New rules which eliminate restrictions on claiming the Credit for Increasing Research Activities (R&D Credit) on amended returns could mean tax savings for many individuals and businesses (TD 9666). On June 2, 2014 the IRS amended the Regulations to remove a restriction that prevented taxpayers from making an election to use the Alternative Simplified Credit.. read more →

John Kasich just approved a bill that will accelerate and enhance tax reductions to further Ohio’s economic growth. The Individual 1% income tax cut will now be retroactively effective to the beginning of 2014 instead of starting January 1, 2015. Read his statement here. The Ohio Small Business Deduction which was new in tax year.. read more →

For the 2014 tax year all CAT returns must be filed electronically, either by using the Ohio Business Gateway (OBG) or by Telefile. There will be no forms available to mail in. This is new for Annual CAT return filers; however, quarterly filers already have been filing on-line. If you don’t have a OBG account,.. read more →

Automatic gratuities in the hospitality industry (for example, an automatic 16% tip for parties of six or more) are now treated by the IRS as service charges rather than tips, meaning they are viewed as wages and the employer is responsible for reporting them. Common service charges are: Large party charge Bottle service charge Room.. read more →

In an earlier blog, I discussed the estate tax exemption portability that provides significant estate planning flexibility to married couples.  This was supposed to be simplification for married couples, but did not turn out that way at all!  Many issues such as remarriage, trusts, and the generation skipping tax complicated the portability exemption. Every US.. read more →