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.
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
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.
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
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.
Dec 21, 2023, 00:00 AM
by
Jessica Salerno Shumaker
The Department of Treasury and the IRS have issued Notice 2024-10 to provide additional interim guidance on the new corporate alternative minimum tax (CAMT).
Dec 15, 2023, 00:00 AM
by
Jessica Salerno Shumaker
The Commercial Activity Tax will undergo major changes on Jan. 1, 2024, and again on Jan. 1, 2025. Annual and quarterly CAT taxpayers who anticipate having less than $3 million in taxable gross receipts in tax year 2024, should act now and cancel their CAT account immediately with an effective date of Dec. 31, 2023.
Dec 15, 2023, 00:00 AM
by
Jessica Salerno Shumaker
The Ohio Department of Taxation has issued a new information release that details changes to certified mail procedures that will become effective Jan. 1, 2024.
Dec 15, 2023, 00:00 AM
by
Jessica Salerno Shumaker
The IRS is disallowing claims to entities that did not exist or did not have paid employees during the period of eligibility to prevent improper ERC payments from being made to ineligible entities.