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CPA Voice: When to amend for the Ohio R&D tax credit

Written on Dec 16, 2021

Thousands of U.S. businesses each year claim the federal research and development tax credit, but many fail to take advantage of additional tax credit opportunities that might be available to them at the state level. 

In the November/December issue of CPA Voice, Margaret Krajcer, J.D., Esq., tackles the issues businesses should consider when weighing whether to amend for the Ohio credit. 

“The good news is that even if an Ohio taxpayer has failed to claim the state incentive on an originally filed return, there is still an opportunity to claim it via the amended return process,” Krajcer writes. “The bad news is that from a utilization perspective, there are some nuances around the Ohio credit that make it more restrictive than the federal credit, thus not all Ohio taxpayers may benefit from it.” 

To successfully navigate these waters, CPAs must understand the process for claiming the credit and related refunds, paying attention to the proper timing, forms, and documentation. Learn more now in the November/December issue of CPA Voice

Did you know that reading CPA Voice can help you satisfy your CPE requirement? No matter your location or the time of day – and even without the benefit of electricity – you can gain CPE credit with each issue. 

Every edition includes a 12-question self-assessment exam covering content from that issue. Receive a grade of 75% or higher and you’ll earn one hour of CPE credit in specialized knowledge. 

Best of all, you can take the exam when and where it’s convenient for you. Exams remain available online – and may be completed for CPE – through the same month of the following year.