Key Takeaways Under a bill signed by Governor DeWine this year, companies subject to Ohio’s Commercial Activity Tax (CAT) will receive a significant tax break beginning in 2024. Beginning January 1, 2024, taxpayers will only pay CAT on taxable gross receipts exceeding...
The Internal Revenue Service (IRS) recently announced a renewed effort to ensure compliance with federal tax law, specifically focusing on high-income earners, partnerships, and large corporations. This additional scrutiny results from the additional funding obtained...
Recently, the Wall Street Journal published an article entitled "The SALT Cap Has a $20 Billion Hole." The premise of the article was that the projections of the additional revenue that would be received by limiting the SALT deduction to $10,000 under the Tax Cut and...
Is it charitable to donate to a group that facilitates opportunities for athletes at a particular college? The IRS thinks not. In a recent memo released from the office of the IRS Chief Counsel, the IRS asserts that this would be a “private benefit” to just a few star...
In a rare unanimous opinion, the U.S. Supreme Court recently confirmed that existing law allows the IRS to probe your bank records, without ever notifying you. Under the applicable statute, the Court concluded the IRS is not required, in every circumstance, to notify...
The Ohio House of Representatives passed an $88 billion state budget plan this week that includes tax cuts, infrastructure improvements, additional K-12 public education funding and increased coverage for Medicaid. The 4,300-page, two-year funding plan now moves on to...
Every year, the IRS issues a list of the top 12 scams and schemes for taxpayers to take caution to avoid. While the first of April marked the annual “April Fools” period, I don’t want you to be fooled by IRS scams. So, while your kids may have played tricks on you...
For the first time in five years, Ohio may initiate a Tax Amnesty program for taxpayers to resolve delinquent tax obligations. Under a bill signed by Governor DeWine in January 2023, the Director of Budget and Management can determine that a tax amnesty program would...
The Research and Development Tax Credit, formally known as the Credit for Increasing Research Activities under Section 41 of the Internal Revenue Code, has been in existence for many years to encourage companies to conduct research and development for further...
Ohio provides for property tax exemptions for real property held by 501(c)(3) non-profit organizations. However, the exemption is not automatic. The exemption generally applies to real property owned by a qualifying 501(c)(3) non-profit business, provided that there...