House Passes Wide-Ranging Tax Bill

With a 357-70 vote under the suspension of rules, the House passed the Tax Relief for American Families and Workers Act of 2024 (HR 7024), a $78 billion bipartisan tax deal between the head taxwriters in both chambers.

The bill will now head to the Sentate and faces an uncertain outcome.  More details to come…

For a summary of the Act, click here.




IRS announces moratorium on ERC claims

On September 14, the IRS made the unprecedented announcement to place a moratorium on Employee Retention Credit (ERC) claims, sending a clear message to ERC mills and helping small businesses.

Effective September 14, 2023, the IRS will not review or process any ERC claims received on or after September 14 through at least the end of 2023. Furthermore, the IRS is encouraging taxpayers with existing claims to withdraw them if they believe they are ineligible. The IRS has provided an ERC Eligibility Checklist to help small businesses better understand if they qualify.  For those businesses that already have a processed claim and are ineligible, the IRS will initiate a settlement program.

IRS Defers Proposed Regulation RMD Requirements by at Least One Year, Provides Temporary Rollover Relief to those Born in 1951

Advance version of Notice 2023-54 [PDF 141 KB] providing transition relief for plan administrators, payors, plan participants, individual retirement account and annuity (IRA) owners, and beneficiaries in connection with the change in the required beginning date for required minimum distributions (RMDs) under section 401(a)(9) pursuant to section 107 under Division T of the Consolidated Appropriations Act, 2023, titled “SECURE 2.0 Act of 2022” (SECURE 2.0 Act).

Notice 2023-54 also:

  • Provides guidance related to certain specified RMDs for 2023
  • Announces that the final regulations that the U.S. Treasury Department and the IRS intend to issue related to RMDs will apply for purposes of determining RMDs for calendar years beginning no earlier than 2024


Section 107 of the SECURE 2.0 Act amended section 401(a)(9)(C) to delay the required beginning date applicable to section 401(a) plans and other eligible retirement plans described in section 402(c)(8), including IRAs.

  • For an IRA owner who attains age 72 after December 31, 2022, and age 73 before January 1, 2033, the new required beginning date (that is, the date by which RMDs must begin) is April 1 of the calendar year following the calendar year in which the individual attains age 73, rather than April 1 of the calendar year following the calendar year in which the individual attains age 72.
  • This amendment to section 401(a)(9)(C) is effective for distributions required to be made after December 31, 2022, with respect to individuals who will attain age 72 after that date.
  • As a result of this amendment, IRA owners who will attain age 72 in 2023 (that is, individuals born in 1951) will have a required beginning date of April 1, 2025, rather than April 1, 2024. This delay in the required beginning date means that these IRA owners (who, prior to enactment of the SECURE 2.0 Act, would have been required to take minimum distributions from their IRAs for 2023) will have no RMD due from their IRAs for 2023.
Marissa L. Wilson

Congratulations to Marissa Wilson on five years with ARM!

We appreciate her team spirit and true dedication in growing the ARM Team!

Michael Dicioccio

Congratulations to Michael DiCioccio on five years with ARM!

We appreciate his dedication and hard work in growing the ARM Team!

Congratulations to Rose Boggs and Marissa Wilson!

We would like to congratulate the following individuals on their recent promotions. Your desire and dedication is much appreciated!   Rose Boggs, Tax Senior Manager          Marissa Wilson, Tax Manager

Happy Thanksgiving

Sending good wishes to you this Thanksgiving! Good food that fills your table, good health as you work hard, and good times with family and friends. May you have all the best delights in life. Happy Thanksgiving!

Don’t forget to enjoy some football!   Go Buckeyes!


ARM Announces New Shareholder

ARM is pleased to announce, effective 01/01/2022, Chelsea Williams will be promoted to Shareholder.

For this honor, we asked Chelsea to put down a few words about what this promotion means to her:

It was recently announced I would become a shareholder at ARM CPA as of 1/1/2022. I was asked by a teammate what this moment means to me. I thought to myself, “How could I possibly put into words everything that is going through my head?” The truth is… I can’t. No amount of words could ever fully express the gratitude and appreciation I have for the people at ARM.

Twelve years ago, ARM took a chance on a Capital University intern from Grove City, Ohio. Listed as prior work experiences included only blacktop seal coating, banquet server, and cabinet warehouse manufacturer. Neither the company nor I could have ever predicted I would become a shareholder in the firm one day. This originally was not a realistic goal of mine, but after a few years with the company it was, without a doubt, where I wanted to be. Nothing worth having comes easy or free. But it is a blessing to be able to work with people every day that I consider family.

