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Ready for Overhaul of Revenue Recognition Accounting Standards?

November 30, 2018

From OMA Connections Partner Clark Schaefer Hackett: “The effective dates for the new revenue recognition standards are drawing near, so it’s critical that you understand the guidelines and potential impact on your business. Under the new standard, all companies need to recognize revenue from customer contracts using a five-step model.”

CSH has produced a series of short videos to explain the changes. The newest video takes an in-depth look at Step 4: Allocate the Transaction Price to the Performance Obligations in the Contract. 11/29/2018

Senates Holds 2nd Hearing on MegaJobs Tax Credit Bill

November 16, 2018

This week the Senate Ways and Means Committee held proponent testimony on Senate Bill 309, a bill designed to lure large scale megaprojects such as Amazon H2Q and Foxconn.

The bill would increase tax incentives exponentially for the operators and certain suppliers of a “megaproject,” i.e., a development project that includes $1 billion in investment or creates at least $50 million in Ohio payroll.

Supporters of the bill that testified this week included economic development organizations Columbus 2020 and the Greater Cleveland Partnership.

The OMA Tax Committee reviewed the bill and highlighted many concerns with the tax credits, including who can qualify and how the bill potentially puts manufacturers who have operated in Ohio for years at a competitive disadvantage with respect to new companies that may receive the credits. 11/15/2018

Tax Expenditure Review Committee Releases Report – Leaves Manufacturing Exemption Intact

November 16, 2018

This week the Tax Expenditure Review Committee released its long awaited report. The report did not recommend eliminating any of the expenditures it heard testimony about over the previous year. Instead the committee laid out a schedule to review remaining expenditures over the next several General Assemblies.

The OMA had testified to the committee about the importance of the manufacturing sales and use tax exemption for Ohio’s manufacturing competitiveness.

The committee wisely decided to leave the manufacturing sales and use tax exemption intact in Ohio’s tax laws. 11/15/2018

Guidance on New Revenue Recognition Standards

November 9, 2018

Under the new revenue recognition accounting standards (ASU 2014-09), all companies will recognize revenue from customer contracts using a five-step model.

This series of videos from OMA Connections Partner Clark Schaefer Hackett will help define and explain each of the five steps in detail. Here are short videos that provide an overview and the first three of the five steps. The remaining steps will be addressed in future videos. 11/3/2018

Ohio Virtual Tax Academy up on November 14

November 2, 2018

The Ohio Department of Taxation continues its series of the Ohio Virtual Tax Academy on Wednesday, November 14. The quarterly webinars are free.

The next session will cover: Updates for Personal & School District Income and Employer Withholding Taxes; Allocating Compensation – Stock Options, Commissions, Base Salary and Capital Gains; and, Internet Retail & the Sales and Use Taxes.

The program will run from 8:20 a.m. – 12:00 noon. Register here. 10/30/2018

Take Advantage of Tax Credit by Adopting Paid Leave Policy Before Year End

October 26, 2018

From OMA Connections Partner Calfee: “The IRS recently issued guidance on the new employer paid leave tax credit (codified as Code Section 45S), which was included in the tax reform law passed late last year. Employers that implement written policies complying with the new IRS guidance (including administration of those policies) by year-end may take advantage of the tax credit for the 2018 tax year.

“The credit available to employers under the tax code can total between 12.5% and 25% of the qualifying wages paid for those qualifying leaves (depending on the percentage of pay provided to employees during leave). …”

Read more from Calfee about how to qualify for the tax credit. 10/23/2018

Treasury Issues Much-Anticipated Opportunity Zone Proposed Regulations

October 26, 2018

From OMA Connections Partner GBQ Partners: “On Friday, October 19, 2018, Treasury issued much-anticipated guidance in the form of Proposed Regulations and related Revenue Ruling 2018-29 to allow investors to move forward with Qualified Opportunity Zone (QOZ) projects. The QOZ tax incentive was established … to encourage long-term capital investment and job creation in distressed communities. Treasury has designated 8761 QOZs across the country.

“Although the Proposed Regulations do not answer all of our key questions, Treasury did provide generally taxpayer friendly guidance to the issues.”

To learn more from GBQ about the proposed regulations, click here. 10/23/2018

RSM Gets You Ready for Tax Compliance & Planning

October 26, 2018

OMA Connections Partner RSM has prepared the following year-end materials to support your business and individual tax compliance and planning:

  • 2018 year-end tax considerations for businesses – Addressing the implications of tax reform, Wayfair and other regulatory developments. Get the guide.
  • 2018 year-end state and local tax summary of legislative changes. Get the guide.
  • Individual tax planning guide – An online resource providing up-to-date tax information pertaining to individual taxpayers, business owners and executives. Read more.

10/25/2018

Washington National Tax Year-end Webcast

October 19, 2018

As the year draws to a close, businesses face an evolving political and economic landscape in a post-tax reform environment that makes it challenging to structure year-end tax planning.

OMA Connections Partner RSM has assembled its Washington National Tax team to discuss important federal, international and partnership tax considerations you need to know to prepare for year-end.

The 90-minute webcast is Tuesday, Nov. 13, 2018.

Learn more and register here. 10/16/2018

Ready for Overhaul of Revenue Recognition Accounting Standards?

October 19, 2018

Under the new revenue recognition accounting standards (ASU 2014-09), all companies will recognize revenue from customer contracts using a five-step model.

OMA Connections Partner Clark Schaefer Hackett is designing a series of short videos to help define and explain the changes.

You can check it out here. 10/16/2018