Trusts are foundational tools in estate planning, enabling you to manage and distribute assets according to your preferences. But is a simple or a complex trust the right tool for your situation? The choice profoundly influences tax outcomes and overall financial strategies, so to help you identify which is a
Ohio House Bill 33 changed the sales tax holiday to allow tax-free purchases of tangible personal property costing under $500 per item (with certain exceptions). Ohio’s 2024 3-day sales tax holiday is expanded to 10 days from midnight, Tuesday, July 30, 2024, until 11:59 pm, Thursday, August 8, 2024. During
With the holiday and gift-giving season in full swing, it’s important to keep in mind some key strategies that can help you maximize the tax savings of your generous gift. And while you’re making the most of your charitable contributions, it’s vital to know the organization(s) you’re giving to –
There are big changes in play for Ohio taxpayers this year. The State of Ohio has implemented many changes for 2023, including the implementation of a new online system for Ohio taxpayers and tax preparers, a universal payment coupon, a redesign of the school district income tax return, and many
The Kentucky General Assembly spent the second to last day of the 2022 legislative session overriding Governor Beshear’s vetoes related to the state budget, taxes, education, and more. The changes are effective for tax years after January 1, 2023. If certain conditions are met, the individual income tax will be
On March 20, 2020, the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (DOL) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related
The end of the year represents the perfect opportunity to reflect on the last 12 months and to review your overall personal financial situation. We’ve had a year to assess the impact of 2018’s tax reform bill and to understand how your own tax situation was affected. Reviewing your tax
UPDATE, December 2019: New Oregon Tax – Be prepared to file a new gross receipts tax return in 2020! On May 16, 2019, Oregon Governor Brown signed House Bill 3427, which adopts a new Corporate Activity Tax (CAT) imposed on all types of business entities. The CAT will be in
The latest legislative changes in federal tax law have introduced new opportunities for individuals and families seeking to manage their wealth and plan for the future. The One Big Beautiful Bill Act (OBBBA) was signed into law on July 4, 2025, codifying provisions that alter inheritance and gifting thresholds in
Don’t Mess with Taxes You have the wisdom to hire tax professionals to file your company’s returns. And although there’s never been a problem, per se, you can’t help wondering: “Why don’t they know more about my industry?” “Why don’t I hear from them more than once or twice a
Update: In a highly anticipated ruling on June 20, 2024, the U.S. Supreme Court upheld the constitutionality of the Tax Cuts and Jobs Act’s Mandatory Repatriation Tax (MRT) by a vote of 7-2. The Court ruled that Congress can tax entities on their shareholders and partners, confirming the MRT a
Irrevocable Grantor Trusts (IGTs) have long been a critical tool for estate planning and effectively achieving tax minimization on asset transfer, providing the tools necessary to avoid probate, transfer assets, conduct legacy planning, and ensure the minimization of federal estate taxes. Currently, one of the most unsettled topics is how