Tax

Dec 20, 2024, 00:00 AM by Jessica Salerno Shumaker

Effective Jan. 1, 2025, the annual exclusion amount for business increases from $3 million to $6 million. If your taxable gross receipts are $6 million or less, you will not have to pay the tax.

Dec 16, 2024, 00:00 AM by Jessica Barboza

The Ohio Board of Tax Appeals held that certain financial authorization services are not taxable automatic data processing (ADP) or electronic information services (EIS).

Dec 16, 2024, 00:00 AM by Jessica Barboza

In case you missed them, here are some recent interesting tax and financial planning news items from around the web.

Dec 13, 2024, 00:00 AM by Jessica Barboza

The IRS has issued new guidance formalizing the $5,000 threshold for reporting 2024 payments made through third-party payment networks on Form 1099-K and has set a new $2,500 threshold for payments made in 2025.

Dec 13, 2024, 00:00 AM by Jessica Barboza

In case you missed them, here are some recent interesting tax and financial planning news items from around the web.

Dec 6, 2024, 00:00 AM by Jessica Salerno Shumaker

The second phase of OH | Tax eServices will allow taxpayers to file more types of returns, including sales/use, public utility and personal property among others.

Dec 5, 2024, 00:00 AM by Jessica Salerno Shumaker

The former Ohio Tax Commissioner offered this advice to CPAs on tax developments in the new year: be prepared for anything.

Dec 5, 2024, 00:00 AM by Jessica Barboza

The IRS is extending the transition period for revising claims for the research and development tax credit, which gives taxpayers 45 days to "perfect" a research credit claim for refund prior to the IRS's final determination on the claim.

Dec 5, 2024, 00:00 AM by Jessica Barboza

In case you missed them, here are some recent interesting tax and financial planning news items from around the web.

Nov 27, 2024, 00:00 AM by Jessica Barboza

The IRS is making it easier for taxpayers to protect their information and avoid refund delays by accepting certain e-filed tax returns that claim dependents who have already been claimed on another taxpayer’s return. This change will benefit filers claiming important tax credits like the Earned Income Tax Credit and Child Tax Credit.

Nov 27, 2024, 00:00 AM by Jessica Barboza

In case you missed them, here are some recent interesting tax and financial planning news items from around the web.

Nov 22, 2024, 00:00 AM by Jessica Salerno Shumaker

Ohio Business Gateway users only have one more week to act before Dec. 2 – that’s when multi-factor authentication becomes an OH/ID login requirement for the OBG.

Nov 22, 2024, 00:00 AM by Jessica Barboza

The Ohio Department of Taxation is reminding all sales and use tax practitioners and taxpayers that the October 2024 monthly sales and use tax returns are due Nov. 25, 2024. Returns must be filed for each period the account is active.

Nov 22, 2024, 00:00 AM by Jessica Barboza

In case you missed them, here are some recent interesting tax and financial planning news items from around the web.

Nov 22, 2024, 00:00 AM by Jessica Barboza

Gartner expects end-user cloud spending to increase 21.5% globally to $723 billion in 2025, according to a report. The market will reach nearly $600 billion this year, the analyst firm said.

Nov 15, 2024, 00:00 AM by Jessica Salerno Shumaker

Ohio Business Gateway users only have two more weeks to act before Dec. 2 – that’s when multi-factor authentication becomes an OH/ID login requirement for the OBG.

Nov 15, 2024, 00:00 AM by Jessica Barboza

The IRS is advising enrolled agents whose Social Security number (SSN) ends in 0,1, 2 or 3, that they have until Jan. 31, to renew their status.

Nov 15, 2024, 00:00 AM by Jessica Barboza

In case you missed them, here are some recent interesting tax and financial planning news items from around the web.

Nov 14, 2024, 00:00 AM by Jessica Salerno Shumaker

Variances in major tax sources balanced out to an on-target revenue haul in October, according to preliminary figures from the Ohio Office of Budget and Management.

Nov 8, 2024, 00:00 AM by Jessica Barboza

The AICPA is asking the U.S. Department of Treasury and the IRS to issue new guidance to cannabis businesses and tax preparers in anticipation of a change to marijuana’s classification to a Schedule III controlled substance instead of a Schedule I, according to an Oct. 21 letter to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel.