Tax Services
On December 29, 2022, President Biden signed the Consolidated Appropriations Act, 2023 into law. It reached the President's desk upon passage in the house by a vote of 225 to 201 on December 23. This followed passage in the Senate on Decmeber 22 by a vote of 68 to 29. The heavily negotiated omnibus legislative [...]
The Inflation Reduction Act of 2022 represents the most significant legislation to combat climate change in our nation's history. It will drive investment and dynamic economic growth, create new opportunities for workers by supporting good-paying jobs, and lower costs for American families as we build a clean energy economy. The Inflation Reduction Act also promotes [...]
On September 23, 2022, the Ohio Department of Taxation published a list of Frequently Asked Questions and a draft tax form for the newly enacted pass-through entity election. The pass-through entity election was enacted into law earlier this year when Governor DeWine signed Senate Bill 246 and is Ohio’s workaround to the federal “SALT cap”, [...]
On April 27, 2022, the Internal Revenue Service updated its processes and procedures found in the Internal Revenue Manual for audits of Global High Wealth (GHW) individuals. Such individuals are defined to include those holding assets or having income in the tens of millions of dollars. The IRS utilizes employees comprising the GHW to conduct [...]
In recent years, tax schemes and scams have been on the rise. Con artists work year-round which means taxpayers must remain vigilant to avoid being victimized. Here are some tips to help people recognize and avoid some of the most common tax related scams. Email phishing scams The IRS does not initiate contact with taxpayers [...]
Reference to "Can Congress Tax the “Wealth” of Charles and Kathleen Moore by Deeming it Income? A challenge to a 2017 law could shut the door to Elizabeth Warren’s far more ambitious levy." The impetus for this commentary is a Rivkin & Grossman opinion piece that appeared in the Wall Street Journal (WSJ) on [...]
After the confusion of the first Paycheck Protection Program (PPP) Loan Forgiveness process, there is hope! The Small Business Administration (SBA) announced a new portal for borrowers of $150,000 or less in the second round of PPP loans which allows borrowers to apply directly to the SBA for forgiveness. Lenders must opt-in for borrowers [...]
Hoosiers will see a total refund worth $545.3M when they file their 2021 state tax returns next year. Per Indiana state law, if Indiana’s reserves are 12.5% of general fund appropriations or higher (excluding K-12 education reserves), Hoosiers get the surplus back in the form of a tax credit. This year’s reserves are an [...]
The Joint Committee on Taxation released on June 17, 2021, its Technical Explanation of the Clean Energy for America Act (CEAA) which passed the Senate Committee of Finance on May 26, 2021. Here are the highlights if the underlying legislation become law as proposed: Oil & Gas Effective for taxable years beginning after the [...]
The American Rescue Plan (“ARPA”) raised the maximum child tax credit in 2021 to $3,600 for each qualifying child under the age of 6 and $3,000 for each qualifying child between the ages of 6 and 17. Previously, the child tax credit was $2,000 for each qualifying child and 17-year-olds were not considered “qualifying children” [...]
