In a win for Ohio’s CPA profession – and Ohio taxpayers – the state’s 10th District Court of Appeals on Jan. 29 upheld a lower court decision supporting the constitutionality of centralized collection of municipal net profits taxes and other municipal tax reforms adopted in recent years by the Ohio General Assembly.
Ohio businesses with a taxable year that begins on Dec. 1 that want to file their 2019 municipal net profit tax return with the Ohio Department of Taxation must register by midnight, Feb. 1.
We asked CPA members of OSCPA’s Federal Tax Committee about the more pressing issues this busy season, and they started with the deduction for qualified business income, the 199A deduction.
The IRS has issued Revenue Procedure 2019-08 to provide guidance on deducting expenses under Section 179(a) and on deducting depreciation under Section 168(g).
The Tax Cuts and Jobs Act is so complex it defies understanding – even by those who wrote it. But Cari Weston, CPA, MST, CGMA, director of tax practice & ethics for the AICPA, said it is worth it for CPAs to try.
The bill is a response to the Ohio Department of Taxation’s interpretation that the state sales and use tax can be applied to certain electronic information services and automatic data processing.
There's been a surge of fraudulent emails impersonating the IRS and using tax transcripts as bait to entice users to open documents containing malware.
The IRS has announced the tax year 2019 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes.
The state Tax Expenditure Review Committee on Nov. 13 released its first report on credits, deductions and exemptions that all together cost the state more than $9 billion in foregone revenue.