What is the Commercial Activity Tax?

The commercial activity tax (CAT) is an annual tax imposed on the privilege of doing business in Ohio, measured by gross receipts from business activities in Ohio.  Businesses with Ohio taxable gross receipts of $150,000 or more per calendar year must register for the CAT and file all applicable returns. Tax payers with gross receipts
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Tax Shelter in Vacation Home Rentals

Overview of complex tax rules Whether it is a beach house, a cabin in the woods or some other place, a vacation home can be a valuable source of tax breaks, as well as rest and relaxation. For example, you can deduct property taxes along with your mortgage interest (assuming the combined acquisition debt of
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Ups and Downs of the Section 179 Deduction

Enhancement limit for 2014, reduction for 2015 For small-business owners who frequently buy new equipment and other assets for their business activities, the new tax law enacted at the end of 2014—the Tax Increase Prevention Act (TIPA)—provides a temporary reprieve. Signed on December 19, 2014, TIPA extended a Section 179 deduction retroactive to January 1,
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Forensic Accountants Role in Spousal Divorce

In my most recent blog, posted March 30, 2015, I wrote generally about how forensic analysis is a powerful tool for providing insight into complex personal or business financial situations.  By clarifying and summarizing historical financial events, a forensic accountant’s work affords a person knowledge leading to strength of position and peace of mind. One
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Beer & Taxes

The rise of craft breweries in the United States has brought into question the current taxation of breweries.  Presently, there are two proposed amendments to IRS Tax Code to adjust the excise tax on beer:  the Small BREW Act and the Fair BEER Act.   Barrels Existing Law Small BREW Act Fair BEER Act 0-7,143
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