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...
Content By Demetrius J. Robinson
IRS Cracks Down on High-Income Earners
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...
Limited in Name but Not in Tax? U.S. Tax Court Increases Tax Liability for Limited Partners
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,...
Commercial Activity Tax Changes Brings Additional Opportunities for Business Growth in Ohio
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...
Artificial Intelligence Allows IRS to Increase Scrutiny of High-Earners & Partnerships
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...
Maximizing Tax Benefits: Exploring SALT Cap Workarounds
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...
IRS Challenges Charitable Status of NIL Collectives, Casting Doubt on Donations to Support College Athletes
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...
Move Over TikTok, the Tax Man May Be Snooping on You, Too
In a rare unanimous opinion, the U.S. Supreme Court recently confirmed that existing law allows the IRS to probe your bank records, without ever notifying you. Under the applicable statute, the Court concluded the IRS is not required, in every circumstance, to notify...
Ohio House Passes $88 Billion State Budget Plan Including Tax Cuts
The Ohio House of Representatives passed an $88 billion state budget plan this week that includes tax cuts, infrastructure improvements, additional K-12 public education funding and increased coverage for Medicaid. The 4,300-page, two-year funding plan now moves on to...
Don’t be Fooled! The Top 12 IRS Scams to Avoid in 2023
Every year, the IRS issues a list of the top 12 scams and schemes for taxpayers to take caution to avoid. While the first of April marked the annual “April Fools” period, I don’t want you to be fooled by IRS scams. So, while your kids may have played tricks on you...