Written by: Jeff Senney, Tax and Business Law Attorney In Notice 2018-54, the IRS informed taxpayers that it intends to propose regulations which address the federal income tax treatment of tax deduction payments made by taxpayers to certain state-established "charitable funds." These funds were created by...
Read MoreRead MoreThe Ohio Senate passed Small Business Deduction legislation (SB 186) 30-2. This legislation is intended to clarify, retroactive to 2013, that small business owners who engage a professional employer organization to handle their payroll receive the same tax incentive as those small business owners who do not. HB...
Read MoreRead MoreJeff Senney testified on October 10, 2017 before the Ways and Means Committee of the Ohio House on behalf of the HB 334 legislation that will clarify the application of the Ohio small business deduction (SBD). This legislation needs to be clarified because the Ohio...
Read MoreRead MoreThe Ohio Tax Department has a taken a position with respect to the Ohio small business deduction that is difficult to explain or understand. ORC section 5733.40(a)(7) permits a 20% (or more) owner of a qualifying pass-thru entity (“QPE”) to add back guaranteed payments and W-2...
Read MoreRead MoreUpdate 9/20/2016 The Ohio Supreme Court’s Board of Professional Conduct issued a non-binding opinion on August 5, 2016, stating that due to existing Ohio Rules of Professional Conduct, lawyers may not advise a client regarding medical marijuana issues because lawyers cannot engage in conduct that violates...
Read MoreRead MoreUnder new IRC section 506, a new 501(c)(4) organization has 60 days from the date it is established to file notification of its status a 501(c)(4) organization with the IRS, and existing organizations have until 6/15/16 to file such notification. However, the IRS is in...
Read MoreRead MoreThere are numerous important tax changes taking effect in 2015. Some are the result of the Tax Increase Prevention Act of 2014 (TIPA) and other tax legislation. Others are triggered by effective dates in regulations, rulings and other IRS guidance. This article highlights certain non-inflation-indexed...
Read MoreRead MoreGiving employees or other service providers an ownership interest in a business is a way to incentivize the workers to render top performance while conserving cash. But determining what type of ownership interest to give the worker and knowing the tax consequences can be somewhat...
Read MoreRead MoreWhen a shareholder joins or leaves an S corporation during the year it can cause many problems. Among these problems is the question of how to allocate income for tax purposes. The IRS has issued Treasury Regulations to clarify how to deal with some of...
Read MoreRead MoreThe National Labor Relations Board often takes a pro-labor stance when deciding cases brought before it. In a number of cases where the Employer terminated an employee for posting disparaging comments about the Employer or the workplace on Facebook or another internet site, the NLRB ordered the Employer...
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