Ohio Launches “TechCred” – for a limited time
Ohio has formally announced a new simplified training program seeking to enhance the technology skillsets of Ohio’s workers. The program, TechCred Training Reimbursement Program (“TechCred”), is offering a cash reimbursement to employers for the cost of employee training related to technology up to $2,000 per employee and $30,000 per employer. Eligible training can include existing […]
Ohio Tax Update: Ohio 2020-2021 Biennial Budget Tax Reform
Overview The Ohio legislature passed HB 166, the FY 2020-2021 Biennial Budget and with it significant tax reform affecting both businesses and individuals. The reform is highlighted by an opportunity zone credit and a 4% individual income tax rate reduction. The bill also imposes sales tax for out-of-state sellers and marketplace facilitators. Ohio’s Biennial Budget […]
Oregon Enacts Gross Receipts Tax
The State of Oregon recently enacted a gross receipts-type tax on all businesses (including self-employed people) with commercial activity in Oregon. This tax is in addition to Oregon’s corporate and personal income taxes. Oregon does not levy a sales tax. The tax applies to businesses having commercial activity over $1 million and includes financial institutions […]
Ohio Tax Department Changes its Position on the IRC §168(k) and §179 Bonus Depreciation Addback
The Ohio Tax Department is now requiring bonus depreciation addback without exception. Under continuing Ohio law, if a taxpayer deducts bonus depreciation under IRC § 168(k) or 179 on their federal return for the taxable year, when the taxpayer calculates their Ohio adjusted gross income, they must add back a certain portion of that deduction. […]
Ohio House Proposes Major Income Tax Changes
Last week the Ohio House of Representatives passed its version of the Biennial Budget (HB 166) proposing several changes to the Ohio personal income tax. The two most notable changes were: Reduction of the business income deduction from $250,000 to $100,000 Elimination of the 3% tax rate applicable to business income, subjecting the income to […]
Ohio Taxpayers May Be Missing A Big Deduction Opportunity
A surprising number of Ohio taxpayers are missing a golden opportunity to reduce their tax liability using a relatively straightforward deduction. The Ohio Business Income Deduction allows taxpayers to deduct from their federal adjusted gross income the first $250,000 of business income earned by single taxpayers or married taxpayers who file jointly. For married taxpayers […]
Get ready for new sales tax rules
The U.S. Supreme Court Case, South Dakota v. Wayfair Inc., overturned the physical presence standard for sales tax that had been in place since 1992 in Quill Corp. v. North Dakota, and replaced it with an economic standard. The guidelines established by South Dakota’s Supreme Court, which are anticipated to be adopted by states across […]
Does prepaying property taxes make sense anymore?
Prepaying property taxes related to the current year but due the following year has long been one of the most popular and effective year-end tax-planning strategies. But does it still make sense in 2018? The answer, for some people, is yes — accelerating this expense will increase their itemized deductions, reducing their tax bills. But […]
Navigating the New Rules of Online Sales Tax
Please note: CPE is not available for the on-demand version of this webinar, it was only available for the live event. The U.S. Supreme Court recently overturned the physical presence standard, which held that, for a state to impose sales tax on an out-of-state seller, the seller must have physical presence in the state. In the […]
R&D Tax Credit E-Book: Don’t Leave Money on the Table
R&D Tax Credit E-Book: Don’t Leave Money on the Table Don’t leave money on the table by assuming your company isn’t eligible to take advantage of R&D tax credits. To make sure you don’t miss out, we developed this guide to help you determine your company’s eligibility, provide an overview of the stages of an […]