News & Resources

Maximum Threshold for Expensing Increased

  In November, 2015, the Internal Revenue Service (“IRS”) increased the maximum threshold for expensing certain capital items from $500 to $2,500. In other words, for purposes of federal income taxation, a taxpayer can expense in the first year any

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State and Local Tax Update – Winter 2016

Do You Know When You Need State Tax Advice? Just like people, companies often experience life events during the course of their existence. Often times these events can trigger multi-state filings and registration requirements. The following list is a sample

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2015 Year-End Tax Planning for Individuals

    Individual income taxes, whether paid through employer withholding or quarterly estimates, are probably one of your largest annual expenditures. So, just as you would shop around for the best price for food, clothing or merchandise, you want to

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Good News for Small Business Taxpayers

  The Internal Revenue Service recently simplified the paperwork and recordkeeping requirements for small businesses by raising from $500 to $2,500 the safe harbor threshold for deducting certain capital items. The change affects businesses that do not maintain an applicable financial

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State and Local Tax Update – Fall 2015

INDIANA PERSONAL PROPERTY TAX DATE CHANGE Each year businesses are required to report the cost of their tangible personal property to the local assessor’s office based on the property they have in their possession.  Effective July 1, 2014, the state

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For-Profit Hospitals Now Entitled to Tax Credit

  Effective Jan 1, 2016, for-profit hospitals are now entitled to an income tax credit against the hospital’s adjusted gross income tax liability for the taxable year equal to 10% of the property taxes paid in Indiana on property used

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Erroneous Ohio Individual Income Tax Return Letters

  The Ohio Department of Taxation recently acknowledged that they sent out approximately 5000 letters in error requesting additional support for social security numbers used on taxpayers’ 2014 Ohio Individual Income Tax Returns. Per conversations with the Ohio Department of

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Real Estates Waived or Reduced for Disabled Vets

  If you are a disabled veteran, in almost every jurisdiction you can petition your local taxing authority to have your real estates waived or reduced.  The following states offer real estate tax deductions: Illinois:  A qualified disabled veteran can receive

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