The Inflation Reduction Act Extends Energy Efficiency Building Incentives

In August 2022, President Biden signed the Inflation Reduction Act of 2022, H.R. 5376. The legislation includes components of the former Build Back Better Act and addresses energy, health, and targeted tax policies aimed at fighting inflation, increasing domestic energy production, and reducing US carbon emissions by 40 percent by the year 2030. To meet […]

Inflation Reduction Act Expands Valuable R&D Payroll Tax Credit

Expanded R&D Payroll Tax Credit

When President Biden signed the Inflation Reduction Act (IRA) into law in August, most of the headlines covered the law’s climate change and health care provisions. But the law also enhances an often-overlooked federal tax break for qualifying small businesses. The IRA more than doubles the amount a qualified business can potentially claim as a […]

How to end the headaches of SLFRF reporting

ARPA SLFRF Reporting Software

There are a lot of challenges surrounding the reporting of the State and Local Fiscal Relief Funds (SLFRF) received as part of the American Rescue Plan Act (ARPA). The various entities who received funds from you likely have vastly different methods of tracking how the funds were used. They may not even know what information […]

The Inflation Reduction Act Includes Wide-Ranging Tax Provisions

Inflation Reduction Act Overview

President Biden signed the Inflation Reduction Act (IRA) into law on August 16, 2022. The IRA includes significant provisions related to climate change, health care, and, of course, taxes. The IRA also addresses the federal budget deficit. According to the Congressional Budget Office (CBO), the IRA is projected to reduce the deficit by around $90 billion […]

CHIPS Act Poised to Boost U.S. Businesses

CHIPS Act Poised to Boost U.S. Businesses

The Creating Helpful Incentives to Produce Semiconductors for America Act (CHIPS Act) was recently passed by Congress as part of the CHIPS and Science Act of 2022 and signed into law by President Biden on August 9, 2022. Among other things, the $52 billion package provides generous tax incentives to increase domestic production of semiconductors, […]

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 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 […]