Tax Planning & Compliance Blog

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 tax...

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...

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...

This issue of Tax Advisory Insights includes the following articles:

• New Ohio Incentive Coming Soon - Ohio Incumbent Workforce Training Voucher Program
• InvestOhio Tax Credit - New Changes Effective September 28, 2012
• Expiring Bush Tax Cuts: What the "Fiscal Cliff" Means to You and Your Family
• What is "Reasonable Compensation?"
• The FAFSA Friendly 529 Plan

New Ohio Incentive Coming Soon - Ohio Incumbent Workforce Training Voucher Program

Ohio has recently allocated $50 million to a new training program...

You may recall hearing about the InvestOhio tax credit program which began last November. Through the program, individuals who invest up to $10 million in eligible small businesses may receive a 10 percent income tax credit if the investment is held for two years.

Starting on September 28, 2012 there will be a few changes to the InvestOhio application and qualification process.  Below is a list of the most important changes:

• Any application submitted on or after September 28, 2012 will be subject...

Have you ever considered claiming the Research and Development (R&D) credit?  Have you always thought that the R&D credit doesn’t apply in the construction industry?  Well, think again.  The R&D credit is one of the government’s most underutilized credits available. Although companies are aware of it, many do not believe that it applies to their business.  There are many types of construction activities that will qualify as research and development activities under the Internal Revenue Code’s...

All Ohio businesses should be aware of several tax programs that are currently underway that may be of benefit to you depending on your current tax situation.

General Tax Amnesty Program

As you may remember from a past column, for the first time in six years, the state of Ohio is making a general tax amnesty program available for a very limited window. The time to take advantage of that window is now.

The program began on May 1 and runs through June 15, so you will need to act quickly.

The amnesty...

Starting the week of April 9th, the State of Ohio began sending emails to all InvestOhio applicants that had applied for the InvestOhio credit with an investment date that had passed. The email was to inform applicants that the substantiation procedures were available to substantiate any cash investments that had occurred to date. Applicants were informed to logon to his/her respective Ohio Business Gateway (OBG) account and complete the substantiation process.  Below we have included...

Many companies are unaware of their obligation to obtain a use tax account and self remit use tax on a regular basis.  Companies should review their purchases for potential risk to use tax.  Reviewing a company's use-tax exposure is a specialized service tax we are able to offer to our clients.

Who does use tax affect?

Purchasers of tangible personal property or taxable services that are consumed, used or stored in Ohio can be subject to use tax when a vendor does not charge sales tax.   However,...