Coolidge Wall Co., L.P.A.
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Tax Archives

Real Estate and the Tax Bill

On December 22, 2017, President Donald Trump signed into legislation the Tax Cuts and Jobs Act. Of importance, the bill repealed and/or limited many deductions for individuals, such as implementing a $10,000 cap on deductions for state and local taxes, which includes property tax. This cap, however, does not apply to state and local taxes paid while carrying on a real estate trade or business. The change has led to a spell of homeowners hurrying to prepay their property taxes in order to take the deduction when filing their taxes in April of 2018. Outside of the many changes which will affect individuals at a personal level, there are also many changes, as well as preservations, which will affect the commercial real estate industry.

So You Want to Start a Charity

Everyday people want to know if they can to turn an activity they enjoy into a tax-exempt charity. Probably the most common reason people want to create a tax-exempt charity is to receive tax deductible donations. To receive tax deductible donations, the organization would have to be exempt under Internal Revenue Code Section 501(c)(3). For an organization to be exempt under Section 501(c)(3), the organization has to meet certain basic requirements.

Tax Treatment of Crowdfunding

Crowdfunding has become a popular way for many entrepreneurs to raise necessary capital from online donations. Projects for which crowdfunding has been used varies greatly in size, industry, and what a contributor may expect in return. While some crowdfunding has been on a very small scale, some projects have eclipsed more than $100 million dollars.

New Law Requires 501(c)(4) Organizations to File with the IRS

On December 18, 2015, President Obama signed The Protecting Americans from Tax Hikes Act (the "Act"). The Act contains a requirement that 501(c)(4) social welfare organizations file a notice with the IRS. Prior to the Act, 501(c)(4) organizations could, but were not required to, submit a Form 1024 requesting tax-exempt status from the IRS.

Ready to Throw Out Those Old Tax Records?

Once again, the tax filing season is behind most Americans, leaving in its wake another batch of paper and electronic records for taxpayers to add to what may already be a large collection of old tax papers and files. So, how long should you keep these files, and what documents should be saved in the archives?

Is "Standing" Required Before Boards of Zoning Appeals?

The Board of Zoning Appeals ("BZA") of a political subdivision in Ohio is an administrative body which conducts "quasi-judicial" proceedings. BZA decisions can be appealed under Ohio Revised Code §2506.01. State ex rel. Travelcenters of Am., Inc. v. Westfield Township Zoning Comm (1999) 87 Ohio St.3d 161.

An Overview of the Process of Appealing a Decision of the Board of Revision

The Board of Revision is traditionally the starting point for appealing the County's valuation of your real property. But is a Board of Revision determination final, or is further review available? Further review is available; determinations of the Board of Revision may be appealed to either the Board of Tax Appeals or the Court of Common Pleas. Below are some fast facts regarding the appeals process.