Virtually all Ohio small business owners and investors will be eligible for a 75% tax deduction on the first $250,000 of business income when they file their 2014 Ohio tax return. This is an increase from the 50% deduction they took on their 2013 tax returns.

The Internal Revenue Service is being urged to move up its W-2 filing deadline to January 31 and to lower the threshold for requiring electronic filing of W-2 returns in an effort to curb the growing trend of identity theft related tax fraud.

The Internal Revenue Service has issued new draft instructions, notices and a publication to help taxpayers and tax practitioners deal with the Affordable Care Act.

While preparing 2012 individual tax returns in early 2013, we noticed a trickle of problems on Schedule K-1 from partnership investments in IRAs. That trickle became a flash flood this latest tax season.

U.S. taxpayers reported $9.1 trillion in adjusted gross income (less deficit) for tax year 2012, according to the most recent IRS Statistics of Income Bulletin.

The Social Security Board of Trustees reports the combined asset reserves of the Old-Age and Survivors Insurance, and Disability Insurance (OASDI) Trust Funds are projected to become depleted in 2033.