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Category: Tax

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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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Extension to Make Portability Elections

By: Derek Gray, CPA, Director On July 8, 2022, the Internal Revenue Service released Revenue Procedure 2022-32, now extending the time to make portability elections to five years. What is a Portability Election? A timely filed portability election allows for a widow/widower, here referred to as a surviving spouse, to utilize their deceased spouse’s unused […]

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Indiana Sales Tax Changes for Nonprofits

By: Angela Crawford, CPA, Senior Manager The recently enacted Senate Enrolled Act (SEA) 382 (2022) makes significant changes in the way not-for-profit organizations purchase and sell items exempt from sales tax. Sales tax information Bulletin 10 has been revised to reflect these changes. While sales tax-specific changes are detailed within the bulletin, here are the […]

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R&E Expense Amortization

By: Desi Burton, Manager The Tax Cuts and Jobs Act (TCJA), signed into law in late 2017, was the most comprehensive update to the U.S. tax code in over 30 years. The TCJA was generally viewed as extremely favorable to many taxpayers, resulting in significant reductions in business and individual tax rates. In exchange for […]

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Current Section 199A and 199A(g) Rules in Agriculture

 By: Eric M. Bennett, CPA, Director and John Gricius, CPA, Manager The Tax Cuts and Jobs Act (TCJA) changed the rules related to the previous Section 199 deduction, known as the Domestic Production Activity Deduction (DPAD). It did not just change the code section reference from 199 to 199A. When the TCJA originally passed, Congress […]

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R&D Tax Credit Qualifying Criteria for Manufacturing

By Stephen Stringer, CPA, Director at Blue & Co. & David Seibel, Senior Manager at McGuire Sponsel Manufacturing companies have claimed the Research & Development (R&D) Tax Credit since the 1980s, but there continues to be much uncertainty as to what and how companies truly qualify for this potentially lucrative annual tax benefit. While businesses […]

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Bonus Depreciation: To Take Or Not To Take, That is The Question

By: Eric Bennett, CPA, Director, and Linda Miller, Senior Accountant History of Bonus Depreciation: Before the Tax Cuts and Jobs Act (TCJA) was enacted effective for tax years beginning in 2018, you were only allowed to take 50% bonus depreciation for qualified property acquired and placed in service during a particular tax year. Since 2001, […]

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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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