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Learn MoreOn December 19, 2019, the IRS and the U.S. Department of the Treasury released the final regulations on investing in Qualified Opportunity (QO) Funds. The 544-pages of regulations address many areas, just a few of which are listed below: Taxpayers can invest the entire amount of Section 1231...
Read MoreOn December 16, 2019, the Ohio Development Services Agency released the applications for the Ohio Opportunity Zone Tax Credit. Similar to the federal program, the Ohio-specific tax credit provides an incentive for taxpayers to invest in projects in economically distressed areas in Ohio, or “Ohio...
Read MoreOne of the many areas the Tax Cuts and Jobs Act (TCJA) impacts includes the treatment of nonresident aliens as potential current beneficiaries of an Electing Small Business Trust (ESBT). Historically, each potential current beneficiary of an ESBT had to be a U.S. citizen or resident for the trust to...
Read MoreThe Tax Relief, Unemployment Insurance Reauthorization and Job Creations Act of 2010 introduced for the first time the concept of portability of the federal estate tax exclusion between spouses. When enacted, it was meant to apply only to estates of decedents dying before January 1, 2013. However,...
Read MoreAs most recipients of significant federal funding are aware, the Office of Management and Budget (OMB) issues a new edition of the Compliance Supplement around June of each year. However, 2019 was a unique year. After the AICPA and others detected several errors in the June 2019 edition, the OMB...
Read MoreI had the privilege of recently participating on a panel discussion as part of the ACG® Detroit Chapter’s “Driving Business Value” series. Ryan Boylan of Cohen & Company, Brendan Cahill of Dykema Gossett PLLC and Douglas Sutton of Huron Capital joined me to discuss flex equity, or flexible deal...
Read MoreContract modifications — any change in the scope or price of a contract — are extremely common in the construction industry and are often seen in the form of claims and change orders. Under the new revenue recognition rules, or ASC 606, Revenue from Contracts with Customers, it’s important to...
Read MoreWe were fortunate to have so many great speakers at Cohen & Company’s CPE 360 event this year, which we host annually for our private company clients. Below are just a few of the interesting highlights I walked away with that I think are worth sharing. 1. Your email is the doorway for...
Read MoreThe Tax Cuts and Jobs Act (TCJA) of 2017 changed individuals’ tax return filings, from 2018-2025, in some significant ways: $10,000 cap on the state and local tax deduction Qualified Business Income Deduction (Section 199A) Qualified Opportunity Zone program Kiddie tax...
Read MoreWith the Tax Cuts and Jobs Act (TCJA) in full swing, and the release of many final regulations regarding TCJA provisions this past year, businesses can begin taking advantage of tax savings or tax deferrals with clearer guidance. The good news is there is still plenty of time until December 31 to...
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