Sometimes a situation occurs when individuals and businesses complete a transaction or series of transactions, and inform their tax advisor after the fact. Then, when the advisor crunches the numbers, he/she determines that the seemingly benign transaction triggers a substantial amount of income tax. In fact, the size of the
Ohio House Bill 466 has been signed into law, resulting in a win for companies doing business in Ohio that advertise on the Internet (for example, inventory advertising). HB 466 amends the Ohio Revised Code to specifically exempt digital advertising services from sales and use tax[1]. Ohio’s biennial
On June 15th, the Ohio Housing Finance Agency announced the recipients of the 2016 Housing Tax Credit Awards (also known as Low-Income Housing Tax Credits or LIHTCs), which are used to fund the acquisition, construction, and rehabilitation of affordable housing. This year, 41 affordable housing developments in Ohio received tax
On July 6th, the Governor of Kentucky, Matt Bevin, announced a new initiative called the “Red Tape Reduction.” The Red Tape Reduction program is intended to spur Kentucky business and job growth by removing outdated or unnecessary government regulations. The governor has already asked cabinet secretaries and other
On June 23, 2016, a U.S. Tax Court Summary Opinion concerning non-cash contributions resulted in the disallowance of deductions and penalties for the petitioners. The case, Perry W. Payne v. Commissioner, focused on the need for more thorough record-keeping when reporting non-cash contributions. Specifically, it held that single non-cash
Barnes Dennig continues to demonstrate its belief in going beyond the numbers by partnering with DePaul Cristo Rey High School. DePaul Cristo Rey is a Catholic, college preparatory high school located in Cincinnati that focuses on transforming students with economic needs into high school and college graduates through their curriculum