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
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
Cost Segregation: A Money-Saving Opportunity
How can a parking lot help a company save money on taxes? When is plumbing considered personal property? What is the difference between electrical systems serving the building and one serving kitchen equipment? By knowing the answers to these questions,… View More
Dust off the expansion plans
During the recent economic downturn, you may have been forced to put off making investments in your manufacturing company. With the passage of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act late last year, it may be worth… View More
Investing In Precious Metals
These days, some investors are concerned about stock market risk and the safe fixed-income investments are paying low interest rates. In this environment, the idea of investing some taxable money in precious metal assets might hold some appeal. If you… View More
Foreign Travel Deductions
When traveling for business, keep in mind that the tax rules for foreign business travel are different from those for domestic travel. Whenever you spend any time vacationing on a foreign business trip, the general rule says you must allocate… View More
Limit Lifted on Innocent Spouse Request
The Internal Revenue Service announced yesterday that it will extend help to more innocent spouses by eliminating the two-year time limit that now applies to certain relief requests. The IRS launched a thorough review of the equitable relief provisions of… View More
Approved State Budget
Governor John Kasich approved the two-year state budget bill on June 30. Dubbed the “Jobs Budget” by Governor Kasich who first proposed it in mid-March, this budget closed an $8 billion structural deficit. The Governor and the Republican majority in… View More
