With the passing of the One Big Beautiful Bill Act (OBBBA), a new temporary deduction for car loan interest for individual taxpayers has been introduced. Effective for tax years beginning after December 31, 2024, and before January 1, 2029, interest paid on a qualifying car loan will be deductible. What
On November 6, 2019, Ohio Governor Mike DeWine signed a bill into law that strikes the ban barring attorneys and lobbyists from using the Ohio business income tax deduction (BID). Ohio S.B. 26 repeals a provision that excludes income earned from the practice of law or lobbying from being eligible
In addition to the welcome news for PPP loan recipients that associated qualified expenses are in fact tax-deductible, the Consolidated Appropriations Act (CAA) substantially expands Employee Retention Credit (“ERC”) benefits. Some employers may now be eligible to retroactively claim the credit on qualified wages going back to March 12, 2020.
Final legislation enacted December 20, 2019 included the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which consists the most updates to retirement legislation in over a decade. Many of the provisions aim to encourage more Americans to improve their retirement savings. And while many of the changes offer
With a team dedicated exclusively to non-profit tax and Form 990s, we get a lot of questions from our not-for-profit clients – and perhaps one of the questions that we get most often is why a non-profit organization’s Generally Accepted Accounting Principles (GAAP) financial statements not match the IRS Form
Driven to Win The automobile dealership business is a race to the finish line, every day. We understand the unique challenges you face– after all, we’ve been working with dealerships for over 35 years. Our automobile dealership team understands how dealerships truly work – and their in-depth knowledge means they
In our signature tax event last fall, we highlighted the changes to the proposed 2022 partnership instructions for Schedule K-2 and K-3, which continue to loom large and are impacting many more organizations than initially anticipated. Now the IRS has updated the proposed instructions to provide additional relief. That’s welcome
After a notable increase in the third quarter, the FMI Construction Industry Round Table (CIRT) held largely steady in the fourth quarter of 2025, declining slightly from 65.0 to 64.6. This consistency suggests recent gains weren’t short-lived, even as market conditions cooled modestly. Market conditions and cost pressures Backlog levels
530A Accounts: Form 4547 The new 530A accounts (also called Trump accounts) created under the One Big Beautiful Bill Act (OBBBA) are new tax‑favored retirement‑style accounts for children, created under IRC § 530A and set up using IRS Form 4547, Trump Account Election(s). If you have a child, a 530A
Recently, Barnes Dennig and Hauser revealed the results of the 2019 Non-Profit Compensation Benefits and Benchmarking Study. For this 7th edition of the study, a record high 117 organizations participated with over 50% of those organizations being in the social or human services sectors. In addition to revealing feedback
While the new Corporate Alternative Minimum Tax (CAMT) may not apply to certain taxpayers, it may still generate additional reporting requirements. Here’s what you need to know. The Backstory The CAMT, created by the Inflation Reduction Act, imposes a 15% minimum tax on the Adjusted Financials Statement Income (AFSI) of
More Than a Paycheck Of course we offer a competitive salary that’s equitable and tied to performance, but there’s more to working at Barnes Dennig than just the paycheck. Relationships matter here. You’ll see that in the way we work with clients, but you’ll feel it in the way we