Lawmakers reviewing Ohio’s property tax system spent nearly two hours quizzing county auditors about the ins and outs of reappraisals, Board of Revision challenges, abatements and exemptions and potential reforms during a hearing Jan. 24.
Ohio would phase out its income tax (on nonbusiness income) entirely and eliminate the Commercial Activity Tax (CAT) as well under plans announced Tuesday.
On Tuesday, the chief tax writers in Congress announced a framework of a compromise tax bill that would temporarily expand individual tax credits and revive several business tax breaks.
The newly formed Joint Committee on Property Tax Review and Reform met for the first time on Jan. 10 to learn more about the current state of property taxation in Ohio. The committee was created as a part of HB33 (Edwards) to make recommendations on pending legislation related to property taxation.
The IRS recently announced Monday, Jan. 29, 2024, as the official start date of the nation’s 2024 tax filing season when the IRS will begin accepting and processing 2023 tax returns.
While legislative efforts to either delay or suspend the Beneficial Ownership Information (BOI) reporting requirements remain ongoing, the Corporate Transparency Act (CTA) went into effect on Jan. 1, 2024, and the initial deadlines for filings will begin to come due 90 days into 2024.
The Ohio Society of CPAs is partnering with the Ohio Department of Taxation to host a webinar on Wednesday, Jan. 24 covering Ohio individual and school district income tax updates. One hour of CPE will be provided
A letter sent in late November to the IRS detailed how an IRS shutdown during the tax filing season would harm taxpayers and tax practitioners. The letter also outlines recommendations to the IRS that could mitigate the long-term effects of a shutdown.
The Department of Treasury and the IRS have issued Notice 2024-10 to provide additional interim guidance on the new corporate alternative minimum tax (CAMT).
The Commercial Activity Tax will undergo major changes on Jan. 1, 2024, and again on Jan. 1, 2025. Annual and quarterly CAT taxpayers who anticipate having less than $3 million in taxable gross receipts in tax year 2024, should act now and cancel their CAT account immediately with an effective date of Dec. 31, 2023.
The Ohio Department of Taxation has issued a new information release that details changes to certified mail procedures that will become effective Jan. 1, 2024.
The IRS is disallowing claims to entities that did not exist or did not have paid employees during the period of eligibility to prevent improper ERC payments from being made to ineligible entities.
A few members recently contacted OSCPA and said that the Ohio Department of Taxation has begun sending notices to taxpayers who are investors in electing pass-through entities – those who filed the IT 4738.
It can be difficult to keep up with changing tax legislation, but it’s critical for practitioners looking to serve as the best advisers to their clients.