This past Tuesday the Republican controlled Ohio Senate unveiled its two-year budget proposal. The proposed budget is about $2 billion less than the version the Ohio House passed and contains significant changes to Ohio’s tax code and the way Ohio funds schools....
Tax
Move Over TikTok, the Tax Man May Be Snooping on You, Too
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...
Senators Brown and Cassidy Propose Legislation to Ease Burdens for Small Businesses and Raise IRS Reporting Threshold for Online Sellers
The advent of online shopping has revolutionized consumer behavior, offering convenience, a wide range of products, and competitive prices. However, one notable concern has been the inconsistency in the collection of sales taxes, with online sellers often enjoying a...
Ohio House Bill 501 Expands the Possibilities for Townships Use of TIF and PILOT Incentives
Recently enacted Ohio House Bill 501 (HB 501) expands options for townships desiring to create a tax increment financing (TIF) incentives agreement. Under the HB 501, a township may create a TIF and use payments in lieu of taxes (PILOTs) received through the TIF for...
Ohio House Passes $88 Billion State Budget Plan Including Tax Cuts
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...
Don’t be Fooled! The Top 12 IRS Scams to Avoid in 2023
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...
Ohio May Launch a Tax Amnesty Program
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...
Maximizing What You Already Do: The Value of the Research and Development Tax Credit for Startups and Small Businesses
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’s Property Tax Exemptions: Do 501(c)(3) Non-Profit Organizations Still Need to Pay Taxes on Their Real Property?
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...
US Supreme Court Upholds Single Penalty for Non-Willful Violations of Bank Secrecy Act
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....