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There’s now little doubt that federal income taxes will change in one way or another under the new administration. But what about state taxes? One possible proposal to watch out for in Ohio is a move to a flat income tax. Ohio State Senator Bill Coley says he plans to...
During the Regan administration, certain incidents raised questions that had overtones of the Watergate Scandal, involving “what did the President know and when did he know it?” Certain members of the administration noted that the president was not informed of some...
In a ruling that could have far-reaching consequences for businesses selling products in Ohio, the state’s supreme court decided that Ohio could tax out-of-state businesses that have no contacts with the state beyond selling $500,000 in goods here. The commercial...
It is no secret that the Internal Revenue Service (IRS) is a large and complex organization. Even so, it is not as intricate as the tax laws they monitor and enforce. If you have ever had to actively engage in legal action regarding tax laws, you have probably quickly...
Captive insurance is a device used by some small businesses in Ohio to provide a form of self-insurance. The “captive” insurance company is a captive of the entity it insures. For instance, a factory or manufacturing plant may create a captive insurer to protect it...
The Small Business Administration (SBA) has weighed in on the side of small businesses in an effort to seek additional clarification from the Internal Revenue Service regarding the ending of the valuation discount under section 2704 of the Internal Revenue Code. The...
The IRS has seen its share of problems in the last few years. It has had its budget cut, which has compromised its ability to audit and pursue delinquent tax filings. It has been tied up in the “targeting” scandal, accused of going after 501(c)(3) organizations based...
Taxes collected by Ohio and the federal government are used to promote many goals beyond merely raising revenue. Of course, state and federal taxes are used to generate the governmental income that pays for things as varied as the state courts, highways, law...
The IRS collects a substantial amount of money every year from tax filings. In 2015, the IRS collected $3.3 trillion. Unsurprisingly, many individuals have figured out that if they can capture a small fraction of that sum, they can become fabulously wealthy. There are...
When you hear of investigations and audits into the very wealthy, you may wonder if they receive special treatment from the Internal Revenue Service. If you are an ordinary taxpayer or business owner in Ohio, and you undergo a tax audit, you may feel as if the IRS...