Category Archives: CPA & Business Advisory

Ohio Cities File Suit Over State Plan to Collect Local Taxes

Posted on Monday, December 11, 2017 by

Over 100 Ohio cities filed a lawsuit on November 16 against the state challenging the municipal income tax provisions in House Bill 49 and House Bill 5. Municipal income tax reform has often been a hot topic for discussion, in hopes of streamlining a cumbersome process for businesses that operate in multiple cities.

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What to Look For in a Transfer Pricing Service Provider

Posted on Friday, December 8, 2017 by

Noncompliance with transfer pricing rules can have negative consequences for MNCs. When it comes to navigating this complex landscape, your business should rely on trusted experts who possess the depth of experience and expertise necessary to make all the right moves on your behalf.

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Effects of E-Commerce Supply Chain on the Manufacturing & Distribution Industry

Posted on Tuesday, December 5, 2017 by

At a time when business-to-business e-commerce represents approximately 25 percent of the global manufacturing trade, companies are increasingly choosing to only complete business transactions with companies working with an e-commerce system.

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Trade Dress: Like a Trademark, but Maybe Better

Posted on Tuesday, December 5, 2017 by

“Trade Dress” is an important but not widely understood aspect of trademark law. Can a product’s packaging, or the product’s configuration, really identify the source, without referring to any actual trademarks? The answer is yes.

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IRS Allows for Casualty Loss Deduction for Deteriorating Concrete Foundations Made with Pyrrhotite

Posted on Sunday, December 3, 2017 by

The IRS recently released a revenue procedure that allows taxpayers to take a deduction related to repairs on the foundation of their personal residence due to faulty concrete. Concrete mixed with the mineral pyrrhotite was recently found to be faulty, which is causing homeowners to pay for costly repairs to fix cracks and their crumbling foundations.

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Understanding the Role of Planning in the Annual Business Cycle

Posted on Tuesday, November 28, 2017 by

As autumn gives way to the holiday season and the end of 2017, the time to prepare your business for the future is now. After all, your business needs a roadmap; otherwise, it will end up someplace else.

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Did Ohio Municipal Tax Reform Really Simplify the Tax Process?

Posted on Tuesday, November 28, 2017 by

One of the main goals of municipal tax reform was to streamline the filing process and make the rules uniform across each of Ohio’s 600-plus cities with a municipal income tax. While many of the specifics of municipal tax compliance are now uniform, there is one area that still trips taxpayers up: S corporation income.

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IRS Now Issuing Penalties to Employers for Obamacare Violations

Posted on Monday, November 20, 2017 by

The IRS recently announced that it is now issuing penalties for employers who have violated the employer mandate for the 2015 tax year. Employers who delegated that responsibility to employees who didn’t understand the complex coding requirements, may now be faced with significant costs.

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Ohio Taxpayers: Respond Promptly to New Federal Adjusted Gross Income (FAGI) Notices

Posted on Friday, November 17, 2017 by

As of November 15, you may receive a Federal Adjusted Gross Income billing notice if there is a discrepancy between tax information reported to the IRS on your individual income tax return vs. your Ohio individual income tax return. It is important to respond to this billing notice immediately.

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2017 Tax Reform: Impact to Hotel Industry and the Importance of a Cost Segregation Study

Posted on Thursday, November 16, 2017 by

The Tax Cuts and Jobs Act includes provisions for immediate expensing of 100% of qualified property placed in service after Sept. 27, 2017 and before Jan. 1, 2023. As with any law, there are always exceptions, so what does this mean for hotels? Is a hotel considered a real property trade of business?

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