“S” corporations are only permitted to have certain types of shareholders (generally individuals, estates, and grantor trust), may have no more than 100 shareholders, and may not have more than one class of stock. An “S” corporation also may not have passive income in excess of the passive income limitation in IRC section 1362(d)(3). If…
Anyone who has filed a complaint with the Board of Revision to contest the value of their property or who has acquired property at a price above the County appraised value has likely encountered counsel for their local school district at their Board of Revision hearing. School Boards oftentimes contract with law firms that focus…
Limited liability companies are a very flexible form of business organization. Depending on the number of owners, and whether or not an election has been made, an LLC can be treated as a disregarded entity, a sole proprietorship, a partnership, a corporation, or an “S” corporation. This flexibility can be very useful. This flexibility can…
Each year the Boards of Revision, as established by each County, accept complaints challenging the value of the real property between January 1st and March 31st. This window provides an opportunity for individual or business property owners to file a complaint challenging the value of their property based upon arms-length sales or market data. 2021…
Pickrel, Schaeffer & Ebeling Co., LPA is proud to announce that Katie Wahl is the newest partner at PSE. Katie’s practice focuses on business and corporate law, including business succession planning, mergers and acquisitions, and non-profit entities. Prior to transitioning her practice to corporate law, Katie served as a complex business litigator for ten years.…
Due to variations in tax, insurance, and other business-related laws, some limited liability companies choose to form their entity in a state other than Ohio even though primary operations are here. For example, Delaware, historically, has been considered to have business-friendly laws and many entities are formed there even though the business operates primarily or…
Imagine this scenario: you are involved in an accident resulting in bodily injury and taken to a hospital. The hospital is not of your choice and – unbeknownst to you – is not within your health care insurance plan’s coverage network. The hospital provides emergency medical treatment, and at the end of it all you…
The Internal Revenue Service today issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2022, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 58.5 cents per…
Interestingly enough, the most active date for Operating a Vehicle while Impaired (OVI) crashes and OVI arrests in Ohio may not be when you expect it. Whether coinciding with March Madness or some other events, the most active date wasn’t July 4th weekend, Labor Day or Memorial Day weekend, but the second weekend in March.…
You may have noticed a collective sigh of relief coming from the estate tax planning community over the last few weeks. In its early drafts of the Build Back Better legislation, Congress had been flirting with some fairly dramatic changes to the U.S. transfer tax system. However, it looks like those changes have now been…
