News
Foreign Accounts, Tax Compliance and Fines, Oh My!
Written By: Ritva Williamson
In 2009 the government estimated that about 8.5 billion in taxes is being evaded during a period of 10 years by individuals with foreign accounts and business holdings. To alleviate the problem of tax evasion The Foreign Account Tax Compliance Act (FATCA) was enacted in 2009 and it became law in March 2010. This act targets non-compliance by U.S. taxpayers with foreign accounts and holdings. These foreign assets are reportable on Form 8938.
Tax Planning for Health Care Implementation
Written by: Dan Backus Are you uncertain how the 2010 Affordable Care Act will affect your taxes for 2013 and beyond? We will briefly go over possible tax planning ideas for high wage earners,
Will The IRS Consider Your Business A Hobby?
Blog - September 2013 Could the IRS declare your business to be a hobby this year? Let’s find out if your business is set up properly. If an activity is not engaged in trying to turn a profit,
Ohio Business Taxes Going Up...And Down
Ohio Business Taxes Going Up...And Down Blog – August 2013 Ohio passed its budget bill for fiscal year 2013/2014 on June 30, 2013 in customary last minute fashion. With the passage of HB 59, Ohio
Large Business Depreciation Deduction for 2013
Large Business Depreciation Deductions Still Available for 2013 Many advisors in the tax professional community thought 2013 bring lower depreciation deductions for capital purchases. Congress surprised most
Ohio Municipal Tax Reform Needed
Ohio is one of the few states in the nation that allows municipalities to tax its residents (individuals and businesses). Ohio has over 600 cities and most of those have a local income tax. Unfortunately,