We are pleased to announce that attorneys Alan B. Schaeffer, Jeffrey S. Senney, John E. Clough, and Donald G. Schweller have been selected by their peers for inclusion into the 2020 edition of The Best Lawyers in America. Alan B. Schaeffer, is included in The Best Lawyers in America in the Real Estate Law section. …
Addiction – Not Generally an Exception to Early Withdrawal Penalty Under the federal tax code, individuals who take an early distribution from a retirement plan or traditional IRA are subject to a 10% tax. There are several exceptions that apply. One of these exceptions is a distribution made to an individual who has suffered a…
Garrett T. Senney has a PhD in Economics from The Ohio State University and works for the Office of the Comptroller of the Currency (OCC) in Washington, DC. Dr. Senney has graciously given us permission to publish his article below regarding banking a marijuana business. The views and opinions expressed below are those of the…
PS&E was happy to celebrate and sponsor the Dayton Art Institute’s 100 Year Anniversary at the 2019 Art Ball. Several PS&E attorneys and their guests attended including Jeff Senney, Mike Sandner, David Montgomery, Don Schweller, and Jim Jacobson were all in attendance.
Beautiful Day, Good Company, on the Golf Course – doesn’t get much better!!
As part of its ongoing security review, the Internal Revenue Service announced today (IR-2019-58) that starting May 13th, only individuals with tax identification numbers may request an Employer Identification Number (EIN) as the “responsible party” on the application. An “EIN” is a nine-digit tax identification number assigned to sole proprietors, corporations, partnerships, estates, trusts, employee…
The recently enacted Tax Cuts and Jobs Act (“TCJA”) introduced two tax saving opportunities. One option permits a taxpayer to defer gain from the sale of property that is reinvested in an investment in a Qualified Opportunity Fund (“QO Fund”). The second option permits the taxpayer to permanently exclude gain from the sale or exchange of the taxpayer’s…
Have an “S” Corporation? Want to acquire a corporation and treat it as a subsidiary? Want to avoid double taxation on the acquired corporation’s income? Consider making a Qsub election. An “S” corporation can acquire and own the stock of a “C” corporation. But having an “S” corporation own a “C” corporation may not make…
When a shareholder joins or leaves an S corporation during the year, it can cause many problems. Among these problems is the question of how to allocate income for tax purposes. The IRS has issued Treasury Regulations to clarify how to deal with some of these situations. The S corporation’s structure is simple. There is…