We wanted to reach out to our clients and friends to let you know that we are staying on top of the fluid situation pertaining to the Coronavirus. Pickrel, Schaeffer and Ebeling will stay open, however; if you have a scheduled appointment with an attorney or would like to schedule an appointment, we are recommending…
IRS Determines No Statute of Limitations on Assessment In Legal Advice 20200801F issued by IRS Field Attorneys (Advice Memo), the IRS has determined that there is no statute of limitations on assessment of the Employer’s Shared Responsibility Payment (ESRP) because there is no tax return filed to report such payment. Generally, IRC section 6501 provides…
Understanding the SECURE Act Effective January 1, 2020 is a new spending bill called the SECURE Act (Setting Every Community Up for Retirement Enhancement Act of 2019). Prior to 2020, most participants were required to take RMDs (required minimum distributions) from employer plans or IRAs by age 70-1/2; however, for those who have not reached…
Jeff Senney is all smiles as he receives several awards from his (Business Networking International) BNI group including: 1. Longest serving BNI member at 22 years 2. Metro Dayton BNI member of the Year 3. Most new member sponsor 4. Most thank-you for closed business Jeff is in the Metro Dayton BNI which is part…
Subcontractor Dispute Highlights the Significance of Accurate Verbiage in a Construction Contract Between Two Subcontractors. For clients engaged in the construction field, the use of “pay-when-paid” and “pay-if-paid” provisions in construction contract documents is likely a common occurrence. However, a recent decision from the Summit County Court of Appeals illustrates the care that must be…
The US Tax Court in Rosenberg v. Commissioner, TC Memo 2019-124 has ruled that an IRA distribution, made after a couple divorced, was taxable and subject to the 10% excise tax because: (1) no exception to the 10% excise tax applied and (2) the Court did not find any equitable exception to taxing the distribution.…
A federal district court has held in Dase v. IRS, 124 AFTR 2019-5281 that jointly-owned property subject to an IRS lien against one of the joint owners only encumbered the tax debtor’s interest in the property. Legal Background: A person’s failure to pay any tax after the IRS makes demand for payment automatically creates a…
On September 24, 2019, the U.S. Department of Labor announced a final rule to make 1.3 million American workers newly eligible for overtime pay. The new rule will take effect on January 1, 2020. The final rule updates the earnings thresholds necessary to exempt executive, administrative and professional employees from the Fair Labor Standards Act’s…
What: 11 CPEs Including 3 hours Ethics for (PSR) Credit CPE credits are based on a 50-minute hour. CPE is offered through the ACFE as well as the Accountancy Board of Ohio (sponsor number CPE.00467). When: November 5 and 6, 2019 (November 5 – Half Day; November 6 – Full Day) Where: University of Dayton, Dayton Ohio Topics: Fraud (Prevent…
Since 2016, each individual small business owner filing single or married filing jointly is eligible for a “small business” income tax deduction (SBD) against their state income tax liability equal to 100% of the first $250,000 of business income the owner receives or is allocated from a sole proprietorship or pass-through entity (“PTE”). In addition,…