Can I claim the adoption credit for a foreign adoption?

Oct. 04, 2017

Yes, however, there are special timing rules for foreign adoptions. These rules differ from the timing rules for domestic adoptions and impact when you may claim qualified adoption expenses. The […]

Are you eligible for the Homestead Real Estate Property Exemption?

Oct. 03, 2017

The Homestead Real Estate Property Exemption is a reduction in property taxes to qualified Ohio citizens. There are two exemptions available. The first one is available to homeowners’ age 65 […]

How do I get a payroll credit for increasing research expenses?

Oct. 03, 2017

IRS Chief Counsel recently described when a qualified employer may take into account the payroll tax credit for increasing research activities. The Protecting Americans from Tax Hikes Act of 2015 […]

How do I prove business expenses?

Sep. 21, 2017

Everyone in business must keep records. Among other things, good records will help a business prepare the business tax returns, and will support items reported on tax returns. Taxpayers also […]

What is “assignment of income” under the tax law?

Sep. 18, 2017

Gross income is taxed to the individual who earns it or to the owner of property that generates the income. Under the so-called “assignment of income doctrine,” a taxpayer may […]

How do I distinguish partnerships from other arrangements?

Sep. 16, 2017

A partnership is created when people join together with the intent to conduct unincorporated venture and share profits. Intent is determined from facts and circumstances, including the division of profits and […]

What to do in light of the Equifax data breach

Sep. 15, 2017

Equifax, a national consumer credit reporting agency, recently had a data breach where an estimated 143 million Americans had their personal data stolen – including Social Security numbers, names, addresses, […]

Don’t overlook child-related deductions and credits

Sep. 13, 2017

The amounts of expenses associated with having children seems neverending. As a rule, personal expenditures are not deductible. However, there are several child-related deductions and credits that may help defray […]

Do you need to change your nonprofit accounts and presentation?

Sep. 07, 2017

The Financial Accounting Standards Board’s (FASB) Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958):  Presentation of Financial Statements of Not-for-Profit Entities will have an impact on several line […]

Eight tips to protect taxpayers from identity theft

Aug. 29, 2017

Identity theft happens when someone steals personal information for financial gain. Tax-related identity theft happens when someone uses another person’s stolen Social Security number (SSN) or Employer Identification Number (EIN) […]