Thought Leadership
When it comes to thought leadership and staying informed, we’ve got you covered. See below for recent articles, webinars, and downloadable resources available.
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August 29, 2022
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 […]
August 18, 2022
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 […]
August 11, 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 […]
July 14, 2022
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 […]
June 28, 2022
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 […]
June 16, 2022
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 […]
June 01, 2022
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 […]
May 26, 2022
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 […]
April 07, 2022
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, […]
March 14, 2022
Written by Joell Grisel, CPA, Manager, and Thomas Koustenis, Tax Intern Online payment services such as Venmo, PayPal, and many others, are more common than ever, especially for the sale of goods and services. While no banks or hard currency are involved in these transactions, these digital payments for goods and services are still considered […]
February 28, 2022
By: Jacoby Shade, Staff Accountant Tired of notices from the IRS? Well good news! After much pressure from Congress, the AICPA, and other accounting organizations, the IRS is granting taxpayers, and their CPAs, some relief. As of February 9, 2022, the IRS has suspended the mailing of certain automated tax notice letters. The IRS will […]
February 21, 2022
By: Tom Nowak, CPA, Principal In the accounting and financial world, the term “basis” is common and understood. The problem is that outside of the tax and financial environment, it is commonly misunderstood. And it is there, where it needs to be better understood and maintained by and for all taxpayers. Basis is important information […]
February 02, 2022
By: Kevin Umberger, CPA, Senior Manager With the 2021 tax return filing season upon us, the IRS has started sending out letters to ease the challenges many taxpayers and advisors will face related to the reconciliation of stimulus payments on 2021 tax return filing. In response to the global pandemic, Congress passed several rounds of […]
January 27, 2022
By: Anastasia Sturm, Staff Accountant, and Jill Moore, CPA, Senior Manager One benefit of running your own business is the flexibility to hire your own family members. There are specific employer tax requirements for family member employees as opposed to regular employees. Below outlines strategies, your business can utilize to benefit both the business and […]
January 21, 2022
You’re Invited Join Blue & Co. on Wednesday, February 9 at 12:00 PM EST for a webinar entitled A Guide to the Kentucky Tangible Personal Property Tax Return for Manufacturers. This presentation will walk through the Kentucky Tangible Personal Property Tax Return and identify common preparation errors & potential tax savings opportunities. Duration: 1 hr. CPE Credit: […]
Webinars
March 09, 2023
By Amy Sandlin, CPA, Tax Senior Manager at Blue & Co. A pass-through entity tax proposal is currently making its way through the Kentucky General Assembly as part of a larger tax omnibus bill (Kentucky House Bill 360). The pass-through entity (PTE) tax provisions in the bill are intended to be retroactive to January 1, […]
February 24, 2023
By Laura Rakaska, CPA, Tax Manager and Amy Sandlin, CPA, Tax Senior Manager at Blue & Co. On February 22nd, Governor Eric Holcomb signed Indiana Senate Enrolled Act 2, making Indiana the 30th state to enact pass-through entity tax (PTET) legislation. This bill received full bipartisan support because it levels the playing field for businesses […]
February 20, 2023
By Amy Sandlin, CPA, Tax Senior Manager at Blue & Co. Kentucky House Bill 1 was signed into law by Governor Beshear on Friday, February 17th. It reduces the individual income tax rate another 0.5 percent in 2024. This is a continuation of what we saw in 2022. Last year’s legislation (HB 8) gave us […]
February 06, 2023
By Amy Sandlin, CPA, Tax Senior Manager and Laura Rakaska, CPA, Tax Manager Indiana is expected to enact pass-through entity (PTE) level tax legislation in mid-February 2023. The tax changes in the bill are intended to be retroactive, which means it could have a significant impact on your 2022 taxes for pass-through entities and PTE […]
January 12, 2023
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 […]
January 11, 2023
By Pam Swartout, Manager and Tracey Selig, CPA, Senior Accountant at Blue & Co. The time of year for preparing and filing your 1099s and W-2s is here. In order to ensure timely and accurate submissions of the above-mentioned forms, Blue & Co. wants to inform you of the Form 1099 and W-2 requirements, their […]
