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Category: General Business

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President Biden Announces Student Loan Forgiveness Plan

By Aaron Blackburn, CPA, and Amy Sandlin, CPA, Senior Tax Manager On Wednesday, August 24th, 2022, President Biden announced the broadest student loan forgiveness plan to date. The plan included forgiving up to $10,000 in Federal Student Loans for individuals and families making under $125,000 and $250,000, respectively. If the borrower was a recipient of […]

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Reaping the R&D Tax Benefits of Innovation Across Manufacturing Sectors

By Stephen Stringer, CPA, Director at Blue & Co., and David Seibel, Senior Manager at McGuire Sponsel Manufacturing and machine tool clients often qualify for Research and Development (R&D) Tax Credits through internal optimization or new product development for customers. Contract manufacturers and machine tool companies are often approached by other companies and asked to […]

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Pass-through Entity Level Tax: Is This a Viable SALT Cap Workaround?

By Jacob Boyd, CPA, Tax Manager; Amy Sandlin, CPA, Tax Senior Manager; Eric M. Bennett, CPA, Director The Tax Cuts and Jobs Act (TCJA) capped the State and Local Tax (SALT) deduction to $10,000 for individuals who itemized their deductions for tax years beginning after December 31, 2017, and before January 1, 2026. This cap […]

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Ohio’s New SALT Cap Workaround

By Kevin Krieg, CPA, and Amy Sandlin, CPA In 2022, through legislation signed by Governor DeWine, Ohio joined the growing list of states to pass SALT Cap workarounds. Ohio Senate Bill 246 allows qualifying pass-through entities (PTEs) to elect to be subject to a new entity-level tax. The legislation makes the entity level tax fully […]

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Inflation Reduction Act of 2022 Signed Into Law

By Derek Gray, CPA, Director The Inflation Reduction Act of 2022 (“IRA”) was signed into law by President Biden on August 16. This is the culmination of more than 18 months of work by the Biden administration. The Act is a significant accomplishment, particularly in the realm of social and climate change policy. As with […]

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Senate Passes Inflation Reduction Act of 2022

By Amy Sandlin, CPA, Tax Senior Manager The Inflation Reduction Act of 2022 (the Act) passed in the Senate on Sunday, August 7, 2022, and is headed to the Democrat-controlled House where it is expected to pass on Friday, August 12. Experts expect this to be on President Biden’s desk by early next week. If […]

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Blue & Co. December 2020 Webinars

It’s webinar season at Blue & Co., LLC.! Check out all of our upcoming events for the week of December, 14. Monday, December 14 Panel Discussion Regarding Paycheck Protection Program (PPP) Webinar – Free to attend On Monday, December 14 from noon – 1 p.m. EST, Blue & Co., LLC will be hosting a panel […]

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Guidance on PPP Loan Forgiveness

As we approach the end of 2020, many taxpayers and tax practitioners have been pondering whether or not expenses that were incurred in 2020 and paid with Payroll Protection Program (PPP) proceeds would be deductible in the current year if the PPP loan wasn’t forgiven until next year. On November 18, the IRS released much-awaited […]

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Tax Policy Election Update

As November’s US Presidential election approaches, each candidates’ policies and proposals are coming into better focus. As these policies are vetted by the American public, the candidates’ tax policies are, as usual, a major point of contention. Although President Trump has not released a formal plan, he has expressed some ideas which we can evaluate […]

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2023 E/M Coding Changes You Need to Know from the Physician Fee Schedule Final Ruling

New rules for reporting evaluation and management (E/M) services in most places of service took effect January 1, 2023. The coding and documentation revisions, adopted by the American Medical Association’s CPT Editorial Panel and approved by the Centers for Medicare and Medicaid Services (CMS), substantially simplify code selection and documentation. Effective January 1st, E/M services […]

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Consolidated Appropriations Act of 2023 Changes Impacting Rural Health Clinics

The Consolidated Appropriations Act of 2023, also known as the “Omnibus” package, was signed into law by President Biden on December 29, 2022. Rural Health Clinics (RHCs) need to be aware of some of the changes that will impact them including new grant opportunities and behavioral health provisions. Opportunities for Rural Health Clinics from the […]

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someone handing car keys to another person personal use of auto

The Importance of Personal vs. Business Use of Auto

By Pam Swartout, Manager and Jacoby Shade, Staff Accountant at Blue & Co. Many business owners provide a company vehicle to their employees as part of their employment. This is a company benefit that has tax implications and is extremely important for both the employer and employee to understand these implications. Employers can deduct only […]

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