The Tax Cuts and Jobs Act (TCJA) of 2017, introduced under former President Donald Trump’s administration, substantially altered the U.S. tax landscape. However, many of its provisions are set to expire at the end of 2025, leading to speculation about how these changes may affect taxpayers and the broader economy
The 2030s are poised to be a transformative decade, marked by a significant economic depression. Renowned economists Brian Beaulieu and Alan Beaulieu of ITR Economics recently shared insights into the expected downturn, offering a roadmap for businesses and individuals to not only survive but thrive during this challenging period. The
Barnes Dennig hosted its second international roundtable on October 30, 2019 to gather companies together to discuss how the tariffs have impacted them and how to reduce the impact tariffs have had on their companies. David Schwartz, practice group leader of international trade at Thompson Hine, joined the discussion to
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,
With more than two decades of experience with Barnes Dennig, Steve plays an integral role in the firm’s assurance practice, including involvement with some of the firm’s largest and most complex assurance clients, particularly in the Wholesale/Distribution industry. Steve serves various clients in multiple industries with a significant concentration in
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