The Ohio House is pursuing a significant change to Ohio’s Business Income Deduction currently benefiting owners of Ohio pass-through entities. The current Business Income Deduction provides great tax benefits for business owners; however, it is costing the state approximately $1 Billion in revenue.
Businesses that use a car or other vehicle may be able to deduct the expenses of operating that vehicle on their taxes. Generally, a business can use one or two methods to figure their deductible vehicle expenses:
We are so excited to introduce you to Jessica, one of our newest team members! She is a Manager in our CFO Services group making things happen in Dayton on the daily!
California, New York, Texas, and Washington D.C. have recently adopted economic nexus thresholds for sales and use tax collection purposes. California and D.C. adopted South Dakota’s thresholds, which were the subject of the U.S. Supreme Court’s decision in South Dakota v Wayfair, decided on June 21, 2018. Texas promulgated a rule requiring remote sellers to collect sales tax, unless the remote seller meets Texas’s safe harbor exemption. And, most recently, New York indicated that it would begin enforcing a rule that has been on its books since 1989.
The Ohio Senate unanimously passed Senate Bill 8 on April 3, 2019. If enacted, the bill will create a 10% tax credit against the Ohio income tax for Opportunity Fund investments. The maximum amount of credits allowed by Ohio for a two-year period is $50 Million, with a per applicant cap of $1 million. This credit should also available to investors that do not have capital gains to invest. Investors would apply for credits between January 1 and February 1 each year, and the credits are non-refundable but can be carried forward for five years.
We are so excited to introduce you to Vlad, one of our newest team members! He is a Staff Accountant in our CFO Services group making things happen in Columbus on the daily!
We are so excited to introduce you to Josie, one of our newest team members! She is an Administrative Assistant making things happen in Cincinnati on the daily!
We are so excited to introduce you to Anthony, one of our newest team members! He is a Staff Accountant in our Audit & Assurance Services group making things happen in Cincinnati on the daily!
Change is difficult. Change in responsibilities, change in routines, change in priorities. Sometimes with change comes excitement, new opportunities, and a renewed focus on life. I recently went through a big change, I left a company that had been home for me for 13 years, with life-long friends, to shift my career from corporate accounting to public accounting with Brixey & Meyer.
We are so excited to introduce you to Brad, one of our newest team members! He is a Senior Manager in our CFO Services group making things happen in Columbus on the daily!