Tax Tips: Planning strategies for your business and you
Interviewed by Jayne Gest Now is the time to think about 2019 tax planning — before you find yourself in a year-end scramble. “Business owners have a better sense of what kind of year they are having, and how that may impact their tax bill. They still have time to act,” says Jane Pfeifer, CPA, […]
IRS provides additional guidance on bonus depreciation under the TCJA
The IRS has released final regulations and another round of proposed regs for the first-year 100% bonus depreciation deduction. The Tax Cuts and Jobs Act (TCJA) expanded the deduction to 100% if the qualified property is placed in service through 2022, with the amount dropping each subsequent year by 20%, until it sunsets in 2027. […]
The “kiddie tax” hurts families more than ever
Years ago, Congress enacted the “kiddie tax” rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. And while the tax caused some families pain in the past, it has gotten worse today. That’s because the Tax Cuts and Jobs Act (TCJA) made […]
Ohio Tax Update: Ohio 2020-2021 Biennial Budget Tax Reform
Overview The Ohio legislature passed HB 166, the FY 2020-2021 Biennial Budget and with it significant tax reform affecting both businesses and individuals. The reform is highlighted by an opportunity zone credit and a 4% individual income tax rate reduction. The bill also imposes sales tax for out-of-state sellers and marketplace facilitators. Ohio’s Biennial Budget […]
It’s a good time to buy business equipment and other depreciable property
There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time. And it was increased and expanded by the Tax Cuts and Jobs Act (TCJA). Even better, the […]
Congress acts to reform the IRS, enhance taxpayer protections
The U.S. Senate has passed, and President Trump is expected to sign into law, a broad package of reforms aimed at the IRS. Among other things, the Taxpayer First Act contains several new protections for taxpayers, along with provisions intended to improve the IRS’s customer service. Stronger safeguards against identity theft Several of the bill’s […]
IRS wheels out additional guidance on company cars
The IRS has updated the inflation-adjusted “luxury automobile” limits on certain deductions taxpayers can take for passenger automobiles — including light trucks and vans — used in their businesses. Revenue Procedure 2019-26 includes different limits for purchased automobiles that are and aren’t eligible for bonus first-year depreciation, as well as for leased automobiles. The role […]
IRS updates rules for personal use of employer-provided vehicles
The IRS recently announced the inflation-adjusted maximum value of an employer-provided vehicle under the vehicle cents-per-mile rule and the fleet-average value rule. Employers can use the rules to value an employee’s personal use of such a vehicle for income and employment tax purposes. The new values reflect vehicle-related amendments in the Tax Cuts and Jobs […]
Uncertainty looms over some federal income tax provisions
Congress has yet to tackle several outstanding uncertainties frustrating both businesses and individual taxpayers. The Tax Cuts and Jobs Act (TCJA), for example, contains several “glitches” requiring legislative fixes. Congress also has neglected to pass the traditional “extenders” legislation that retroactively extend certain tax relief provisions that expired at the end of an earlier year, […]
Want the scoop on Cincinnati real estate trends?
Sean McGrory, Chair of CSH’s Construction and Real Estate Industry Group, participated in the Cincinnati Business Courier Commercial Real Estate Roundtable to discuss hot trends in the market. Topics include new local commercial developments, market growth, opportunity zones, tax benefits, retail changes and much more. Download the supplement below.