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March 2019 Archives

IRS expands leniency on filing

The first tax year under 2017’s Tax Cuts and Job Creation Act has left a lot of taxpayers and tax professionals confused and frustrated. Now with the April 15 deadline just around the corner, the agency announced that it would again expand the threshold for penalties to 80 percent of the total tax liability to receive penalty relief. This is down from the January 16 announcement of an 85 percent threshold, which was down from the IRS’s usual amount of 90 percent of the total obligation if filers wished to avoid penalty.

Do you have minor children? If so, you need an estate plan

When you became a parent, you probably reacted as most Ohio parents did -- you want to make sure you take care of your kids and protect them. Right now, this means seeing to their daily needs, planning for their future and more. You take your responsibilities to your children seriously and work hard to fulfill them.

What is the tenant improvement allowance?

Residential rental properties will often get a fresh coat of paint before new tenants move in. Commercial spaces, however, will often need more work to accommodate the unique needs of the business tenants. This is generally paid for through a tenant improvement allowance, which is one of the most significant issues negotiated for a rental agreement. It not only dictates what will be done in preparation for the new tenant, but it also impacts how much the landlord charges in rent.

Americans feel obliged to pay taxes

The IRS has seen its’ staff size shrink, which has led to a mere .6 percent chance of a taxpayer audit. There is a President of the United States who brags about how little he pays in taxes. Nevertheless, the IRS’s annual survey says that Americans not only pay their taxes but that 9 out of 10 feels that it is their civic duty or a moral obligation.

Leaving a bequest to a pet

Fashion designer Karl Lagerfeld is famous for his influential work over a long and storied career before dying on February 19 at age 85. He continues to make news from the grave with an extravagant but not surprising bequest to his Birman cat, Choupette, of a portion of his estate estimated to be worth between $150 and $300 million.

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