Partnerships and S Corporations with certain foreign activity or foreign owners may have a surprise in their returns this year — in the form of additional reporting via Schedules K-2 (Partners’ Distribute Share Items – International) and K-3 (Partner’s Share of Income, Deductions, Credits, etc. –...
Read MoreThe Infrastructure Investment and Jobs Act ended the employee retention credit (ERC) for periods after September 30, 2021, except for recovery startup businesses. As the ERC had previously been extended through 2021, employers may have already requested advanced payments or reduced payroll deposits...
Read More** Updated 11/15/21 ** On November 5, 2021, Congress passed the long-awaited Infrastructure Investment and Jobs Act, which was signed by President Biden on November 15. Below is a look at the two tax-related provisions included in the Act and their potential impact. 1. Crypto Asset Information...
Read MoreEarlier this year President Biden and his administration introduced The American Jobs Plan, which focuses on investment in infrastructure, and The Made In America Tax Plan and The American Families Plan, which is informing the Reconciliation Bill process. Much of the focus since the...
Read MoreSince the Employee Retention Credit (ERC) was introduced in March 2020, it has helped many companies keep their teams employed. However, there are several common questions employers have been asking in relation to the credit. In response, the IRS recently issued guidance via Notice 2021-49 and...
Read MoreOver the course of the last three-plus years there have been a number of significant economic assistance and tax legislation bills passed: Tax Cuts & Jobs Act (TCJA), CARES Act, Consolidated Appropriations Act and, most recently, the American Rescue Plan Act (ARP). There are more changes likely...
Read More** Updated 12/28/20 to reflect the signing of the bill into law ** On Sunday, December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021 into law. The package provides government funding as well as a new round of coronavirus stimulus provisions. To the relief of many...
Read MoreOn April 9, 2020, the Treasury released Notice 2020-23, further expanding the tax filing and payment relief previously provided to taxpayers in Notices 2020-18 and Notice 2020-20. The most discussed portion of Notice 2020-23 may be the postponement of estimated tax payments due on or after April...
Read MoreOn Friday, March 20, 2020, the IRS issued Notice 2020-18 in response to Treasury Secretary Mnuchin’s announcement that the filing deadline for returns due April 15, 2020, would be moved to July 15, 2020. Notice 2020-18 expands the relief provided to taxpayers earlier in the week by Notice...
Read MoreOil and gas has become a hot topic in Ohio over the last few years for a variety of reasons. Such increased focus has naturally led to more tax-related questions in this area. One of the most frequently asked questions is whether a lease bonus can be treated as a capital gain instead of ordinary...
Read More