Tax

Mar 1, 2024, 00:00 AM by Jessica Salerno Shumaker

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 20, 2024, 00:00 AM by Jessica Salerno Shumaker

It’s the season for IRS ERC exam. Have you or your clients heeded all the warnings and lifelines that the IRS has provided?

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.

Feb 14, 2024, 15:46 PM by Suzanne McCann-Perry

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.

Feb 9, 2024, 00:00 AM by Jessica Salerno Shumaker

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.

Feb 9, 2024, 00:00 AM by Jessica Salerno Shumaker

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.

Feb 9, 2024, 00:00 AM by Jessica Salerno Shumaker

The fourth quarter 2023 commercial activity tax (CAT) return is due Feb. 12 for all CAT practitioners and taxpayers.

Feb 2, 2024, 00:00 AM by Jessica Salerno Shumaker

On Wednesday evening, the U.S. House passed bipartisan tax legislation by a vote of 357 to 70 that would temporarily expand individual tax credits and revive several business tax breaks.

Feb 2, 2024, 00:00 AM by Jessica Salerno Shumaker

Lawmakers reviewing Ohio’s property tax system spent nearly two hours quizzing county auditors about the ins and outs of reappraisals, Board of Revision challenges, abatements and exemptions and potential reforms during a hearing Jan. 24.

Jan 26, 2024, 00:00 AM by Jessica Salerno Shumaker

In November, the Ohio Department of Taxation (ODT) mailed Verification of Income – Missing Ohio IT1040 letters to some taxpayers in error.

Jan 26, 2024, 00:00 AM by Jessica Salerno Shumaker

Ohio would phase out its income tax (on nonbusiness income) entirely and eliminate the Commercial Activity Tax (CAT) as well under plans announced Tuesday.

Jan 19, 2024, 00:00 AM by Jessica Salerno Shumaker

On Tuesday, the chief tax writers in Congress announced a framework of a compromise tax bill that would temporarily expand individual tax credits and revive several business tax breaks.

Jan 19, 2024, 00:00 AM by Jessica Salerno Shumaker

The newly formed Joint Committee on Property Tax Review and Reform met for the first time on Jan. 10 to learn more about the current state of property taxation in Ohio. The committee was created as a part of HB33 (Edwards) to make recommendations on pending legislation related to property taxation.

Jan 12, 2024, 00:00 AM by Jessica Salerno Shumaker

The IRS recently announced Monday, Jan. 29, 2024, as the official start date of the nation’s 2024 tax filing season when the IRS will begin accepting and processing 2023 tax returns.

Jan 12, 2024, 00:00 AM by Jessica Salerno Shumaker

While legislative efforts to either delay or suspend the Beneficial Ownership Information (BOI) reporting requirements remain ongoing, the Corporate Transparency Act (CTA) went into effect on Jan. 1, 2024, and the initial deadlines for filings will begin to come due 90 days into 2024.

Jan 12, 2024, 00:00 AM by Jessica Salerno Shumaker

Register now for these webinars in January to learn more about how these changes can affect your business.

Jan 12, 2024, 00:00 AM by Jessica Salerno Shumaker

The Personal Income Tax accounted for the shortfall, coming in $266.8 million or 28.4% below the estimate for the month.

Jan 5, 2024, 00:00 AM by Jessica Salerno Shumaker

The Ohio Society of CPAs is partnering with the Ohio Department of Taxation to host a webinar on Wednesday, Jan. 24 covering Ohio individual and school district income tax updates. One hour of CPE will be provided

Jan 5, 2024, 00:00 AM by Jessica Salerno Shumaker

A letter sent in late November to the IRS detailed how an IRS shutdown during the tax filing season would harm taxpayers and tax practitioners. The letter also outlines recommendations to the IRS that could mitigate the long-term effects of a shutdown.

Jan 4, 2024, 00:00 AM by Jessica Salerno Shumaker

Tax teams are gearing up for busy season, and the right mindset and prep ahead of time can help ensure success.