Donating to an SGO

You can claim up to $750 credit against your Ohio Tax Liablilty ($1,500 for Married Filing Jointly) for donations made to an approved Scholrship Granting Organization.

Americans Moved to Low-Tax States in 2023

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Americans were on the move in 2023, and many chose low-tax states over high-tax ones. That’s the finding of recent U.S. Census Bureau interstate migration data and commercial datasets released last week by U-Haul and United Van Lines.

IRS Updates Flurry of Clean Energy Provisions in Closing Days of 2023

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The Internal Revenue Service updated and modified guidance surrounding an assortment of clean energy credits and other provisions over the closing days of 2023. Some of the changes will be in effect next tax season, while other alterations will not be realized for a year or more.

IRS Announces Penalty Relief for Nearly 5 Million Tax Returns

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The IRS has announced new penalty relief totaling around $1 billion to approximately 4.7 million individuals, businesses, and tax-exempt organizations.

IRS Clarifies Digital Assets Not the Same as Cash—Yet

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In a significant move last week, the Treasury Department and IRS announced that digital assets received by businesses do not follow the same reporting requirements as cash assets in 2024, at least until the issuance of specific regulations.

Scams targeting taxpayers

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Thousands of people have lost millions of dollars and their personal information to tax scams. Scammers use the regular mail, telephone and email to set up individuals, businesses, payroll and tax professionals. 

The IRS doesn't initiate contact with taxpayers by email, text messages or social media channels to request personal or financial information. Know the telltale signs of a scam and how to know if it’s really the IRS.

Taxpayer Penalties

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Taxpayers in the United States may face various penalties for failures related to Federal, state, and local tax matters. The Internal Revenue Service is primarily responsible for charging these penalties at the Federal level. The IRS can assert only those penalties specified imposed under Federal tax law

Reporting to FinCEN

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Corporate Transparency Act Requires BOI Reporting to FinCEN

The Corporate Transparency Act (CTA) is upon us. It took effect on January 1, 2024, and imposes a new federal filing requirement for most corporations, limited liability companies (LLCs), and other business entities.