GILTI or not GILTI?

Additional regulations for Global Intangible Low-Taxed Income (“GILTI”) were released on June 14, 2019.  Taxpayers were relieved to find two favorable adjustments: Proposed GILTI high-tax exclusion Final guidance on how to calculate GILTI for partnerships High-Tax Exclusion GILTI was put into place to tax the intangible earnings of companies and

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Does Your Ohio 401(k) Plan Need An Audit?

Some Ohio businesses’ 401k and retirement plans are too small to need an external audit. Generally speaking, only when your participant count exceeds 100 will you be required to conduct a benefit plan audit. However, there is one exception to this general rule. The “80-120 rule,” as it is commonly

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DOL Relaxes 401(k) Rules for Small Businesses

On July 29, 2019, the U.S. Department of Labor released a final ruling that allows smaller businesses to link together and create joint 401(k) retirement plans for employees. This ability to link plans, historically restricted to businesses with common ownership, can provide significant cost savings as these joint plans will

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Relief for Not-for-Profits Provided by New Accounting Standard

On May 30, 2019, the Financial Accounting Standards Board (FASB) released Accounting Standards Update (ASU) 2019-06, a standard extending relief to not-for-profit entities with goodwill and certain identifiable intangible assets resulting from a business combination. The standard allows all not-for-profit entities to apply accounting alternatives that were formerly only available

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The Precarious State of U.S. Manufacturing

Impact of U.S. and China Trade Tensions The U.S. continues to impose tariffs on over $200 billion of imports from China. Trump and Xi Jinping have agreed to reinstate trade talks.  As the talks continue to drag out, it is clear that U.S. manufacturing is being negatively impacted by the

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