From the category archives:

Tax Update

Impact of Sequestration on IRS Services

by Betsy Wecker on May 6, 2013

By Kristen Hart The IRS is facing budget cuts required by sequestration*. On Friday, April 19, the IRS announced it will issue furlough notices to its 90,000 employees. There are five furlough dates scheduled: May 24, June 14, July 5, July 22, and August 30, with a possibility of two additional furlough days. This could [...]

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Senate supports repeal of medical device tax

by Tech Support on March 22, 2013

By Ellen Juram, Principal The Senate overwhelming passed a resolution Thursday calling for the repeal of the 2.3 percent medical device tax – which is a key component of President Obama’s healthcare reform law, and which went into effect this year. The resolution is largely symbolic; a separate bill must be passed in order to [...]

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Proposed tax reform has major implications for pass-through entities

by John Michel on March 20, 2013

The U.S. House of Representatives’ Ways and Means Committee recently released proposed revisions to the Internal Revenue Code that will dramatically affect the taxation of pass-through entities and their investors. There are some important questions that the proposal does not answer, and it almost certainly will go through some changes before it ever comes to [...]

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IRS removes roadblock to R&E credit

by Cheryl Ganim on February 26, 2013

By Cheryl Ganim, Manager, and Kristen Hart, Co-Op The IRS Large Business and International Division recently announced that it will no longer manage issues through the Tiered Issue Process. As a result of this change, Research and Experimentation Tax Credits are no longer Tier 1 audit issues. LB&I stated that every case should be treated [...]

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House bill begins to define Kasich’s plan

by John Michel on February 15, 2013

Ohio Gov. John Kasich’s recent proposal to reform certain tax laws in Ohio has been introduced to the Ohio General Assembly via House Bill 59.  This is now more than a speech. Still, it leaves some questions unanswered. As we indicated previously, the Governor would like to expand sales tax to include all services except [...]

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Kasich’s proposal poses many questions

by John Michel on February 11, 2013

By John Michel, Director, and Cheryl Ganim, Manager Ohio Gov. John Kasich recently proposed a dramatic change in the state’s tax base. While much of the coverage of Kasich’s plan centers on which services will become taxed, the key issue going forward is which services will be exempt from sales tax. Similar proposals arise every [...]

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Kasich proposes dramatic shift in state tax base

by Melissa Brogan on February 8, 2013

Ohio Gov. John Kasich recently unveiled a plan to dramatically shift the state’s tax base away from income and toward consumption. It would significantly reduce the amount of state income tax Ohioans pay – up to 50 percent on some small-business income – but it also ads sales tax to numerous economic activities that are [...]

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U.S. avoids ‘cliff’ but still faces tax increases

by Tech Support on January 2, 2013

A note from Tax Principal Ellen Juram, CPA: Congressional leaders struck a deal on New Year’s Eve that permanently maintains the Bush-era tax cuts for more than 99 percent of households, and President Obama signed it into law Wednesday. Highlights of the American Taxpayer Relief Act of 2012 include: The 10, 25, 28  and 33 percent [...]

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