Tax

Under the new tax law effective for amounts incurred or paid after December 31, 2017, the deduction for entertainment, amusement or recreation expenses that are directly related to or associated with the active conduct of a trade or business is repealed (no longer permitted). There are limited exceptions to this rule. For many of our …

Congress is enacting the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into effect next year, there’s still a …

Operating in one physical location is no longer ideal for businesses who want to remain profitable in the ever-changing landscape. To adapt, many businesses are straying away from traditional business models where they would typically operate in physical locations and moving towards virtual business models. As businesses expand their operations across states lines, it becomes …

The Internal Revenue Service recently issued the 2017 optional standard mileage rates to be used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. As of January 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) are: 53.5 cents …

In July of 2015, Congress passed and President Obama signed a Highway Funding Bill that extended financing for transportation infrastructure. Section 2006 of that bill modifies the tax filing due dates for tax years beginning after December 31, 2015. The filing deadlines for a variety of entities, including partnerships and C corporations, will change. The …

Many retirees will pleased to know that, as part of the recent tax extenders bill, Congress has permanently allowed the tax free transfer of IRA distributions to qualified charities. For the last few years, taxpayers who are over age 70 ½ were permitted to make up to $100,000 of direct transfers from Individual Retirement Account …

The cost of living adjustment recently announced for 2016 affects many retirement plan contribution limits and many social security limits. To assist you in planning, we are listing both the 2015 and the 2016 amounts for some of the most common items. The Traditional and Roth IRA annual contribution limit for 2015 is $5,500 and …

(Amends Tax Alert dated November 10, 2015) The Ohio Treasurer of State is now allowing Ohio Pass-Through Entities (PTEs) to make payments via an electronic fund transfer by ACH credit. This option applies to all pass-through entities required to file form IT 1140 or form IT 4708, and all trusts required to file form IT …

The Ohio Department of Taxation (ODT) issued a release referencing new procedures that have been put in place to help prevent Identity Theft on tax refunds.  The new safeguards will allow ODT to help select returns that may be fraudulently seeking a refund.  If your return is selected for further investigation, you will receive a …

Effective January 1st, 2015, the municipal income tax rate for the City of Sandusky will increase to 1.25%. All tax withheld for the City of Sandusky must be at the rate of 1.25%. The credit factor (tax credit) for residence tax purposes will remain 0.00%. The credit rate (credit limit) shall not exceed 1.25%. If …