Legislators presented sponsor testimony to the House Ways & Means Committee March 26 on HB 30, phasing down over two years the state income tax to a flat rate of 2.75% on nonbusiness income. Business income would remain at its current flat rate of 3%.
ODT's final session of the Personal Income Tax Webinar Series, designed to provide essential filing season tips and reminders to help navigate this tax season with confidence, will be held April 2. ODT also announced extended phone hours.
On March 21, FinCEN issued an Interim Final Rule significantly narrowing the existing beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act.
The IRS is reminding retirees that in most cases those who turned 73 in 2024 must start receiving payments from Individual Retirement Arrangements (IRAs), 401(k)s and similar workplace retirement plans by April 1.
Ohio businesses with a taxable year beginning Jan. 1 that want to file their 2025 municipal net profits tax with the Ohio Department of Taxation, must register on or before April 15 on the Ohio Business Gateway.
On March 7, Ohio Gov. Mike DeWine signed House Bill 14 into law effective immediately. This legislation incorporates into Ohio law the federal tax changes to the Internal Revenue Code which became law since March 15, 2023.
The Ohio Department of Taxation is reminding all financial institutions tax (FIT) practitioners and taxpayers that the second estimated tax payment for the 2025 FIT tax year is due by March 31, 2025.
The IRS has released its annual Dirty Dozen list of tax scams for 2025 with a warning for taxpayers, businesses and tax professionals to watch out for common schemes that threaten their tax and financial information.
The IRS also reminds taxpayers that beyond the Dirty Dozen, there are a wide array of other abusive schemes and bogus tax avoidance strategies that can mislead well-intentioned taxpayers. These can involve different types of trusts, offshore schemes and even individual retirement arrangements. More information on past schemes is available on the special Dirty Dozen section on IRS.gov.
In a March 2 update, the Treasury Department announced that with respect to the Corporate Transparency Act, it will not enforce any penalties or fines associated with the BOI reporting rule under the existing regulatory deadlines.
With the Ohio legislature expected to have over 30 property tax reform bills introduced, hearings have begun on some of the proposals in both the House and Senate Ways & Means Committees.