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June 2016 Archives

Congressman wins refund of Ohio tax penalty, pt.1

Tax policy is often  slow to evolve. A new section of the federal tax code or Ohio tax statutes may be added or an older section amended, but after this change, there may be little in the way of interpretative guidance from the Internal Revenue Service or the Ohio Department of Taxation. The agencies may take years to issue regulations, and tax practitioners may suggest strategies to taxpayers that can take advantage of the lack of clear guidance.

Tax audit roulette with development easements

Development easements can be a successful way to marry a tax shelter to protecting the environment or historical elements of property you own. With a development easement, you create an easement that prohibits development on the property and in return, receive a tax deduction for the reduction in value of the land due to the easement.

Do you know if your town offers a "residence tax credit?"

No one enjoys paying taxes. On the other hand, you know they have to be paid, and work to make certain your withholding on your paycheck or your estimated taxes will cover the needed amount of your yearly taxes. Least favorite of all are taxes that you may not have even known you owed.

Understanding payroll tax enforcement in Ohio

Running a business often involves deciding what bills to pay - and when to pay them. Peaks and valleys in business are common in any industry. For instance, the change in the price of gas can impact a company in many ways -- from increased costs in obtaining supplies to a downturn in business as consumers cut back on spending. It is often tempting to delay paying bills when unexpected shortfall in revenues arises.

Is FACTA causing expatriates to abandon their U.S. Citizenship?

A record number of Americans have given up their citizenship and some claim that it is because of an obscure federal tax law. The law, known as the Foreign Account Tax Compliance Act (FATCA), requires that all Americans who have assets in foreign financial accounts make a yearly report to the IRS.

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