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Scott Cress

Gift tax exemption opens valuable possibilities

by Scott Cress on March 16, 2012

This article appears in the March 2012 edition of the Goering Center newsletter: Business owners and high-net-worth individuals who wish to pass along assets to their children were given a gift last year, but it comes with an expiration date. The lifetime gift tax exemption was temporarily raised from $1 million to $5 million ($10 [...]

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Ohio offers grant for international marketing

by Scott Cress on March 15, 2012

Rapid technological advancements are making international business accessible for companies of all sizes, but the opportunity for new sales comes at a cost – not the least of which is introducing your product to a new, foreign audience. The Ohio Department of Development and the U.S. Small Business Administration can help. They offer a grant [...]

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Obama continues to push for increased taxes

by Scott Cress on February 15, 2012

President Obama released a budget request Monday that calls for a significant increase in tax revenue, mainly at the expense of individuals making at least $200,000 per year in adjusted gross income or families making $250,000 per year. The budget has little chance of passing a divided Congress in an election year, but it gives [...]

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2011 tax changes set stage for busy 2012

by Scott Cress on January 11, 2012

With a contentious summer of debate in the rear-view mirror and a presidential election on the horizon, we could see a number of tax changes in 2012, including the retroactive extension of a handful of incentives that expired at the end of 2011: state and local sales tax deduction, higher education tuition deduction, charitable distributions [...]

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Ohio to offer 10% income tax credit

by Scott Cress on November 21, 2011

In an attempt to spur the growth of small businesses, the state of Ohio will offer a 10 percent tax credit on qualifying investments in recognized small businesses. The InvestOhio credit is worth up to $1 million, and state officials believe the program will generate at least $1 billion in new private investment. Investors who [...]

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Senate approves expanded credit for veterans

by Scott Cress on November 11, 2011

The Senate unanimously passed legislation yesterday that expands and extends the veteran portion of the Work Opportunity Tax Credit (WOTC), increasing the value of the credit for hiring eligible veterans and extending it through 2012. The House of Representatives is expected to pass the bill next week, and President Obama will likely sign it into [...]

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IRS announces compliance program for misclassified workers

by Scott Cress on October 24, 2011

The IRS recently announced a Voluntary Compliance Program for employers who have improperly classified workers as “independent contractors” rather than “employees.” It is an opportunity for some companies to save a significant amount of money in potential taxes, penalties and interest. Under the terms of the Voluntary Compliance Program, the employer will pay a penalty [...]

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