In a landmark decision, the U.S. Supreme Court’s decision in Connelly v. United States will require closely-held business owners to reconsider their current buy-sell arrangement in order to avoid additional federal estate tax. Now under the Court’s holding in...
Artificial Intelligence (AI) has been making waves across various industries, and tax law is no exception. Using AI in tax law can bring significant benefits, including analyzing data quickly, identifying patterns, and identifying recent law changes. However, as...
This month, the City of Columbus introduced a revolutionary proposal to modernize its 70-year-old zoning code. The initiative aims to address the city and the region's rapid growth by strengthening housing, mobility, and affordability to foster and sustain the rise of...
During the height of the pandemic, the Ohio legislature passed House Bill 197, which temporarily suspended the requirement that an employer withhold to the municipality in which an employee performed services. The law allowed an employer to continue withholding to the...
Since the Internal Revenue Service (IRS) has received its supplemental funding under the Inflation Reduction Act, the IRS has continuously focused on high-income earners, partnerships, and large corporations. Under its most recent initiative, the IRS targets...
Certain limited partners in venture capital and private equity will likely see an increase in their tax liability due to a recent U.S. Tax Court decision. Generally, partners in a partnership and members in a limited liability company (LLC), taxed as a partnership,...
Key Takeaways Under a bill signed by Governor DeWine this year, companies subject to Ohio’s Commercial Activity Tax (CAT) will receive a significant tax break beginning in 2024. Beginning January 1, 2024, taxpayers will only pay CAT on taxable gross receipts exceeding...
The Internal Revenue Service (IRS) recently announced a renewed effort to ensure compliance with federal tax law, specifically focusing on high-income earners, partnerships, and large corporations. This additional scrutiny results from the additional funding obtained...
Recently, the Wall Street Journal published an article entitled "The SALT Cap Has a $20 Billion Hole." The premise of the article was that the projections of the additional revenue that would be received by limiting the SALT deduction to $10,000 under the Tax Cut and...
Is it charitable to donate to a group that facilitates opportunities for athletes at a particular college? The IRS thinks not. In a recent memo released from the office of the IRS Chief Counsel, the IRS asserts that this would be a “private benefit” to just a few star...