Legal News for Businesses

IRS has released the IRC Section 280F depreciation limits for business passenger automobiles placed in service by the taxpayer in 2018, taking into account the changes made by the recently enacted Tax Cuts and Jobs Act (TCJA). The IRS has also released the annual income...

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Things to know before contracting with an Ohio Municipality

Gerald McDonald

Business, Tax & Real Estate, Gerald L. McDonald, Legal News, Legal News for Businesses, Legal News for Individuals, Uncategorized

Contracting with an Ohio municipality definitively has its benefits. You typically know exactly what is expected up front, and full and timely payment is generally a certainty. However, there are some peculiarities with public contracts that you generally do not find when contracting with a...

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Should You Convert Your S corporation to C corporation ?

Jeff Senney

Business, Tax & Real Estate, Legal News for Businesses, Legal News for Individuals, Senney Says by Jeff Senney

Should you convert your S Corporation to a C Corporation? Under the recent federal tax act, the highest corporate income tax rate in 2018 will be 21%. That is significantly lower than the highest individual income tax rate of 37%. This significant rate variation creates...

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Student Status Expires, What’s Next?

Christie Back

Business, Tax & Real Estate, Christie Back, Immigration Law, Immigration Law, Legal News, Legal News for Businesses, Legal News for Individuals, Senney Says by Jeff Senney

With graduation season quickly approaching, students are looking to the future. For some, finding a job is the biggest battle they are facing. For others, graduation means the termination of lawful student status in the United States. If you are a student looking for legal...

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Employer’s Liability for FICA Taxes Can be Offset by Self-Employment Tax Paid by Workers

Jeff Senney

Legal News, Legal News for Businesses, Matthew D. Stokely, Senney Says by Jeff Senney, Workers' Compensation and Employment Law

In a recent Chief Counsel Advice (CCA), the IRS concluded that an employer who misclassified employees as independent contractors could offset FICA taxes owed by the employer with self-employment taxes paid by the workers. Where workers are properly classified as employees, the employer is liable for...

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Cadillac Tax Suspended. Again

Jeff Senney

Business, Tax & Real Estate, Legal News, Legal News for Businesses, Legal News for Individuals, Matthew D. Stokely, Senney Says by Jeff Senney, Workers Compensation & Employment, Workers' Compensation and Employment Law

Under the Affordable Care Act, a 40% excise tax, often referred to as a “Cadillac tax”, was originally scheduled to apply for tax years beginning after 2017. This Cadillac tax was to be levied on the “excess benefit” provided to an employee by an employer-sponsored...

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ESRP Penalty Failure to Comply with ACA Employer Mandate

Jeff Senney

Business, Tax & Real Estate, Legal News, Legal News for Businesses, Legal News for Individuals, Matthew D. Stokely, Senney Says by Jeff Senney, Workers Compensation & Employment

One of my clients recently contacted my office and advised that his Company had received a Notice from IRS regarding calculation of the Employer Shared Responsibility Payment (ESRP). According to the letter, the IRS had determined that the Company was an Applicable Large Employer (as...

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Repeal of Partnership Technical Termination

Jeff Senney

Business, Tax & Real Estate, Legal News, Legal News for Businesses, Senney Says by Jeff Senney, Workers Compensation & Employment

Under IRC section 708(b)(1)(B), a “technical termination” of a partnership occurs when, within any 12-month period, there is a sale or exchange of 50% or more of the total interest in partnership capital and profits. A technical termination gives rise to a deemed contribution of...

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NEW TAX BILL – Something that affects most of us

Jeff Senney

Business, Tax & Real Estate, Legal News, Legal News for Businesses, Legal News for Individuals, Senney Says by Jeff Senney

Lot of good stuff in the GOP tax bill. A lot of taxpayers are going to be paying less tax in 2018 and thereafter. A Tax Cut for Higher Earners: The final version of the GOP tax bill lowers the top tax rate for higher earners. Under...

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Latest on 2017 House and Senate Tax Bills

Jeff Senney

Business, Tax & Real Estate, Legal News, Legal News for Businesses, Senney Says by Jeff Senney

It appears likely that a federal income tax bill will be passed soon. The following is a list of some of the major items (and differences) in the House and Senate tax bills: 1. Individual Tax Brackets: The Senate bill has 7 tax brackets ranging from...

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