[UPDATED 11/21/2022: FinCEN Published Final Rule] Corporate Transparency Act Overview Part 1: Required Disclosures In December 2021, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) released a notice of proposed rulemaking for companies...
As cryptocurrencies such as Bitcoin rise in popularity, government regulators repeatedly try, and often fail, to control their use as a tax shelter. Agencies such as the IRS struggle with determining the best way to tax cryptocurrency holdings and transactions, and...
The start of 2022 is here, and in addition to the usual beginning-of-year tasks for businesses, every LLC organized or qualified to do business in Ohio should familiarize itself with Ohio’s Revised Limited Liability Company Act (“New LLC Act”), which is now set to...
The Growth of NFTs Non-fungible tokens (NFTs) had their best year ever in 2021. Although the concept of NFTs dates back to 2015, they’re now a mainstream phenomenon with big name brands—such as Asics and Mattel—implementing them in their marketing mix. At its most...
A new tax rule will see the Internal Revenue Service (IRS) gain information on income small businesses receive via transactions on popular payment applications. As of Jan. 1, 2022, businesses that accept more than $600 per year in payments for goods and services...
A recent study found that 16 percent of Americans have invested in, traded or used cryptocurrencies such as Bitcoin and Ether. This widespread use, coupled with the cryptocurrency industry having limited to no regulatory oversight, has caught the attention of...
Governor Mike DeWine and Lt. Governor Jon Husted announced that millions of dollars in grants remain available through the Ohio Development Services Agency for eligible Ohio businesses. These programs are intended to provide relief to certain industries that were...
The US House of Representatives passed President Biden’s $2 trillion “Build Back Better” act (the “BBB”) Friday morning on a 220-213 party line vote. The Act now heads to the Senate, where Joe Manchin (D-WV) and Kyrsten Sinema (D-AZ) have expressed significant...
At this point, it is impossible to escape hearing about or experiencing the supply chain crisis grabbing headlines and impacting businesses – and families – across the globe. This issue has attracted the attention of the single consumer clear up to the Biden...
2021 was a year of unexpected—and sometimes baffling—events. In the midst of cascading economic failure caused by the COVID-19 pandemic and political turmoil, one cartoonishly-quirky episode swept the nation involving an unlikely main character: GameStop Corp (NYSE:...