The One Big Beautiful Bill Act (OBBBA) has introduced significant updates to casualty loss deductions for individuals. Effective for tax years beginning after December 31, 2025, these changes expand what qualifies as deductible losses and make several temporary provisions permanent. Understanding these changes can help taxpayers prepare for the new
Reducing your income taxes while benefiting a charitable organization at the same time usually provides a welcome opportunity for many taxpayers. The State of Ohio introduced the Ohio Scholarship Donation Credit in 2021, and it continues to be in effect for 2022 for individuals paying Ohio taxes this year. The
Understanding Outbound Transactions Cross-border taxation can be divided into various categories based on the type of the transaction, with the highest division being “Inbound vs. Outbound.” Inbound refers to non-U.S. persons (and in this case, “persons” meaning both individuals as well as entities) having U.S. income. Outbound is the opposite,
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,
Last week, we unpacked Kentucky’s new tax laws in this great post by Cheryl Ganim. The measure was ratified by the Kentucky General Assembly in an override of Governor Andy Beshear’s veto this month. Now it’s time to take a look from a different angle, including the thinking behind the
As President Biden’s first 100 days come to an end this week, his administration has rolled out its third proposal to stimulate the American economy: The American Families Plan. The first economic stimulus was the American Rescue Plan Act, which provided $1,400 direct payments to individuals as well as billions
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
If you own an energy-efficient commercial building, you have the opportunity for significant income tax breaks, based on the extension of the Tax Cuts and Jobs Act (TCJA) section 179D. The Energy-Efficient Commercial Buildings deduction was part of TJCA in 2017, and it was previously extended through December 31, 2020,
Let’s face it – no one wants to pay more in taxes than they have to. And whether your business is large or small, newly formed or has been around for years, as a business owner there’s always a key question in your mind: Are we doing things correctly, and
A new year brings new opportunities – and it also brings new challenges. What steps can you take to optimize your tax position and minimize your tax burden? In this lightning round event, Barnes Dennig’s top tax pros share smart strategies to help you prepare for the road ahead with
Barnes Dennig is dedicated to helping you identify opportunities, options and strategies to minimize the impact of the COVID-19 Pandemic. Visit our COVID-19 Advisory Services Page here to learn more. Updated Guidance on Tax Credits for Paid Sick, Paid Family and Medical Leave and Employee Retention Credits as well as
The Tax Cut and Jobs Act (TCJA) has brought significant changes to the U.S. taxation of foreign income. For decades, the income of certain foreign subsidiaries was only taxed in the U.S. upon repatriation of the income to the U.S. entity. The TCJA changed this deferral regime to a system