you complete your 2018 income tax return. You may not have enough tax paid when you file your income tax return. The IRS has developed a calculator …

The US Supreme Court recently sided with the State of South Dakota against Wayfair Inc. changing the long held Quill decision and the way that nexus is defined for collecting state sales tax. Certainly there will be more information on the application of this change going forward but businesses selling goods or services in multiple …

Effective now through February 15, Ohio’s Tax Amnesty program allows delinquent taxpayers to fully resolve their liabilities by paying the tax plus one-half interest with no penalty. Ohio’s Tax Amnesty program is available for all Ohio taxes, including sales tax; use tax; commercial activity tax; and individual income tax. To be eligible, the delinquent tax …

Under the new tax law effective for amounts incurred or paid after December 31, 2017, the deduction for entertainment, amusement or recreation expenses that are directly related to or associated with the active conduct of a trade or business is repealed (no longer permitted). There are limited exceptions to this rule. For many of our …

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 …

Operating in one physical location is no longer ideal for businesses who want to remain profitable in the ever-changing landscape. To adapt, many businesses are straying away from traditional business models where they would typically operate in physical locations and moving towards virtual business models. As businesses expand their operations across states lines, it becomes …

The Internal Revenue Service recently issued the 2017 optional standard mileage rates to be used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. As of January 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) are: 53.5 cents …

In July of 2015, Congress passed and President Obama signed a Highway Funding Bill that extended financing for transportation infrastructure. Section 2006 of that bill modifies the tax filing due dates for tax years beginning after December 31, 2015. The filing deadlines for a variety of entities, including partnerships and C corporations, will change. The …

Many retirees will pleased to know that, as part of the recent tax extenders bill, Congress has permanently allowed the tax free transfer of IRA distributions to qualified charities. For the last few years, taxpayers who are over age 70 ½ were permitted to make up to $100,000 of direct transfers from Individual Retirement Account …