Comprehensive Tax & Legal Solutions
There are many ways to gamble in Ohio. There are major casinos throughout Ohio, including Toledo. There is the Ohio Lottery, and there are a variety of other opportunities, from poker tournaments to bingo games. Most people who gamble see it as an entertainment...
The Internal Revenue Service has many tools at its disposal to collect past due tax debts. The large arsenal of collection instruments available to the IRS includes the authority to create a public record of the tax debt through the use of a tax lien. Tax liens are...
Taxes affect many aspects of your life, from the sales tax you pay on goods when you go shopping to the taxes on your income or that of your business. You may not associate a divorce as having much to do with taxes, but in many cases, in addition to dealing with your...
The Internal Revenue Code (IRC) is intimidating. It is massive, covering hundreds of sections within the federal statutes. It has also grown more complex. In 1955, the IRC consisted of about 400,000 words. Today, it grown to 2.4 million words. But as they say on TV,...
For many small businesses, taxes may be seen as just one of many expenses. When you allocate your revenue to various expenses, you likely prioritize those accounts payable on variable scales of importance. Your utility bills and important contracts may receive their...
It depends. If you earn less than $200,000 per year and use tax software to prepare your return, your chances of a tax audit may be very small. On the other hand, if you earn more than $200,000, the odds increase and if you exceed $1 million in income, the likelihood...
It may seem like a trivial distinction, but tax fraud and tax negligence are actually two different acts that a taxpayer may perform when they fill out their taxes. These two distinct charges lead to different penalties, and they are defined differently, even if those...
Summer jobs are a great way to generate income for college and a substantial learning experience for high school and college students. The Bureau of Labor Statistics says that last July, more than 20 million people between the ages of 16 and 24 were employed. Sole...
Simpler is often better, and an organization of Ohio CPAs believes that changes could be made to the Ohio tax structure that would make it simpler and that this would improve Ohio’s business competitiveness. The Ohio Society of CPAs (OSCPA) are likely well-positioned...
In our last post, we were discussing whether a taxpayer’s treatment of income from an ESBT was reasonable and if they were entitled to a refund of a penalty imposed by the Ohio Department of Taxation. The taxpayer had disputed the tax obligation imposed on the almost...