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...
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...
Initially, tracking systems were employed to monitor the private jet usage of celebrities like Taylor Swift. Now, similar scrutiny will extend to executives who utilize business aircraft for personal purposes while claiming tax deductions. IRS Initiatives The IRS...
Supreme Court Deliberation on Income Definition In December 2023, the Supreme Court considered the fundamental question: "How is income defined?" Moore v. United States centered on the question of taxation of unrealized income. Unrealized income is defined as a gain...
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,...
Introduction Estate planning is a lot like putting together a puzzle. The client provides you with their box lid showing what they want the ultimate result of their plan to look like. Then, estate planners are tasked to identify and gather the various pieces and put...
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...