Tax

Jan 17, 2025, 00:00 AM by Jessica Salerno Shumaker

The Internal Revenue Service and the Ohio Department of Taxation both recently announced that the 2025 tax season will start on Monday, Jan. 27, 2025, and will feature expanded and enhanced tools to help taxpayers as a result of their modernization efforts.

Jan 17, 2025, 00:00 AM by Jessica Barboza

The Ohio Department of Taxation is reminding all commercial activity tax (CAT) practitioners and taxpayers that the fourth quarter 2024 CAT return is due Feb. 10, 2025.

Jan 17, 2025, 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.

Jan 10, 2025, 00:00 AM by Jessica Salerno Shumaker

This message is a friendly reminder to all commercial activity tax (CAT) practitioners and taxpayers that the fourth quarter 2024 CAT return is due February 10, 2025.

Jan 10, 2025, 00:00 AM by Jessica Salerno Shumaker

The Joint Committee on Property Tax Review and Reform on Jan. 2 released its final report after spending the past year studying Ohio’s property tax system over eight hearings and receiving testimony from 60 witnesses, issuing 21 recommendations while acknowledging some proposals may contradict others.

Jan 10, 2025, 00:00 AM by Jessica Salerno Shumaker

December tax collections either lagged or exceeded targets by big margins, depending on whether a transfer related to last year’s expanded sales tax holiday is factored into the totals, but normal revenue streams were generally on target.

Jan 10, 2025, 00:00 AM by Jessica Barboza

The Department of the Treasury and the IRS have issued proposed regulations to update the rules for certain tax professionals who can practice before the IRS. These rules are contained in Treasury Department Circular 230.

Jan 10, 2025, 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.

Jan 9, 2025, 00:00 AM by Jessica Salerno Shumaker

As I write my last CEO letter as President and CEO of The Ohio Society of CPAs, I am filled with a deep sense of gratitude and pride. It has been an incredible journey, and I am honored to have had the opportunity to lead such a dedicated and talented group of professionals.

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.