Kohrman, Frye & Associates

04/24/2023

Treasury Balancing Act on EV Tax Credits Leaves Open Questions

Proposed regulations on the critical mineral requirements for the new clean vehicle tax credit have prompted concerns regarding vehicle eligibility and congressional authority over trade deals.

12/20/2022

https://www.legislature.ohio.gov/legislation/legislation-summary?id=GA134-SB-246

In 2022, the state of Ohio enacted Senate Bill 246 allowing a "work around" for deducting Ohio taxes paid on behalf of owners thereby reducing federal taxable income and the entity level. See legislature attached.

08/29/2022

Thirteen states may tax canceled student loans

More than 60% of borrowers are Pell Grant recipients, which means they will have to pay the higher tax rate.

12/10/2021

U.S. Inflation Likely Hit a 39-Year High in November

U.S. inflation hit a 39-year high of 6.8% last month, the Labor Department said Friday. Consumer demand and supply shortages continue to pressure prices.

11/01/2021

Tax Law Changes Are Coming!

As we move closer to year-end, it is essential to be aware of the proposed tax law changes and their effect on your tax situation.

10/08/2021

What Is an LLC and Does It Save You on Taxes?

An LLC is a a limited liability company, a type of business entity formed...

09/02/2021

The Employee Retention Tax Credit to Expire Early If Lawmakers Pass a $1 Trillion Infrastructure Bill

The employee retention tax credit could be shortchanged to fund the $1 trillion infrastructure deal. Many eligible businesses haven't made use of it, but there's still time.

08/06/2021

.0 / 2021 Child Tax Credit

The Child Tax Credit (CTC) in the American Rescue Plan provides the largest Child Tax Credit ever and historic relief to the most working families ever – and as of July 15th, most families are automatically receiving monthly payments of $250 or $300 per child without having to take any action. See...

07/02/2021

U.S. jobs picture is on the mend, with caveats

The U.S. economy’s addition of 850,000 jobs in June means about 70% of positions lost in the pandemic have now been regained. Still, there are signs the recovery remains uneven, like the increase in those who have been out of work for at least 27 weeks.

06/11/2021

With Ohio unemployment supplement ending, local officials bracing for job seekers

There are still many people who are unemployed in Belmont County. The Ohio Department of Job and Family Services expects that to change within the next month and is here to help. "The most recent data we have is from March of 2021,” Director Jeff Felton said. “It is 5. 8% in Belmont Coun...

06/03/2021

Accountants in Industry Expect Economic Boom | CPA Trendlines

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