IRS issues guidance on new retirement catch-up contribution rules
The SECURE 2.0 Act’s new retirement catch-up contribution rules caused problems and confusion. The IRS has now provided guidance.
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Outlook
News, views, and ideas shaping the future.
Sarah Dmytryk
Sep 5, 20233 min read
Plan now for year-end gifts with the gift tax annual exclusion
The estate & gift tax exemption amount is scheduled to be cut drastically in 2026. Making tax-free gifts may be a way to address the threat.
Brian Stautberg
Aug 24, 20233 min read
Look carefully at three critical factors of succession planning
Business owners: Succession planning can't be done early enough. There are 3 primary things you'll need to think about.
Chris Luckhaupt
Aug 16, 20235 min read
The IRS warns businesses about ERTC scams
Beware of fraudsters hyping the ERTC! Not all businesses are eligible despite the claims you may be hearing on TV or in mail, phone & emails
Mike Hawkins
Aug 9, 20234 min read
Ohio Biennial Budget bill tax changes
On July 4, 2023 Governor DeWine signed the Ohio Biennial Budget bill, making many changes to state and local tax laws.
Michele Perry
Aug 7, 20233 min read
Receive more than $10,000 in cash at your business? Here’s what you must do
Some businesses receive large amounts of cash. Depending on the amounts, they may be required to report the transactions to the IRS.
Troy Skeens
Aug 7, 20232 min read
Pocket a tax break for making energy-efficient home improvements
Have you heard there’s an enhanced tax credit for making energy-efficient home improvements, beginning this year? Here are the rules.
Bailey Crane
Jul 26, 20232 min read
Moving Mom or Dad into a nursing home? 5 potential tax implications
Nursing home care is expensive. However, there may be tax breaks if your parent is moving into one.
Wally Khoury
Jul 21, 20232 min read
Retirement account catch-up contributions can add up
If you’re eligible and not making catch-up contributions to your retirement plan, you’re missing out on building more tax-favored savings.
Rose Wilson
Jul 18, 20232 min read
Corporate officers or shareholders: How should you treat expenses paid personally?
Spending money personally on behalf of your closely held corporation? Ensure the expenses are tax deductible by either you or the business.
Whitney Hurtt
Jul 13, 20232 min read
Inheriting stock or other assets? You’ll receive a favorable “stepped-up basis”
When planning your estate or inheriting assets, it’s essential to understand the “step-up” basis rules. They can affect the taxes due.
Timm Cambridge
Jul 13, 20233 min read
Use an S corporation to mitigate federal employment tax bills
Converting an unincorporated business into an S corporation may help you cut your self-employment tax bill. Here’s how.
Gwen DiMeo
Jul 13, 20232 min read
That email or text from the IRS: It’s a scam!
Criminals keep coming up with new ways to try and steal information from taxpayers. Here are a few of their scams and how you can avoid them
Victoria Ma
Jul 13, 20232 min read
Solo business owner? There’s a 401(k) for that
Self-employed people: Your business can sponsor a retirement plan just like any other employer. Here’s what to know about a solo 401(k).
Anna Rodgers
Jul 13, 20232 min read
Starting a business? How expenses will be treated on your tax return
Launching a business? Here’s how start-up expenses are handled on a federal tax return.
Mary Pat Brady
Jun 28, 20232 min read
The best way to survive an IRS audit is to prepare
Is your tax return being audited by the IRS? Don't panic. Here are the latest IRS statistics and some tips on how to survive an audit.
Gwen DiMeo
Jun 26, 20233 min read
The Trust Fund Recovery Penalty: Who can it be personally assessed against?
What are the rules of the Trust Fund Recovery Penalty? Here is what you need to know and two cases where individuals were held liable.
Mike Hawkins
Jun 21, 20235 min read
Virtual currency lands in the IRS’s crosshairs
If you do business with virtual currency, it’s time to bone up on related tax requirements. The IRS is paying closer attention.
Mark Picard
Jun 20, 20232 min read
Are you married and not earning compensation? You may be able to put money in an IRA
If you're married & don't earn compensation, you may be eligible for a spousal IRA. Here are the rules for 2023.
Linda Brogan
Jun 19, 20232 min read
When can seniors deduct Medicare premiums on their tax returns?
Seniors with Medicare insurance (incl. supplemental) may be able to deduct the cost of premiums, along with other medical expenses.
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