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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...
As we move into fall, many individuals who sought an extension are continuing to work on tax issues. Similarly, business owners often look to begin to reconcile the books at this time of year and adjust strategies to push to make year-end goals. Many decisions made...
As a business owner, you likely have a great many matters you must deal with every day. Competing in a crowded and busy marketplace is a full-time job and how to market your business, hire and train your employees, attract new customers while keeping the ones you...
Taxes are often used for more than simply revenue generation. An example is the mortgage tax credit, used to encourage homeownership. To the benefit of millions of taxpayers in Ohio, taxpayers can deduct the interest payment on their home mortgages from their income...
It happens rather frequently. A well-known entertainer or celebrity makes headlines because they have been hit with a massive tax lien for delinquent taxes. Many may wonder how this could happen. They appear to be making many times the income of an ordinary worker,...