Jul 19, 2024, 00:00 AM
by
Jessica Salerno Shumaker
Ohio was recently ranked fifth-highest among states for taxpayer return on investment by personal finance site WalletHub, leading all neighboring states.
Jul 17, 2024, 00:00 AM
by
Jessica Salerno Shumaker
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.
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.
The Ohio Department of Taxation is offering its Ohio Virtual Tax Academy, a free event designed to provide tax-related information to small business owners, attorneys and accountants.
The share of taxpayers who get money back at tax time is slowly and, a little mysteriously, shrinking. At the same time, the number of people having to cut a check to the government has been rising. Some tax vets wonder what a decline in refunds will mean for tax compliance.
Mar 15, 2024, 00:00 AM
by
Jessica Salerno Shumaker
State tax revenues ran nearly 2% ahead of expectations in February and are just about on target for the fiscal year so far, according to preliminary revenue data from the Office of Budget and Management.
The Ohio Department of Taxation issued a new information release for the municipal net profit tax to advise taxpayers and municipalities of recent legislative changes made by Am. Sub. H.B. 33 related to the municipal net profit tax as administered by the ODT.
A veteran of Ohio tax administration told the General Assembly’s property tax study panel Wednesday that the flagship policy for preventing spikes in tax bills no longer works well.
Feb 16, 2024, 00:00 AM
by
Jessica Salerno Shumaker
An ODT updated information release has been issued to clarify whether a consolidated elected taxpayer or combined taxpayer group must register and pay the commercial activity tax when total taxable gross receipts fall below certain thresholds.
The Ohio Supreme Court today issued a 5-2 decision in the Schaad v. Alder case, Slip Opinion No. 2024-Ohio-525, effectively denying impacted Ohio taxpayers from seeking a refund of municipal income tax paid to a municipality where they neither work nor live.
The oral arguments in the Schaad v. Alder case were held nearly one year ago on March 1, 2023. While we still await the Ohio Supreme Court’s decision determining whether taxpayers can obtain 2020 municipal income tax refunds, members can attend an upcoming municipal income tax symposium.
Tax revenues are down about half a percent for the fiscal year so far after another underperformance in January, but the overall revenue picture and sizable underspending leave Ohio’s budget on solid footing.