Robert Sielschott speaks in front of the Lima Chamber of Commerce on Friday morning.
Cade Higgins | The Lima News
LIMA — The Lima Chamber of Commerce met Friday morning for the Wake, Rattle & Roll event.
Keynote speaker Robert Sielschott, CPA, CVA, Founder and President of Sielschott, Walsh, Keifer, Regula & Sherer, CPAS, Inc. gave his best tax planning tips for businesses in 2024. He discussed various topics such as critical expiring items, acquisition of business equipment, EV credit, SE tax, Ohio PTE, and BOI filing repeal.
“We have a lot of instability in tax law because we have major phase-outs every year,” Sielschott said. According to him, big phase-outs are coming in 2025, beginning with the deducting of state local taxes on Schedule A that is capped at $10,000. “That goes away in 2025,” he said.
Sielschott then discussed the estate tax exclusion. “As for the estate tax exclusion, which is now at $11.2 million indexed for inflation, plan for an estate of $25 million of exclusion before the 40% tax kicks in,” Robert stated. This ($11.2 million) falls back to $5.6 million indexed for inflation at the end of 2025. “This is not a problem for most, but for those of which it is, it’s major. Plan to get to the $11.2 million now to avoid this in your 2025 plans,” he said.
Sielschott concluded his speech by informing the audience how pivotal it is to repeal the “ridiculous” small business regulation, or the Corporate Transparency Act, that went into effect at the beginning of 2024.
The bipartisan act aims to prevent and combat money laundering, terrorist financing, corruption, and tax fraud by increasing transparency of entity structures and ownership. Common cons of the act have to do with the burdens that are placed on small businesses as well as potential for civil and criminal penalties to those who don’t comply.
“The Senate has proposed a repeal supported by both parties. Senator Brown and Senator Vance both support the repeal,” he said. “Call them, email them, and tell them we have to have beneficial ownership repealed, or we’re going to have literally millions of people across the United States not comply with this law and be penalized,” Sielschott said.
In August, the Chamber of Commerce will host an event on Friday, August 23 at the Fairgrounds, 2750 Harding Highway in Lima beginning at 7 a.m. Adam Sharp, Vice President of the Ohio Farm Bureau Federation, will be the keynote speaker.
Reach Cade Higgins at 567-242-0351
