Tax Law

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...

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...

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...

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...

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...