Tag: Partnership Tax

What changed? For the last 5 years, federal tax deductions for state and local taxes were limited to $10,000 for individuals. For owners of Ohio pass-through entities that limitation ended, on June 14, 2022, when Read More

Many privately held businesses have incurred losses during the COVID-19 pandemic. Unfortunately, the federal income tax passive activity loss (PAL) rules can limit an owner's ability to currently deduct tax losses thrown off by passive Read More

Are you an employee, a partner, a partner who doesn't know it — or a combination of these classifications? The answer can have serious tax implications. If you participate in a business that's operated as Read More