Ohio Tax Update: Ohio 2022-2023 Biennial Budget Tax Reform

Overview Ohio Governor Mike DeWine signed 2021 HB 110 (“law” or “law change”), Ohio’s 2022-2023 biennial budget with significant tax law changes, rate reductions, and municipal income tax reforms. Many of the changes are effective retroactive to January 1, 2021 and other effective dates as noted below. Individual Income Tax Law Changes HB 110 reduces […]

Consider Reevaluating Your Tax Plans Based on the Presidential Election Outcome

United States White House, presidential election

Now that Joe Biden has been projected as the winner of the presidential election by major news outlets,* you may wonder whether your federal taxes will be affected. President-elect Biden campaigned on a broad agenda, including a pledge to roll back many of President Trump’s tax policies. In response to the Tax Cuts and Jobs […]

Managing your own portfolios: Are you an investor or a trader?

Can investors who manage their own portfolios deduct related expenses?

Can investors who manage their own portfolios deduct related expenses? In some cases, investors have significant related expenses, such as the cost of subscriptions to financial periodicals and clerical expenses. Are they tax deductible? Under the Tax Cut and Jobs Act, these expenses aren’t deductible through 2025 if they’re considered expenses for the production of […]

The SECURE Act Changes the Rules for Employers on Retirement Plans

The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the first significant retirement-related legislation in more than a dozen years. It brings changes that affect employers of all sizes, including some that could be particularly beneficial for smaller employers that sponsor retirement plans. Some of the changes, however, may increase the burden on […]

The SECURE Act Will Likely Affect Retirement and Estate Plans

In late 2019, the first substantial legislation related to retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act brings numerous changes to the retirement and estate planning landscape, and some of them should prompt careful review of your existing plans to ensure they’ll accomplish the desired outcomes, including […]

TCJA Expands Section 179 Expensing Strategies

The Tax Cuts and Jobs Act (TCJA) expanded the definition of qualified property for immediate expensing under Section 179 to include certain improvements for nonresidential buildings. Internal Revenue Code section 179(f)(2) identifies costs for roofing, fire protection, alarm systems, security systems and HVAC property as being eligible for Section 179 expensing if the new improvement […]

Spending bill extends tax breaks, adds retirement account provisions

With its winter recess looming, Congress has engaged in a flurry of activity. Most notably, it reached agreement on a massive government-wide spending package, the Further Consolidated Appropriations Act, 2020. The legislation extends certain income tax provisions that had expired, as well as some that were due to expire at the end of 2019. Congress […]

IRS updates rules for using per diem rates

The IRS recently issued guidance on how businesses, self-employed individuals and qualified employees can use the per diem rules to substantiate their business travel expenses for tax purposes. The guidance in Revenue Procedure 2019-48 modifies 2011 guidance to reflect changes made by the Tax Cuts and Jobs Act (TCJA). The per diem rules themselves haven’t […]

New draft forms issued for BBA partnerships

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It has been nearly a year since the new centralized audit regime, enacted by the 2015 Bipartisan Budget Act (BBA), became effective for partnerships. BBA partnerships are any that are subject to the new regime, which applies to tax years beginning on or after January 1, 2018. A partnership may opt out of the BBA […]