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...
On Feb. 28, 2023, the U.S. Supreme Court decided Bittner v. United States, holding that non-willful violations of the Bank Secrecy Act (BSA) should be handled per annual report, not per bank account, a ruling that saved the taxpayer in this case millions in fines....
As of today, no one has successfully picked the right numbers to win the current Mega Millions jackpot. Based on current projections, it is scheduled to reach $1.35 billion by the drawing on Friday, Jan. 13, 2023. This is the second-largest Mega Millions drawing and...
January 1 marks the start of the new year and with a new year comes new tax law changes. If you’re an Ohio State Buckeyes fan, your New Year did not begin exactly how you wanted to, but the year looks bright going forward. As we begin the new year, it is important to...
On August 10th, the US Senate passed the bipartisan Infrastructure Investment and Jobs Act (“Infrastructure Bill”). While much of the Infrastructure Bill focuses on funding for roads, bridges, electric vehicles, high-speed internet, and modernization of electrical...
This week, the Small Business Administration announced the launch of a streamlined application portal for Paycheck Protection Program (PPP) borrowers who received less than $150,000 of funding. Under the new program, borrowers who received funding of less than...