Real Estate & Construction

January 19 , 2017 | Posted by Janie Evans |

IRS Issues New Regs on Allocating Debt to Partners and LLC Members

The IRS released new temporary and final Section 752 regulations on October 5, 2016. Sec. 752 of the Internal Revenue Code and related regulations explain how to allocate partnership debt among partners for purposes of calculating the basis of their partnership interests, which determines their basis for deducting losses and receiving tax-free distributions. In this article,…

July 29 , 2014 | Posted by John Eberhart |

Cash Flow 101 – What You Need to Know About Business Cash Flow

As business owners, we all know it’s true: Cash is king….without it, your business couldn’t survive.! You need cash to operate and grow your business. How else will you ensure you’re able to purchase supplies, pay your rent, advertise, hire employees or take care of the myriad other business activities that require cash and cash…

July 25 , 2014 | Posted by Brian Stautberg |

Ohio Passes Budget Providing Additional Tax Relief

In late June, Governor Kasich approved House Bill 483 that includes additional tax reductions to build on tax cuts already enacted in previous years. These cuts, emerging from the governor’s Mid-Biennium Review, were possible because of Ohio’s improving economy which is generating stronger than expected state revenue. Those revenues, along with greater efficiencies enacted to…

November 12 , 2013 | Posted by Gwen DiMeo |

IRS Eases Rules for Flexible Spending Plans

The IRS announced an easing in the use it or lose it rules for flexible spending accounts. The new rules allow flexible spending plans to allow employees to carry over up to $500 from one year to the following year without forfeiture.  This change means that workers won’t have to hurry to clean out their…

October 25 , 2013 | Posted by Willie Craig |

Tax Filing Season Delayed

Although the government shutdown is over… The tax system continues to feel the effects. Taxpayer service is the big loser from all this. IRS is delaying the start of the filing season by up to two weeks…to as late as Feb. 4. The agency had planned to start taking 2013 returns on Jan. 21, but the shutdown came during the testing…