Insights

There is a new reporting requirement for businesses starting in 2024. Newly formed corporations, limited liability companies (LLCs), limited partnerships, and other entities that file formation papers with a state’s Secretary of State’s office (or similar government agency) must file a Beneficial Ownership Information (BOI) report with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) providing specified information regarding the entity’s “beneficial owners.”

The Tax Cut and Jobs Act (TCJA) was passed in 2017 and made significant changes to the Tax Code. The changes were not permanent and most tax provisions sunset at the end of 2025. Absent additional legislation, beginning in 2026, the tax law will revert to the way it was before the TCJA passed.

The U.S. Department of Labor’s Wage and Hour Division adopted a rule that significantly increases the level of income below which employers are required to pay overtime for executive, administrative and professional employees.

Employers now can correct or withdraw erroneous claims for credits and refunds that involved the Employee Retention Credit (“ERC”). The ERC is a refundable tax credit available to employers that continued to pay their employees during the COVID-19 pandemic and had any of the following items. Click to read more.

An Ohio tax credit is available for individuals and pass-through entities that make monetary donations to an eligible Scholarship Granting Organization (SGO). This credit was new in 2021. At that time, very few organizations were certified as SGOs, however, the list of qualified organizations expanded greatly in 2022 and again in 2023.

Prepare for the upcoming tax season by considering these strategic tax moves before the end of the year!

On September 14, 2023, the IRS announced an immediate stop for processing new Employee Retention Credit (“ERC”) claims through at least the end of the year. It cited concerns that many new claims filed are ineligible for the credit, and businesses are at financial risk of scams from aggressive marketing and promotors.

Are you eligible for Flexible Spending Accounts through work? The two most popular plans are for health care costs and for dependent care costs. Learn about how much you could save in taxes by taking advantage of these plans!

Have you made energy improvements to your home? Did you purchase an Electric Vehicle? If so, tax credits are available! The Inflation Reduction Act of 2022 increased the residential credit amounts and the types of expenses that qualify.

This credit is a great option for taxpayers who wish to contribute to funding primary and secondary education. For every dollar contributed up to the $750 limit, Ohio will refund the amount of the donation.