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SBA Disaster Assistance Program for Coronavirus (COVID-19)
Article originally published March 17, 2020 Updated March 19, 2020 SBA Disaster Assistance Program for Coronavirus (COVID-19) Declared for Several Ohio Counties As mentioned previously, the long-anticipated SBA disaster program has been approved for several states including Ohio. Please visit the SBA webpage for applications for eligible states and counties. ________________________________________________________________________ March 17, 2020 We are pleased to provide an […]
House Passes Families First Coronavirus Response Act
The Families First Coronavirus Response Act (“H.R. 6201”) was passed by the House of Representatives early Saturday morning, March 14, 2020, with the backing of the Trump administration. The Senate is expected to act on H.R. 6201 this week. Please note: H.R. 6201 is not yet law. We are providing this information to allow readers to begin to prepare based […]
Everything Comes Back to Tax
Article written by: Tawny Flareau, CPA Senior, Tax & Business Advisory Services Last month at the Mid-America Restaurant Expo, we had the opportunity to attend a handful of seminars featuring an array of leaders in the restaurant industry. One seminar in particular, “Leading the Way”, included a panel comprised of Abigail Pringle, International & Chief Development Officer of Wendy’s, Jane Grote […]
IRS Issues Joint Directive For Timing Of Claiming Work Opportunity Tax Credit (WOTC)
Article written by: Ryan Kilpatrick, CPA, CEPA Senior Manager, Tax & Business Advisory Services On October 10, 2019, the IRS issued a joint directive to its Large Business & International (LB&I) and Small Business/Self-Employed (SB/SE) examination divisions to not challenge the timing of claiming a Work Opportunity Tax Credit (“WOTC”) in the case of a delayed certification from their State […]
Opportunity Zone Frequently Asked Questions
How long will QOZ designations remain in effect? Specific census tracts in distressed communities that were granted QOZ designation will retain their QOZ status until December 31, 2028. QOZ investments in these areas are valid through December 31, 2047. How can one invest in a QOZ? To receive the tax benefits, taxpayers must invest their realized capital gains into an […]
Depreciation-Related Breaks On Business Real Estate: What You Need To Know When You File Your 2018 Return
Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow deductions to be taken more quickly are available for certain real estate investments. Some of these were enhanced by the Tax Cuts and Jobs […]
Estate Planning For The Rest Of Us
Estate planning is not merely for the top 1% anymore; every single one of us can benefit from an estate plan, regardless of the amount of wealth we expect to have when we die. An estate plan can be thought of more simply as, “a plan for the future.” Planning for the future will alleviate much of the stress that […]
Qualified Business Income Deduction – Which Industries Are In, And Which Are Out?
Article written by: Jennifer Zimmerman, CPA Tax Manager The new Qualified Business Income Deduction under Code Section 199A is one of the most talked-about changes signed into law as part of the Tax Cuts and Jobs Act. This is a new provision of the Code that, on the surface, will allow owners of pass-through entities (partnerships, s-corporations, sole proprietorships, […]
Tax Cuts and Jobs Act Increases Code Section 179 Expensing Limitations
Article written by: Ashley Neel, CPA Tax Senior A favorable provision in the Tax Cuts and Jobs Act (TCJA) is the increased expensing limits and phase-out threshold of Code Sec. 179. The new expensing limitations and phase-out threshold will go into effect for property placed in service after December 31, 2017 and will be indexed for inflation for tax […]