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...
Ohio’s latest property tax reform effort, Ohio House Bill 126, made it through the Senate this week and is now headed back to the House for a concurrence vote on Senate changes. As passed by the Senate, H.B. 126 would eliminate the contentious practice of school...
The highly anticipated changes to estate tax laws seem to be on hold as we close out 2021. On Nov. 15, 2021, President Biden signed the Infrastructure Investment and Jobs Act (IIJA) into law. The IIJA provides investment in the nation’s infrastructure as follows:...
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...
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...
Following months of negotiations, the House of Representatives passed the $1.2 trillion infrastructure package Friday, sending it to the President for signature after the Senate passed the measure in August. President Biden announced he will schedule a signing...
On Thursday, President Biden announced the framework for the Biden Build Back Better agenda. The highly anticipated economic plan aims to rebuild the middle class by implementing social programs, health care expansions and tax reforms. The plan also constitutes the...
If you’ve incurred capital gains in 2021, you should be taking a hard look at whether to invest those gains in an Opportunity Zone Fund. With tax reform and a potential increase in the capital gains tax looming, the Opportunity Zone program may offer potential relief...
As KJK has been reporting, Congress is gearing up to revise tax laws to target the wealthy and proposed changes could be adopted as early as mid-November. The Senate’s 50 non-Republican members, including 48 registered Democrats and two Independents who caucus with...
In July, we wrote about how President Biden’s Green Book had proposed limitations on IRS Section 1031 Exchanges. That focus may have changed recently. It is anyone’s guess which policies from President Biden’s new tax plan will survive Congress, but on September 13,...