The Ohio House Finance Committee on May 2 accepted several tax changes to the amended version of Ohio’s biennial budget, chief among them to significantly cut the benefits from Ohio’s Business Income Deduction.
Small business owners experienced tax relief on many fronts with the passage of the Tax Cuts and Jobs Act (TCJA) in 2017. But many of the benefits, including the valuable Small Business Deduction, are scheduled to expire after Dec. 31, 2025, absent Congressional action.
Ohio businesses with a taxable year that begins on March 1 that want to file their 2019 municipal net profit tax return with the Ohio Department of Taxation must register by midnight, May 1.
The Ohio Department of Taxation this week issued a reminder to all commercial activity tax (CAT) practitioners and taxpayers that the first quarter 2019 CAT return is due May 10.
The IRS has announced the results of a national two-week education and enforcement campaign to combat employment tax crimes featuring visits to nearly 100 businesses showing signs of potential serious noncompliance and taking several dozen legal actions against suspected criminals.
The IRS has clarified the tax treatment of state and local tax refunds arising from any year in which the new limit on the state and local tax (SALT) deduction is in effect.
The IRS is providing additional expanded penalty relief to taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.
U.S. citizens and resident aliens — including those with dual citizenship — with a foreign bank or financial account face an April 15 deadline to file their annual Report of Foreign Bank and Financial Accounts.