I wouldn’t be the person, or in the position, I am today without my family. My family has and always will be my #1 priority. I was the lucky girl who got to marry the man she had a crush on in high school. My husband pushes me to be better and expect more out of myself. We have a smart and outgoing daughter who would take on the world at age six if we let her. My parents are amazing. They taught me that hard work, dedication, and a work ethic without excuses will prevail. Additionally, I have had both sides of grandparents, aunts, and uncles who have always been actively involved in my life. My brother grew up having to deal with my competitive nature. We teased each other to no end. However, he knows that he will always be my best friend.

I am extremely grateful for this opportunity. My presence, actions, and attitude will represent the name and brand that the leaders have blazed before me. I am excited for the chance to be a part of the legacy.

– Chelsea L. Williams CPA


Ohio Renews Tax Credits for Opportunity Zone Investments

As part of the state budget signed into law on June 30, 2021, additional funding for the Ohio Opportunity Zone Credit became available for the 2021-2022 biennium period. Similar to the prior two year period, a maximum of $50 million in credits will be awarded on a first-come, first-served basis.

What is the Ohio Opportunity Zone Tax Credit?

The taxpayer invests cash in the Ohio Qualified Opportunity Fund (“Ohio QOF”), which in turn must invest that money in a Qualified Opportunity Zone property in Ohio. Once the money is invested in the Qualified Opportunity Zone property (“QOZ Property”), the taxpayer is eligible for a non-refundable tax credit equal to 10% of the amount of its funds invested by the Ohio QOF in the QOZ Property. The taxpayer may invest in multiple Ohio QOFs and may receive tax credits totaling up to $2 million dollars during the 2021-2022 biennium period.

The Ohio Opportunity Zone Tax Credit is applied to the individual income tax, as outlined in the Ohio Revised Code Section 5747.02. The tax credit may be claimed for the Taxpayer’s qualifying taxable year or the next consecutive taxable year. For the 2020-2021 biennium, a total of $50 million in tax credit allocation in available.

Who is Eligible for the Ohio Opportunity Zone Tax Credit?

To qualify for the credit, a taxpayer must meet the following requirements:

  • A taxpayer must be an individual, trust, estate or pass-through entity that elects to file a return on behalf of its investors. Note, a nonresident taxpayer could participate if they otherwise meet the requirements of a qualified investment.
  • A taxpayer must make or have made an investment in an Ohio QO Fund.
  • The Ohio QO Fund invests all or a part the taxpayer’s fund contribution in a QO Zone property in Ohio. Note, this program is separate from the federal program and a taxpayer need not invest capital gain dollars in the Ohio QO Fund to be eligible for a tax credit in Ohio.
  • A taxpayer made an investment during the eligible period and is subsequently invested in QO Zone property situated in an Ohio Opportunity Zone by the Ohio QO Fund during the eligible period.

How to Apply

Taxpayers that have invested in an Ohio QOF must apply directly to the Ohio Development Services Agency (“Development”) for the tax credit. Applications can be submitted during the eligible peiod for investments made by an Ohio QOF in QOZ Property in Ohio. The application will be available through Development’s application portal and must be filed electronically. Development will review the applications in the order they are received, issuing the tax credit certificate allocation until all eligible applications are funded OR the $50 million in tax credits is fully utilized – whichever comes first.

For more information, visit:

Ohio Department of Development

Ohio Opportunity Zones

SALT Limitation Workaround

The Treasury and IRS have proposed new regulations that will block high-tax states’ attempts to circumvent the new $10,000 cap on state and local tax (SALT) deductions.

The $10,000 limit on the SALT deduction was part of the Tax Cuts and Jobs Act, an overhaul of the tax code, which was passed last year.

New York, New Jersey and Connecticut — among the states with the highest property taxes — had put legislation in place to help taxpayers bypass the limit on the deduction.

Those plans included permitting municipalities to set up charitable funds and allowing taxpayers to contribute to them. This would allow taxpayers to donate to state-run charitable funds and receive a credit against their state tax bills while also deducting the charitable donation on the Federal income tax return.

However, the Supreme Court has held that a charitable contribution must be a transfer of money or property without adequate consideration. Meaning that there can be no benefit received with these transfers.

Therefore, under the proposed regs, a taxpayer who makes payments or transfers property to an entity eligible to receive tax deductible contributions would have to reduce its charitable deduction by the amount of any state or local tax credit the taxpayer receives or expects to receive. For example, if a state grants a 70% state tax credit and the taxpayer pays $1,000 to an eligible entity, the taxpayer receives a $700 state tax credit. The taxpayer would have to reduce the $1,000 contribution by the $700 state tax credit, leaving an allowable contribution deduction of $300 on the taxpayer’s federal income tax return.

The rule would also not apply for tax credits of no more than 15% of the cash paid to the state. Thus, for example, a taxpayer who makes a $1,000 contribution to an eligible entity would not be required to reduce the $1,000 deduction on the taxpayer’s federal income tax return if the state or local tax credit received or expected to be received was no more than $150.

If you would like to discuss these new regulations in further detail or any other tax planning, please give us a call.