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Tax and financial planning news from around the web: September 23 – 27, 2024
In case you missed them, here are some recent interesting tax and financial planning news items from around the web.Full story -
OSCPA Town Hall discusses taxation landscape as election looms
Everything is at stake when it comes to federal tax legislation for the upcoming election, according to one tax expert.Full story -
How remote workers impact company tax obligations
The pandemic caused a significant increase in hiring remote workers and that means more tax considerations for businesses.Full story -
Tax collections slightly exceed revised forecast in August
Newly updated revenue forecasts for FY25 were close to the mark in August, with tax collections netting about half a percent more than expected, according to the OBM.Full story -
Navigating tax-efficient investing
CPAs looking to collaborate with clients to enhance their financial futures should consider the changes ahead.Full story -
Ohio Business Gateway deadline approaching
The OBG on September 5 implemented a targeted enhancement for CPAs to simplify and streamline the User Access Request process within the OBG Portal.Full story -
Calling all tax experts!
Take the next step in your career and bring added value to your team and clients through the George W. Daverio School of Accountancy’s MTax program.Full story -
OBM working on mid-biennium forecast update; July revenues slightly exceed prior year
State tax collections reached $2.1 billion in July, the first month of FY25, according to preliminary figures released Thursday by the Office of Budget and Management.Full story -
ODT seeking volunteers to test new OH|TAX eServices system
his group will provide feedback and participate in testing. On-site system testing is planned for the last few weeks of September, with multiple dates and times available.Full story -
Double Trouble: Ohio Business Gateway; ODT proposes revised rule
August 1st is already in the rearview mirror, and members may not have noticed any changes when utilizing their OH/ID logins for the Ohio Business Gateway.Full story -
Yost rejects 'Homestead' amendment for lack of signatures
The proposed amendment says the state or local governments "shall not have the right or power to increase the taxable property value on any citizen's private property or properties," without the private property owner's agreement or consent.Full story -
Final reminder: Ohio 2024 sales tax holiday starts Tuesday
Ohio will have an expanded sales tax holiday from 12 a.m. Tuesday, July 30 through 11:59 p.m. Thursday, Aug. 8.Full story -
The cost segregation strategies CPAs should know
Real estate investors and CPAs should understand the benefits of cost segregation studies to leverage IRS guidelines and maximize depreciation deductions.Full story -
Mr. B brings you an update on BOI and BWC
While Mr. B teaches kids their ABCs, this week he’s bringing updates on Beneficial Ownership Information and the Ohio Bureau of Workers’ Compensation.Full story -
Ohio ranks fifth in report on taxpayer return on investment
Ohio was recently ranked fifth-highest among states for taxpayer return on investment by personal finance site WalletHub, leading all neighboring states.Full story -
ODT seeks OSCPA members for usability study
Last summer, the Ohio Department of Taxation launched Project NextGEN to replace the current systems that administer Ohio’s individual and school district income taxes. The new system is scheduled to go-live on Sept. 5, 2023, and will provide a “banking experience” for taxpayers and tax professionals.Full story -
State ends FY24 with $1.1B balance despite tax misses
Despite lagging tax revenues, investment earnings and underspending helped Ohio end the fiscal year with a $1.1 billion balance.Full story -
ODT proposes cannabis tax rules
The Ohio Department of Taxation has proposed several rules for the administration of the adult use cannabis tax.Full story -
DOD releases Opportunity Zones Tax Credit application
The Ohio Department of Development (DOD) recently announced the release of the program application for the July 2024 round of the Ohio Opportunity Zones Tax Credit.Full story -
IRS announces tax relief for taxpayers impacted by tornadoes in Ohio; various deadlines postponed to Sept. 3, 2024
The IRS announced on May 16 tax relief for individuals and businesses in Ohio that were affected by tornadoes that began on March 14, 2024.Full story