Tax

Mar 28, 2025, 02:00 by Natalie Rooney

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%.

Mar 28, 2025, 02:00 by Natalie Rooney

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.

Mar 28, 2025, 02:00 by Natalie Rooney

On March 21, FinCEN issued an Interim Final Rule significantly narrowing the existing beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act.

Mar 21, 2025, 02:00 by Natalie Rooney

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.

Mar 14, 2025, 02:00 by Natalie Rooney

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.

Mar 14, 2025, 02:00 by Natalie Rooney

Interested in filing season tips, tricks and reminders? Register for one of the Ohio Department of Taxation’s personal income tax webinars!

Mar 13, 2025, 02:00 by Natalie Rooney

The IRS has released a Tax Tip for Tax Pros encouraging Ohio tax practitioners to remain vigilant as the April 15 filing deadline approaches.

Mar 6, 2025, 00:00 by Natalie Rooney

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.

Feb 28, 2025, 02:00 by Natalie Rooney

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.

Feb 28, 2025, 02:00 by Natalie Rooney

The average tax refund this year is down 32.4% compared to last year, according to early filing data from the IRS.

Feb 28, 2025, 02:00 by Natalie Rooney

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

Feb 27, 2025, 02:00 by Natalie Rooney

Franklin University established its VITA program in 2013 to provide accounting and finance majors with experiential and service-learning opportunities through preparing tax returns at no charge for those in need.

Feb 21, 2025, 02:00 by Natalie Rooney

FinCEN has announced that the new beneficial ownership information reporting deadline is March 21, 2025. AICPA and the state societies continue to urge FinCEN to grant a longer extension period than a 30-day filing extension.

Feb 7, 2025, 02:00 by Natalie Rooney

The Ohio Society of CPAs on Feb. 5 testified as a proponent to the House Ways & Means Committee on House Bill 14, the annual federal/state tax conformity legislation. Later that afternoon, the Ohio House unanimously passed the legislation by a 93-0 vote.

Feb 7, 2025, 02:00 by Natalie Rooney

Gov. Mike DeWine on Feb. 3 announced his FY 2026-2027 executive budget proposal, and higher taxes on tobacco, sports gambling and adult use cannabis would pay for several new programs.

Jan 17, 2025, 00:00 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 10, 2025, 00:00 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 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 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 9, 2025, 00:00 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.