As the pandemic battered the economy in 2020, the Association of Certified Fraud Examiners predicted a rising tide of tax fraud scams that would escalate in 2021. As tax season heats up, that prediction is bearing out, and even savvy professionals aren’t immune. Here’s what you need to know, and
For construction companies, tax planning remains one of the most effective ways to protect profitability and strengthen cash flow. While market conditions continue to evolve, the tax code still offers meaningful opportunities for businesses that plan early and take a proactive approach. The key is understanding which strategies align with
“We don’t get fooled again!” are the lyrics and namesake of the 1970 song by Rock n’ Roll band The Who, and 50 years later, they are still words to live by in today’s chaotic environment. With all of the distractions brought on by the pandemic comes a golden
Ohio Governor Mike DeWine signed the Ohio biennium budget, Am. Sub. House Bill 110, earlier this summer providing funding to the state for the next two years. Included in the bill was the repeal of sales tax on employment service provider (“temp agency”) fees beginning October 1, 2021 in Ohio.
For the third year running, Barnes Dennig is one of Forbes’ Top Accounting and Top Tax Firms – one of fewer than 200 firms to achieve the distinction in both categories. Forbes creates the list each year by partnering with market research company Statista, which conducts broad surveys among CPAs,
Ellen has decades of international tax experience and is an integral part of the firm’s tax compliance and consulting services. The depth and breadth of her knowledge, experience, and training within this area make her a tremendous asset to Barnes Dennig’s clients. As a Director, Ellen works with international clients
The QBI deduction: A quick refresher The Qualified Business Income (QBI) deduction, introduced by the Tax Cuts and Jobs Act (TCJA), has been a major tax benefit for owners of pass-through businesses like sole proprietorships, partnerships, and S corporations. The QBI deduction allows eligible non-corporate taxpayers to deduct up to
Construction companies and contractors in Dayton and across Ohio are faced with a bevy of management challenges. Not only are there traditional accounting and financial reporting concerns, but also issues unique to industry companies. This requires management to focus on traditional issues such as cash flow optimization, job costing analysis,
Avoid Tax Surprises. Win the Day. Surprises are the last thing you want during a merger or acquisition. And few – if any – surprises are worse than surprise taxes that can often lead to a long-term escrow arrangement, or even worse, kill a deal altogether Tax due diligence can
Generally, sellers of U.S. real estate are subject to U.S. taxation on capital gains arising from the sale of the real property. However, under the Foreign Investment in Real Property Tax Act (FIRPTA), the tax cost could be substantially higher. FIRPTA imposes a 10% withholding tax on the transfer (by
If you’re an early bird who likes to get your tax return filed as soon as possible, you’re going to have to wait a little longer this year: The IRS has announced the U.S. tax filing season will open on Friday, February 12, 2021 – 16 days later than in
The Tax Cuts and Jobs Act (TCJA) of 2017 put major tax provisions in play – and as our team of top tax pros outlined in our most recent Signature Tax Event, many of those provisions are set to expire at the end of 2025 – putting a nasty wakeup