About John Michel

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So far John Michel has created 83 blog entries.

New Relief Procedures Allow Former Citizens to Avoid Covered Expatriate Treatment

The IRS has announced new relief procedures for certain individuals who have relinquished their U.S citizenship but want to come into compliance with their U.S. income tax and reporting obligations and avoid being a "covered expatriate" under Code Sec. 877A. The new "Relief Procedures for Certain Former Citizens" are available only to individuals, not to [...]

By |2020-03-06T18:50:16+00:00November 12th, 2019|Financial, Governments, Tax|Comments Off on New Relief Procedures Allow Former Citizens to Avoid Covered Expatriate Treatment

Year-End Tax Planning Seminar

Our 2019 Tax Planning Seminar will help you get a leg up on what’s happening in tax reform and how it affects your business. THURSDAY, NOVEMBER 7, 2019 8:30 AM – registration / networking; 9:00 AM – 10:30 AM – presentation 4350 Glendale-Milford Road, Blue Ash, Ohio Here are just a few of the topics, [...]

By |2020-03-06T18:50:16+00:00October 28th, 2019|Accounting, Audit, Events, Financial, Tax|Comments Off on Year-End Tax Planning Seminar

IRS Encourages Taxpayers to Develop Emergency Preparedness Plan

The IRS has reminded taxpayers—whether individuals, organizations or businesses—to develop an emergency preparedness plan as the peak of hurricane season fast approaches. Taxpayers should place original documents such as tax returns, birth certificates, deeds, titles, and insurance policies inside waterproof containers in a secure space. Duplicates of these documents should be kept with a trusted [...]

By |2020-03-06T18:50:16+00:00October 25th, 2019|Accounting, Audit, Financial, Governments|Comments Off on IRS Encourages Taxpayers to Develop Emergency Preparedness Plan

Proposed Regulations Provide Guidance on Section 382(h) Built-in Gain and Loss Computation

Proposed regulations would provide guidance on the inclusion of income and deduction items in the calculation of built-in gains and losses under Code Sec. 382(h). The proposed regulations would: simplify the application of Code Sec. 382; provide more certainty to taxpayers in determining built-in gains and losses for Code Sec. 382(h) purposes; and ensure that [...]

By |2020-03-06T18:50:16+00:00October 20th, 2019|Financial, Tax|Comments Off on Proposed Regulations Provide Guidance on Section 382(h) Built-in Gain and Loss Computation

Regulations on 100% Bonus Depreciation Finalized

Final regulations dealing with the 100 percent bonus depreciation allowance for qualified property acquired and placed in service after September 27, 2017, allow property which is constructed under a pre-September 28, 2017 binding contract to qualify for the 100 percent rate. The final regulations adopt proposed regulations ( REG-104397-18) with certain modifications, including a revised [...]

By |2020-03-06T18:50:17+00:00October 20th, 2019|Financial, Tax|Comments Off on Regulations on 100% Bonus Depreciation Finalized

New Tax Withholding Estimator Tool Helps Employees and Self-Employed

The IRS has reminded taxpayers that the new Tax Withholding Estimator tool includes a feature designed to make it simpler for employees who received self-employment income to accurately estimate the right amount of income tax. The estimator tool is featured on the IRS webpage. The Tax Withholding Estimator is an expanded, mobile-friendly online tool that [...]

By |2020-03-06T18:50:17+00:00October 15th, 2019|Financial, Tax|Comments Off on New Tax Withholding Estimator Tool Helps Employees and Self-Employed

Am I Having Enough Tax Withheld?

If you fail to estimate your federal income tax withholding properly, it may cost you in a variety of ways. If you receive an income tax refund, it essentially means that you provided the IRS with an interest-free loan during the year. By comparison, if you owe taxes when you file your return, you may [...]

By |2020-03-06T18:50:17+00:00October 4th, 2019|Financial, Tax|Comments Off on Am I Having Enough Tax Withheld?

Senate Tax Writers Discuss Bipartisan Retirement Savings Bills

...Related House Vote Expected Soon Senate tax writers on Capitol Hill continue to discuss bipartisan retirement savings bills as the House gears up for a vote on a related tax measure. The Senate Finance Committee (SFC) held a May 14 hearing during which lawmakers on both sides of the aisle highlighted the importance of moving [...]

By |2020-03-06T18:50:17+00:00July 2nd, 2019|Financial, Governments, Tax|Comments Off on Senate Tax Writers Discuss Bipartisan Retirement Savings Bills

Reliance Regs Address Qualified Opportunity Funds and Zones

Proposed regulations address gains that may be deferred when taxpayers invest in a qualified opportunity fund (QOF). Taxpayers may generally rely on these new proposed regulations. The IRS has also requested comments. The proposed regulations also withdraw and replace placeholder provisions in an earlier set of proposed regulations ( REG-115420-18). These concern: the definition of [...]

By |2020-03-06T18:50:17+00:00May 24th, 2019|Accounting, Financial, Tax|Comments Off on Reliance Regs Address Qualified Opportunity Funds and Zones

House Approves Bipartisan IRS Reform Bill

The House on April 9 approved by voice vote a bipartisan, bicameral IRS reform bill. The IRS bill, which now heads to the Senate, would redesign the IRS for the first time in over 20 years. IRS Reform The Taxpayer First Act of 2019 (HR 1957), as amended, cleared the House Ways and Means Committee [...]

By |2020-03-06T18:50:17+00:00May 4th, 2019|Financial, Tax|Comments Off on House Approves Bipartisan IRS Reform Bill