Ohio Incumbent Workforce Training Voucher Program Launches Round 2 on September 30: $30 Million Available

The Ohio Development Services Agency is launching round two of the Ohio Incumbent Workforce Training Voucher Program. This program will make $30 million in Fiscal Year 2014 available for employers to train their workforce: $27 million in grants will be awarded on a first-come, first-served basis and $3 million will be used for loans.

The Ohio Development Services Agency will reimburse the employer for up to 50 percent of the eligible training costs, up to $4,000 per employee. The maximum amount...

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Ohio Commercial Activity Tax (CAT) and Private Equity Companies: A Target for Audits

Are you a private equity company or are you owned by a private equity company? How are you currently handling the Ohio Commercial Activity Tax ("CAT") filing requirements? 

Private equity companies are currently the target of Ohio Commercial Activity audits. It has come to our attention that auditors in Ohio have been charged with auditing a minimum of one private equity company a year until all private equity companies have been audited.

Don’t be caught unaware of your Commercial Activity Tax...

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Today's tax news: Some good, some not-so-good...

On June 30, 2013, Governor John Kasich signed Ohio's new biennial 2014-2015 Budget Bill (House Bill 59) with a $62 billion budget. The law went into effect on July 1, however; there are different effective dates for the various provisions.

Highlights of the bill are outlined below:

Income Tax Rate Reduction: • The individual income tax rates will decrease by 10% being phased in by 2015:

The highest marginal rate of 5.925% will be decreased to 5.333% by 2015.

• New income tax deductions for...

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Municipal Tax Issues: It's Time for Reform in Ohio

Ohio has one of the most complicated municipal tax systems in the country. Each year at tax time, it’s a costly burden for taxpayers across the state, especially business owners who operate in multiple municipalities. The Municipal Tax Reform Coalition, a group of 25 organizations across the state, is working to change that.The group is supporting HB 5, sponsored by Rep. Cheryl Grossman (R-Grove City) and Rep. Michael Henne (R-Clayton). The legislation will achieve the goals of any good...

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Sales and Use Tax: Introduction of the Marketplace Fairness Act of 2013

The Marketplace Fairness Act of 2013 (the “Act”) was introduced in the U.S. House of Representatives and the U.S. Senate on February 14, 2013.  The Act would give states the option to require the collection of sales and use taxes owed by remote sellers if the remote seller has gross annual receipts in total remote sales in the United States for the preceding calendar year of more than $1 million. Under current law, states rely on consumers to track and self-remit use taxes.

According to the...

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Ohio Income Tax Reform Legislation Regarding Municipal Income Taxes

Ohio House Bill 5, which would establish uniform municipal income tax rules, was introduced on January 30, 2013.  A similar bill was introduced last October but failed to pass the House before the last legislative session ended in December.

Ohio is one of a handful states where municipalities assess individual and business income tax and the only state where almost 600 cities and villages create their own definitions of income and their own sets of rules and regulations.

Ohio’s current municipal...

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Ohio Incumbent Workforce Training Voucher Program: Online Application Process Open January 7, 2013

Ohio has recently allocated $50 million to a new training program that will reimburse employers in certain markets up to 50% of the cost of training qualified employees.   The funds allocated to this program are available on a first-come, first-serve basis, so timing is of the essence.  The online application process opens Monday, January 7, 2013 at 10:00 a.m.

This program is known as the Ohio Incumbent Workforce Training Voucher Program (“Program”).  The program was funded pursuant to the Ohio...

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New Excise Tax Requirement for Medical Device Makers - Effective January 1, 2013

Overview

The Health Care and Education Reconciliation Act of 2010 in conjunction with the Patient Protection and Affordable Care Act enacted excise tax on sales of medical devices by manufacturers, producers, or importers of such devices.  The tax, which is effective January 1, 2013, is imposed by IRC Sec. 4191 and is equal to 2.3% of the sale price.

A taxable medical device is any device defined in § 201(h) of the Federal Food, Drug, and Cosmetic Act (FFDCA) that's intended for humans. ...

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California Voters Approve Sales and Personal Income Tax Rate Increases and Single Factor Apportionment (Proposition 39 & Proposition 30)

California voters approved Proposition 30, which increases sales and use tax rates and personal income tax rates for high-income earners, in the November 6, 2012 election. California voters also approved Proposition 39, which requires the use of single-factor (sales factor) apportionment for most businesses.

Proposition 30

Sales tax rate increase: Effective from January 1, 2013, through December 31, 2016, the sales and use tax rate in California will increase by 0.25% from 7.25% to 7.50%.

Personal...

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Use Tax: How Does it Apply to You as a Subcontractor or Supplier and Did You Account For it in Your Bid?

Subcontractors and suppliers have to pay all kinds of taxes.  Most taxes are obvious and they expect them.  What about USE TAXES? These are taxes contractors may not expect and may not be accounting for in bids.

In this webinar for the Builders Exchange and American Subcontractors Association Webinar Series, I discussed the exemptions, the problem areas, and explained when contractors are a vendor and when they are a consumer.

The government knows that people have missed these issues and is now...

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