Just hours before government funding was set to expire, President Trump on March 23 signed the bipartisan Consolidated Appropriations Act, 2018, averting a government shutdown. The $1.3 trillion fiscal year 2018 omnibus spending package, which provides funding for the government and federal agencies through September 30, contains several tax provisions and increased IRS funding. The [...]
The Tax Cuts and Jobs Act did not directly change the tax rate on capital gains: they remain at 0, 10, 15 and 20 percent, respectively (with the 25- and 28-percent rates also reserved for the same special situations). However, changes within the new law impact both when the favorable rates are applied and the [...]
The Tax Cuts and Jobs Act increases bonus depreciation rate to 100 percent for property acquired and placed in service after September 27, 2017, and before January 1, 2023. The rate phases down thereafter. Used property, films, television shows, and theatrical productions are eligible for bonus depreciation. Property used by rate-regulated utilities, and property of [...]
Most long standing businesses have operated in their current legal form and using methods of accounting that were established long ago often without regard to whether these practices at the time were advantageous or whether today they are permissible or beneficial. Often the tax returns for the business are prepared using financial statements prepared to [...]
The method and systems by which a taxpayer calculates the amount of income, gains, losses, deductions, and credits and determines when these items must be reported, constitute the taxpayer's change of accounting method. Although the Tax Code and the regulations authorize the use of several accounting methods, and permit certain combinations of methods, a taxpayer [...]
We have been following Ohio’s legislative priorities and wanted to share a few issues that may have an impact on you should these be enacted into law. Bright Light Residency Test With regard to Ohio’s bright line residency test this might be a good time to review with us the facts and circumstances of your Ohio [...]
Legislation enacted in 2015 provides new rules for IRS partnership audits. The new rules are a drastic departure from current rules and the IRS is hopeful that the rules will simplify the audit process and allow the IRS to conduct more partnership audits. The provisions do not take effect until partnership tax years beginning [...]
It is with great enthusiasm that we announce the successful completion of our first attest engagement peer review. The firm received a "pass" which is the highest rating possible. Congratulations to the engagement team, lead by Christina Johnson, on continually developing the firm's best practices! About the Peer Review MMB is enrolled in the AICPA's [...]
