Tax

On June 14, 2022, Ohio joined numerous other states in adopting a pass-through entity tax election. The Ohio election allows a qualified pass-through entity to directly pay Ohio income tax at the entity level, and then allows owners to receive a refundable credit on their individual income tax return for their share of the entity level Ohio tax paid.  For individual owners, the new provisions provide relief from the $10,000 State and Local Tax (SALT) cap currently in place at the federal level...

On March 28, 2022, the Biden administration released its Fiscal Year 2023 budget proposal focused on increasing revenue, supporting families, and improving tax administration and compliance. The administration’s budget proposal and accompanying General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals – known as the Greenbook – spell out its legislative wish list for the upcoming year. The current proposal’s overall direction is consistent with the prior plan in that it seeks to strengthen taxation of high-income taxpayers and businesses. Many of the provisions look familiar – the concepts were included in the prior year Greenbook and legislative discussions...

By Matt Barczak, MBA, CPA   As a healthcare provider, it's important to be aware of possible savings on your tax liabilities, especially favorable tax breaks that are still available for your capital expenditures. The rapid pace of change in medical technology, coupled with regulatory requirements, often leads to the need for building renovations and updates to keep your equipment current while providing the highest quality of care to your patients. You may count a number of assets as capital expenditures: buildings, computer and digital technology, medical equipment, office furnishings, and similar assets. Tax benefits tied to buying vs...

Written by Laura Steenwyk, CPA, CGMA, MST   Tax time is upon us, and with the tumultuous season we had last year, many people are wondering what to expect for filing in 2022. Will there be delays in returns? Are there any new laws in place? What is the quickest way to file?..

On Monday, Dec. 20, Michigan Gov. Gretchen Whitmer signed HB 5376, allowing eligible owners of pass-through entities to have the pass-through entity pay Michigan taxes at the entity level, and then receive a refundable credit on their own tax return for their share of the entity level Michigan tax paid. For individual owners, the new provisions provide relief from the federal income tax $10,000 SALT cap in place at the federal level...

With inflation dominating conversations, employers dealing with labor shortages and supply chain issues, and evolving legislative action that includes myriad implications for businesses and families, this is a year-end like no other. Listen now on demand for year-end planning and positioning strategies you and your business can benefit from in the coming year – and beyond...

By Tracy Marrin, CPA, Principal The Build Back Better Act was passed by the House of Representatives on Nov. 19 and now sits with the Senate for the next steps in the legislative process. If passed into the law, this bill will provide for new social spending initiatives, green energy incentives, and the extension and expansion of tax credits aimed at helping middle- and lower-income taxpayers. The bill is pared down from its original version and many of the initial tax law changes were removed...

Empowered Planning: Your Business Transition The decision to sell your business is a big one, and you’re far from alone if you’re thinking about making this kind of transition – here at Rehmann we are hearing from clients considering a move of this kind, either soon or in the not-too-distant future, and they understandably have important questions and concerns. Listen to the on demand webinar below if you are among the family-owned or closely held businesses considering selling...

By Adam Williams, CPA   On Aug. 10, 2021, the U.S. Senate passed the Infrastructure Investment and Jobs Act (“Infrastructure Act”) by an unusual bipartisan vote in the modern era of 69-30...

By Steven Gibson, CFA  If your business still needs a 2020 federal income tax deduction, one option to consider is retroactively adding a broad-based retirement plan that is tax qualified. This can include options such as discretionary profit sharing, cash balance, or traditional pension plans. By making contributions as an employer prior to the extended due date for your 2020 income tax return, you can add 401(k) or 403(b) plans with profit-sharing contributions for last year. Adopting a workplace retirement plan When the Setting Every Community Up for Retirement Enhancement (SECURE) Act went into effect in 2019, businesses were provided with more time to adopt a retirement plan to make retirement contributions than has been available in the past...