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Commercial Activity Tax (CAT) filing deadline reminder
The fourth quarter 2023 commercial activity tax (CAT) return is due Feb. 12 for all CAT practitioners and taxpayers.Full story -
U.S. House passes Federal Tax Extenders Bill on bipartisan vote
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.Full story -
County auditors review complexity of system for property tax study panel
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.Full story -
Ohio Department of Taxation sends more notices in error
In November, the Ohio Department of Taxation (ODT) mailed Verification of Income – Missing Ohio IT1040 letters to some taxpayers in error.Full story -
Lawmakers eye income tax, CAT repeal by decade’s end
Ohio would phase out its income tax (on nonbusiness income) entirely and eliminate the Commercial Activity Tax (CAT) as well under plans announced Tuesday.Full story -
Federal Tax Extenders “Compromise” Bill introduced
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.Full story -
Committee begins work on property tax recommendations
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.Full story -
IRS, ODT resources for upcoming Jan. 29 start date to the 2024 tax filing season
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.Full story -
Updates on the Beneficial Ownership Information reporting requirements
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.Full story -
ODT hosting webinars on upcoming CAT law changes & reminds CPAs of CAT return deadline
Register now for these webinars in January to learn more about how these changes can affect your business.Full story -
December revenues miss mark, come in 11.5% below estimates
The Personal Income Tax accounted for the shortfall, coming in $266.8 million or 28.4% below the estimate for the month.Full story -
ODT provides essential resources for upcoming 2024 tax filing season
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 providedFull story -
The impact on tax practitioners in the event of an IRS shutdown
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.Full story -
How to mentally prepare for tax season
Tax teams are gearing up for busy season, and the right mindset and prep ahead of time can help ensure success.Full story -
Ohio Virtual Tax Academy recordings now available for download
Recordings of the most recent Ohio Virtual Tax Academy event are now available ahead of the 2024 tax season.Full story -
IRS clarifies rules for corporate alternative minimum tax
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).Full story -
Major changes coming to the CAT
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.Full story -
ODT outlines impending changes to certified mail procedures
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.Full story -
IRS sends 20,000 letters disallowing improper ERC claims
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.Full story -
Top tax articles of 2023
Tax updates keep the profession on its toes and this year was no different.Full story