Professional Accounting Blog

    Accounting For Your Prosperity

    Peter DeMarco

    Peter DeMarco, with nearly three decades of tax planning experience, is a Vice President at Meaden & Moore as well as Director of the Tax Services Group.

    Recent Posts

    Guidance on Claiming 20% Rental Deduction

    Posted by Peter DeMarco on Apr 3, 2019 11:13:16 AM

    Topics: Tax Planning & Strategies

    The Internal Revenue Service recently offered welcome news to some business owners still sorting out the impact of the Tax Cuts and Jobs Act. 

    One of the key provisions of the tax reform law passed more than a year ago is a 20% deduction of qualified business income from each of a taxpayer’s qualified trades or businesses when operated as a pass-through entity, like a partnership, S corporation or sole proprietorship. As exciting as the deduction sounds, it also produced plenty of questions that the IRS needed to answer to enable people to understand how it would be applied in practice.

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    Tax Reform Gives Business Owners Credit for Paying Some Employees on Leave

    Posted by Peter DeMarco on Jan 18, 2019 2:10:56 PM

    Topics: Tax Planning & Strategies

    One of the lesser known tax breaks of tax reform gives business owners some incentive to reconsider the benefits they extend to employees when they take family leave. 

    The Tax Cuts and Jobs Act of 2017 is the tax reform measure so huge, Americans in many ways are still digesting what it will mean for them. That’s true for small business owners who may be unaware that they now have a good reason to consider paying employees when they take a leave of absence to attend to family members.

    The Family and Medical Leave Act of 1993 already requires most businesses with at least 50 employees to allow up to 12 weeks off for certain specified reasons to care for family members. Individuals often use the protection when they experience the birth of a child, for example, or an extended illness in the family.

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    You Are the Best Identity Theft Protection for Your Business

    Posted by Peter DeMarco on Apr 20, 2017 1:49:54 PM

    Topics: Accounting & Auditing

    While the warning signs that an individual’s identity has been stolen are relatively easy to spot, every business owner faces an extra level of complexity when protecting his or her company’s identity from theft. Knowing the more common at-risk indicators—and how to effectively take action—can lessen the risk and eliminate any long-term consequences.

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    Ohio Leads the Way in Taxing Online Sellers

    Posted by Peter DeMarco on Mar 8, 2017 8:00:00 AM

    Topics: Accounting & Auditing

    The growth of Internet sales has been a welcome development for many companies over the past two decades. The worldwide web presents a growth opportunity for some businesses that would never have been possible in the past.

    However, taxation of income from these sales has become a relatively muddled arena. Many state legislatures have not come to grips with exactly how to handle these cross-border sales while their “bricks and mortar” constituent retailers are crying “foul.” One example is where local businesses are required to add sales tax to the price of products while non-resident sellers ship their products across many state lines with no added charges.

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    Tax Tips for Renting Your Home During the Republican National Convention

    Posted by Peter DeMarco on May 3, 2016 10:13:07 AM

    Topics: Tax Planning & Strategies

    The Republican National Convention (RNC), a four-day event being held July, 2016, will bring an onslaught of visitors to the Cleveland, Ohio area. These individuals will be looking for accommodations during this time and many Clevelanders are preparing to rent out their homes for the occasion.

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    Know the Rules Before Deducting Sports Tickets as a Business Expense

    Posted by Peter DeMarco on Dec 8, 2015 10:00:00 AM

    Topics: Tax Planning & Strategies

    A common practice for business owners is to mix business and entertainment at a sporting event. Whether it be a basketball, football, or baseball game, these events are often times an influential part of business dealings. Deals can be closed and prospects can be wooed thanks to the relaxed atmosphere of a stadium or arena. The same kind of pressure to do business is not present as it would be in a boardroom, allowing conversations to flow easily.

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    8 Categories to Consider When Filing Your Taxes

    Posted by Peter DeMarco on Oct 1, 2015 9:00:00 AM

    Topics: Tax Planning & Strategies

    When it comes to filing your taxes, there are many different aspects to consider. With tax season approaching, it is important to consider which of the 8 main categories you have to worry about as well as understand how to file your taxes for each. In order to get prepared, we’ve provided a quick overview of the different categories you should consider. 

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    Do You Qualify for the Domestic Production Activities Deduction?

    Posted by Peter DeMarco on Jul 2, 2015 11:00:00 AM

    Topics: Tax Planning & Strategies

    Companies claiming the “domestic production activities deduction” that is permitted under the tax code have some new guidance to consider as they determine where they might be eligible for the deduction.

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    Using Personal Goodwill for Lower Taxation on Business Sale

    Posted by Peter DeMarco on Jun 4, 2015 11:00:00 AM

    Topics: Tax Planning & Strategies

    When it comes to the small business owner, you need the right planning and documentation to be able to put a separate tax-advantage cost tag on your goodwill.

    The Tax Theory

    In the recent tax court decision that upheld the idea of tax-advantage, many tax practitioners have been left wondering if the theory of the tax-advantage can practically work. However, there is some good news for business owners; they may be able to lower their corporate level tax when they have an acquisition or merger. This can be done by separately transferring and identifying the original owner goodwill in the current business.

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    How Depreciation Rules Impact Deductions

    Posted by Peter DeMarco on May 29, 2015 10:29:00 AM

    Topics: Tax Planning & Strategies, Small Business

    Small Business Tax for Entrepreneurs

    When looking at tax for small businesses, let's look at an example many entrepreneurs face. You may have one or a few cars related to your company that are subjected to tax laws in regards to claiming expenses for owning the vehicles. Depreciation rules are tricky and often disregarded because segments of the rules are not well outlined.

    Entrepreneurs are permitted by the U.S. Tax code to deduct from their taxable income the full price tag of qualifying equipment in any given year; limits are also set on depreciation for public transport vehicles. At inception, vehicle devaluation limits were known as “luxury automobiles.”

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