By Abbie R. Pappas, Esq. and Edmund G. Kauntz, Esq. On December 20, 2019, the President signed into law the Setting Every Community Up for Retirement Enhancement (“SECURE”) Act. The SECURE Act includes several significant changes to the laws governing qualified retirement accounts (such as IRA and 401k accounts), including the following: Changes to Distribution […]
By Edmund G. Kauntz, Esq. The just-passed Ohio Budget Bill for the two years beginning July 1, 2019 includes a very favorable provision for Ohio investors – an Ohio opportunity zone tax credit. This new tax credit has the following features: It applies to federally-designated opportunity zones located in Ohio. It allows any investor in a qualified […]
It is with great sadness that we remember our colleague, Samuel S. Pearlman, who passed away on February 6, 2018. Sam attended the University of Pennsylvania and the University of Pennsylvania Law School, where he graduated magna cum laude, was a member of the Order of the Coif, and was an Editor of the University […]
By Edmund G. Kauntz, Esq. In last year’s budget bill, the Ohio legislature created an amnesty program for most Ohio taxes which were unreported/underreported and unpaid as of May 1, 2017. The program runs only from January 1 through February 15, 2018. If your application for amnesty is approved, you will avoid 100% of any applicable […]
It is with great sadness that we remember our colleague, Gary W. Melsher, who joined us upon his retirement from Jones Day and was a member of the Singerman, Mills, Desberg & Kauntz Co., L.P.A. family for more than 13 years. Gary passed away suddenly on September 27, 2017. Gary attended The Ohio State University, where he […]
By William M. Mills, Esq. Over the last decade, the total value of property that an individual can pass free of federal estate tax at death has more than doubled. The so-called “unified credit” or “applicable exclusion amount” (the “federal exemption”) allows an individual dying in 2016 to pass up to $5,450,000 of assets without incurring […]
By Edmund G. Kauntz, Esq. On July 21, IRS issued temporary regulations which provide long-awaited guidance regarding the income to be reported by the master tenant of a project claiming Federal historic tax credits (HTCs) when the project owner elects to pass-through the HTCs to the master tenant (Treasury Regulation Section 1.50-1T). Owners engaging in a […]
By Paul J. Singerman, Esq. On May 12, 2016 Congress passed the Defend Trade Secrets Act (DTSA). This new legislation amends the Economic Espionage Act of 1996. The DTSA applies to misappropriation of trade secrets occurring after May 12, 2016. The DTSA gives private companies a federal cause of action for trade secret misappropriations. Previously, […]
By Edmund G. Kauntz, Esq. Ohio tax law generally provides that capital gain from the sale of an ownership interest in an entity is allocated to the State in which the owner resides. Thus, non-residents of Ohio generally do not pay Ohio income tax on the sale of stock or other entity ownership interests. However, […]
By Jacqueline Hoelting, Esq. Land surveys are prepared in connection with real estate purchase or financing transactions for the purpose of assessing the boundaries, titles and location of improvements of a parcel of land. There are several different standards that a surveyor may adhere to when preparing a survey. The most comprehensive survey will be […]