On Monday, Jan. 24, 2022, the U.S. Supreme Court issued an important decision dealing with defined contribution retirement plans. These plans, which include 401(k) plans, provide an array of investment choices from which participants may choose to invest their own or...
Content By Kevin T. O'Connor
2021 Tax Changes for Businesses: The Not So Good, the Bad and the Ugly
As small and mid-size business owners move toward the federal tax filing deadline in this new year, they need to be aware of certain changes in the federal income tax area. A short listing of the highlights (more appropriately, lowlights) of those changes is outlined...
Ohio Employers Facing Additional Municipal Income Tax Wage Withholding Requirements
As the end of 2021 approaches, Ohio employers having annual revenues in excess of $500,000 must become aware of, and plan for, changes to the current municipal income tax withholding regime. To understand the changes and the new requirements, reviewing a bit of...
Year-End Tax Planning: Smart Strategies to Consider Before the New Year
As we close in on the (merciful) end of 2021, it is a long-standing tradition to examine each individual’s tax situation to discover any opportunities to save current or future income taxes. As is true with most things in 2021, such an examination is made much murkier...
Ohio Budget Brings Tax Cuts & Relief for Individuals & Businesses
Gov. Mike DeWine has signed the 2022-23 Ohio budget into law, producing notable income tax provisions for Ohioans. The nearly 1,000-page budget includes plans for additional funding to schools, grant programs to help Ohioans obtain internet services and additional...
Tax Season 2021: What You Should Know
Tax season has officially arrived, and thanks to the pandemic, this one is shaping up to be like none before it. Typically, the filing period starts in late January. This year, however, the IRS announced it was delaying the start of the 2021 tax filing season to Feb....
Proposed Retirement Bill Would Benefit Seniors & Student Loan Borrowers
The Chairman and Ranking Member of the House Ways and Means Committee introduced this week the “Securing a Strong Retirement Act of 2020.” The bi-partisan bill provides a number of changes to the country’s current retirement system. These include: Raising the age at...
Client Alert: New Supreme Court Decision Upholds E-Commerce Tax Law
The rise in e-commerce and the sale of products and services across state lines has radically changed states’ ability to take in sales tax revenues. On June 21, 2018, the U.S. Supreme Court upended prior precedent by ruling in South Dakota v. Wayfair that a state may...