The Ohio Supreme Court directed the Ohio Treasurer and Tax Commissioner on May 3, 2022 to respond to a lawsuit that would require the state of Ohio to state to start keeping records on how much state income tax has been withheld from each taxpayer.
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Tax Law
Warning: Your Tax Home May Not Be In the City Where You Live
The term “tax home” does not have its usual and customary meaning when interpreting issues of federal income tax law. Generally, your tax home is the entire city or general area where your main place of business or work is located, regardless of where you maintain your personal residence.
Watch For (And Keep!) Your Advance Child Tax Credit Letter From The IRS
The IRS started sending Letter 6419, “2021 Advance Child Tax Credit Payments”, in late December 2021. Taxpayers should refer to these letters when preparing their tax return,. They should also compare the payment total in their IRS letter with their bank statements to see if they agree.
IRS Audit Technique Guides Are Valuable Business Resources
The IRS publishes Audit Technique Guides on their website that provide valuable insight on how the IRS conducts retail industry audits. The guides are also helpful for business owners and tax professionals in developing financial best practices for their businesses.
Asserting Reasonable Cause Defenses for IRS Penalty Forgiveness
Many clients contact our office when they receive a notice informing them that the IRS has assessed additional tax, penalties, and interest to their tax return from one, two, or even three years ago. Sometimes there is a dispute as to whether the additional tax is...
Tax Law Changes on the Horizon
Senator Bernie Sanders recently introduced legislation that, if passed, will create significant changes in estate and gift taxes.While it is impossible to know what the final legislation will be, tax law changes are extremely likely.
Temporary 100% Deduction for Business Meal Expenses
IRS provides guidance on tax relief for deductions for food or beverages from restaurants; businesses can temporarily deduct 100% beginning January 1, 2021
Beware Of “Quiet” Changes In The Federal Tax Law
During his presidential campaign, Joe Biden proposed repealing the step-up in basis for capital gains. Income tax law has always provided that the value of inherited assets, like a family business, is “stepped up” to its fair market value when the owner dies. So, if...
Loan Co-Signers Are Not Considered Debtors by the IRS
If you receive a 1099-C for a forgiven loan that you co-signed, you should contact the lender and explain that the 1099-C was issued in error, and ask them to issue a correction. If the lender refuses to correct the 1099-C, you should seek the assistance of an experienced tax professional to ensure your return is prepared correctly.