The Study In the summer of 2019, Cleveland’s Office of Community Development and the Equitable Community Development Working Group commissioned a study (the “Study”) to identify the historic usage of the City’s Tax Abatement Program (the “Program”), as well as the...
Tax
UPDATE: Ohio General Assembly Passes Increased Historic and Opportunity Zone Incentives in SB 225
Ohio’s General Assembly recently voted to temporarily double its Ohio Historic Preservation Tax Credit (OHPTC) award cap and increase, then reduce Ohio’s Opportunity Zone (OZ) Tax Credit cap. For state fiscal years 2023 and 2024, the SB 225 permits the Ohio Director...
Gov. Mike DeWine Signs Landmark Property Tax Reform Bill
A property tax reform effort that originally commenced in 2018 in the Ohio House of Representatives has been signed into law by Governor Mike DeWine and will go into effect in mid-to-late July 2022. House Bill 126 (HB 126) was sponsored by Representative Derrick...
President Biden Signs Cryptocurrency Executive Order
On Wednesday, March 9, 2022, President Biden signed an Executive Order “Ensuring Responsible Development of Digital Assets” (the “Order”). This widely anticipated Order came as a pleasant surprise for both proponents and opponents of cryptocurrencies alike. For fans...
Ohio Senate Bill 225 Doubling Historic & Opportunity Zone Incentives Heads to House
Ohio historic preservation and economic development projects may soon receive a large temporary boost from the Ohio General Assembly. Recently passed by the Ohio Senate and now under consideration in the Ohio House, Ohio Senate Bill 225 would double both the Ohio...
New Crypto Reporting Requirements Aim to Address Tax Gap
As cryptocurrencies such as Bitcoin rise in popularity, government regulators repeatedly try, and often fail, to control its use as a tax shelter. Agencies such as the IRS struggle with determining the best way to tax cryptocurrency holdings and transactions, and...
Supreme Court Issues Opinion in Hughes v. Northwestern University ERISA Case
On Monday, Jan. 24, 2022, the U.S. Supreme Court issued an important decision dealing with defined contribution retirement plans. These plans, which include 401(k) plans, provide an array of investment choices from which participants may choose to invest their own or...
2021 Tax Changes for Businesses: The Not So Good, the Bad and the Ugly
As small and mid-size business owners move toward the federal tax filing deadline in this new year, they need to be aware of certain changes in the federal income tax area. A short listing of the highlights (more appropriately, lowlights) of those changes is outlined...
New Tax Rule Changes Reporting Requirements for Venmo, PayPal, Cash App
A new tax rule will see the Internal Revenue Service (IRS) gain information on income small businesses receive via transactions on popular payment applications. As of Jan. 1, 2022, businesses that accept more than $600 per year in payments for goods and services...
Ohio Employers Facing Additional Municipal Income Tax Wage Withholding Requirements
As the end of 2021 approaches, Ohio employers having annual revenues in excess of $500,000 must become aware of, and plan for, changes to the current municipal income tax withholding regime. To understand the changes and the new requirements, reviewing a bit of...