Archive
IRS Unveils New Version of Smartphone App
The IRS announced the availability of IRS2Go 2.0, an expanded version of its smartphone application designed to provide taxpayers easier access to practical tools and information. The new app, available on the Apple and Android platforms, adds a new YouTube… View More
Do you invest in mutual funds?
If you invest in mutual funds, beware of tax pitfalls. Funds with high turnover rates can create income taxed at ordinary-income rates. Choosing funds that provide primarily long-term gains can save you more tax dollars because of the lower long-term… View More
Municipal income tax reform – Stakes have never been higher
Since 1946 when Ohio authorized cities and villages to assess and collect income taxes, local governments across Ohio have relied on this tax as the major revenue source to their general funds. Municipalities have since been given latitude over more… View More
IRS Casts Bait To Reel in Taxpayers with Offshore Accounts
Without a great deal of fanfare, the IRS has reopened its Offshore Voluntary Disclosure Program (OVDP) [2] for taxpayers with foreign bank accounts. A similar program that was initiated in 2011, and modeled after a 2009 program, closed down on… View More
Structure of a partner’s sale can save federal tax dollars
The sale of a partnership interest is generally treated as the sale of the partner’s share of the partnership’s underlying assets. This results in taxation at the favorable capital gains rates so long as the interest has been held for… View More
