Professional Accounting Blog

    Accounting For Your Prosperity

    Natalie Takacs

    Natalie, a Senior Manager in M&M's Personal Tax Advisory Group, has 20+ years of experience in the areas of individual, stock options, trust, and estate and gift tax.

    Recent Posts

    A Closer Look at How the New Tax Reform Proposal May Affect Individual Taxpayers

    Posted by Natalie Takacs on Oct 13, 2017 12:34:14 PM

    Topics: Tax Planning & Strategies

    In the days following the release of the proposed Republican “framework” for implementing tax reform, issues have been raised about its contents. For example, some analysts and organizations have argued that large tax cuts would significantly increase the deficit if the economic growth projected by Republicans fails to materialize.

    President Trump has said his plan, released in a nine-page document titled “Unified Framework for Fixing Our Broken Tax Code,” is aimed at cutting taxes and creating jobs. It also strives to make the Internal Revenue Code simpler. Let’s take a closer look at how the proposal may affect individual taxpayers.

    Read More

    Highlights of Tax Provisions of the American Health Care Act (As Approved by the House)

    Posted by Natalie Takacs on May 11, 2017 1:00:00 PM

    Topics: Tax Planning & Strategies

    On May 4, 2017, the House approved the American Health Care Act (“AHCA”) along party lines by a 217-213 vote.  The version of the AHCA approved by the House would repeal all of the ACA taxes, with the exception of the so-called “Cadillac” excise tax on high-dollar health plans (which would be delayed until 2025).  The bill now moves to the Senate, where changes are expected.  The following are the highlights of the tax-related provisions of the bill as approved by the House: 

    Read More

    House to Vote Today on Amended Version of American Health Care Act That Would Repeal Most ACA Taxes Effective for 2017

    Posted by Natalie Takacs on Mar 23, 2017 1:30:00 PM

    Topics: Tax Planning & Strategies

    The House of Representatives is scheduled to vote today on the American Health Care Act (the “AHCA”), the GOP-proposed replacement to Obamacare.  In advance of the vote, on March 20, 2017, the House Rules Committee released amendments to the AHCA designed to widen its support among House Republicans.  The amendments would tighten new rules for Medicaid eligibility, accelerate the repeal of most ACA-related taxes, and allow the Senate to consider changes to the structure of the new tax credits for older individuals. 

    The following are the highlights of the tax-related provisions of the amendments: 

    Read More

    Highlights of Tax Provisions of American Health Care Act

    Posted by Natalie Takacs on Mar 14, 2017 9:09:52 AM

    Topics: Tax Planning & Strategies

    In a step toward repealing and replacing the Affordable Care Act (“ACA”), on March 9, 2017, the House Ways and Means Committee approved the House GOP’s American Health Care Act (“AHCA”) along party lines by a 23-16 vote. In the version of the bill approved by the Ways and Means Committee, the AHCA would repeal all of the ACA tax provisions, with the exception of the so-called “Cadillac” excise tax on high-dollar health plans (which would be delayed until 2025). 

    Read More

    Highlights of the Tax Proposals from Governor Kasich's 2018-2019 Budget

    Posted by Natalie Takacs on Feb 22, 2017 8:00:00 AM

    Topics: Tax Planning & Strategies

    On January 30, 2017, Governor John Kasich introduced his FY 2018-19 budget proposal.  Over the biennial period, the personal income tax rate reductions contained in the budget would result in an approximate 17% personal income tax cut.  To help pay for the income-tax cut, the budget proposes tax increases on alcohol, tobacco products, and gas drilling, as well as a ½% increase in the state sales tax. 

    Read More

    Federal Judge Grants Preliminary Injunction to Stop DOL's Final Overtime Rule

    Posted by Natalie Takacs on Nov 29, 2016 9:23:51 AM

    Topics: Tax Planning & Strategies

    On Tuesday, November 22, 2016, Federal Judge Amos L. Mazzant of the United States District Court for the Eastern District of Texas issued his ruling in State of Nevada Et Al v. United States Department of Labor Et Al. In his Memorandum Opinion, Judge Mazzant ordered a nationwide injunction to the final overtime rule that was to have gone into effect on December 1, 2016.  

    Read More

    Bright-Line Residency Test Must Be Supported by Common Law Domicile

    Posted by Natalie Takacs on Aug 25, 2015 11:31:00 AM

    Topics: Tax Planning & Strategies

    On July 8, 2015, in the case of Cunningham v. Testa, Slip Opinion No. 2015-Ohio-2744, the Ohio Supreme Court upheld the Ohio Tax Commissioner’s assertion that a taxpayer was subject to Ohio income tax even though the taxpayer had an abode outside of Ohio, did not have more than 182 contact periods in Ohio, and had timely filed an Affidavit of Non-Ohio Residency / Domicile. During 2008 (the year in question), Kent Cunningham (a long-time resident of Ohio) had applied for the homestead exemption on his Ohio residence, used his Ohio address to receive mail, held an Ohio driver’s license, and voted in Ohio. Based on these common law factors, the Court found that Mr. Cunningham had made a false statement on his Affidavit when he claimed not to be domiciled in Ohio, and as a result of his false statement, was presumed to be domiciled in Ohio.

    Read More

    Ohio Budget Offers Significant Tax Savings

    Posted by Natalie Takacs on Jul 7, 2015 3:12:56 PM

    Topics: Tax Planning & Strategies

    On June 30, 2015, Gov. John Kasich signed the 2016-17 Ohio budget bill (H.B. 64). The key tax provisions of the bill include a 6.3% across-the-board state income tax cut for all taxpayers and the expansion of the preferential tax treatment available to small business taxpayers.  

    Read More

    Subscribe to Email Updates

    New Call-to-action
    New Call-to-action
    New Call-to-action
    New Call-to-action