In a victory for CPAs reminiscent of last year’s passage of municipal income tax reform, the Ohio Supreme Court recently ruled unanimously in favor of taxpayers in the case of MacDonald v. Shaker Heights Board of Income Tax Review.

For decades, the IRS used the same application, Form 1023, for all nonprofits seeking Section 501 (c)(3) tax-exempt status. Although, the IRS had a lower application fee ($400 instead of $800) for small nonprofits with annual gross income of less than $10,000, there wasn’t a simpler application process for the small organizations.

“EMV” is shorthand for Europay, MasterCard and Visa, three major players that joined forces to create protocols for global payment card acceptance. The EMV system works with point-of-sale terminal and ATM manufacturers and credit card processors to ensure that new cards embedded with electronic chips work worldwide. It is the only effective and efficient technology now in use that can prevent payment card fraud on a global scale.

The District Court for the Northern District of Ohio denied a couple’s theft loss deduction for the worthless stock they acquired as part of a “pump and dump” scheme.

When a person reaches age 70.5, and they have an IRA account, they must start taking Required Minimum Distributions (RMD) annually.

The state of Ohio recently enacted a one-time sales tax holiday to occur only in 2015. The holiday starts on Friday, August 7, 2015 at 12:01 a.m. and ends on Sunday, August 9, 2015 at 11:59 p.m.