2017 Budget Proposes Significant Tax Changes

Last week, President Obama released his 2017 Federal budget proposals. The Treasury Department released its “Greenbook” in conjunction with the proposed budget. The Greenbook provides a summary of the current tax provisions and proposed changes under the budget.  It should be noted that many of the proposals included in the

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Enhanced Inventory Donations Available for C Corporations

While the enhanced deduction associated with contributions of food inventory made by taxpayers that are not C Corporation expired on December 31, 2014, there are still valuable deductions available for the donation of inventory by businesses going into 2015. Charitable Contribution of Inventory Under section 170(e)(3)(A), a charitable contribution of

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4 Tax Breaks & Deductions for Ohio’s Small Businesses

On June 16, 2014, Ohio Governor John Kasich signed legislation that provides a temporary increase in tax deductions for small businesses, accelerates the state’s personal income tax rollback, increases the earned income tax credit and grants a larger personal exemption for taxpayers falling under a certain threshold income level. Highlights

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June 30 Deadline for Filing New FBAR Form

Over the past several years, the U.S. government has increased its regulatory and enforcement efforts aimed at the disclosure of foreign bank and financial accounts. As a result, there is heightened pressure this year for taxpayers to file a brand-new “Report of Foreign Bank and Financial Accounts” (FBAR) by June

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IRS Issues Clarifications for Net Investment Income Tax

Starting in 2013, taxpayers married filing jointly with a modified adjusted gross income of $250,000 or greater will pay an extra 3.8% tax on the lesser of net investment income or the excess of modified adjusted gross income over $250,000. Clarifications in the final regulations include: Real Estate Professionals are

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Ohio to notify businesses of CAT refunds

Ohio Gov. John Kasich recently announced that the state will notify employers who have overpaid Ohio Commercial Activity Tax, rather than relying on the employer to notice the overpayment. The state previously kept any overpayment if the employer did not request a refund. Ohio Notifies Employers of CAT Refund Kasich

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