The IRS is renewing calls for businesses to review the Employee Retention Credit (ERC) guidelines to avoid future compliance action for improper claims.
State tax revenues ran nearly 2% ahead of expectations in February and are just about on target for the fiscal year so far, according to preliminary revenue data from the Office of Budget and Management.
The Ohio Department of Taxation issued a new information release for the municipal net profit tax to advise taxpayers and municipalities of recent legislative changes made by Am. Sub. H.B. 33 related to the municipal net profit tax as administered by the ODT.
A reminder to all financial institutions tax (FIT) practitioners and taxpayers that the second estimated tax payment for the 2024 FIT tax year is due by April 1, 2024.
A veteran of Ohio tax administration told the General Assembly’s property tax study panel Wednesday that the flagship policy for preventing spikes in tax bills no longer works well.
Most companies say they have made materially significant mistakes regarding indirect tax, according to a survey which also found only a minority of companies identify as risk averse in this area.
An ODT updated information release has been issued to clarify whether a consolidated elected taxpayer or combined taxpayer group must register and pay the commercial activity tax when total taxable gross receipts fall below certain thresholds.
The Ohio Supreme Court today issued a 5-2 decision in the Schaad v. Alder case, Slip Opinion No. 2024-Ohio-525, effectively denying impacted Ohio taxpayers from seeking a refund of municipal income tax paid to a municipality where they neither work nor live.
The oral arguments in the Schaad v. Alder case were held nearly one year ago on March 1, 2023. While we still await the Ohio Supreme Court’s decision determining whether taxpayers can obtain 2020 municipal income tax refunds, members can attend an upcoming municipal income tax symposium.
Tax revenues are down about half a percent for the fiscal year so far after another underperformance in January, but the overall revenue picture and sizable underspending leave Ohio’s budget on solid footing.
On Wednesday evening, the U.S. House passed bipartisan tax legislation by a vote of 357 to 70 that would temporarily expand individual tax credits and revive several business tax breaks.