Tax and Finance Management

Manufacturers Can Still Opt-In for Centralized Muni Tax Collection

Manufacturers still have time to sign up with the Ohio Department of Taxation (ODT) for the new centralized collections and filing of their municipal net profit taxes.

Taxpayers should opt in now through ODT’s website to register for centralized filing of 2018 returns.

To file centrally, taxpayers must register on or before the first day of the third month after the beginning of a taxpayer’s fiscal year (March 1 for calendar year businesses). 

You can learn more about the program from this ODT video. 1/11/2018

OMA Connections Partner Breaks Down Business Benefits of Tax Cuts & Jobs Act

According to OMA Connections Partner, Clark, Schaefer, Hackett, “The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, contains a treasure trove of tax breaks for businesses. Overall, most companies and business owners will come out ahead under the new tax law, but there are a number of tax breaks that were eliminated or reduced to make room for other beneficial revisions. Here are the most important changes in the new law that will affect businesses and their owners.” 1/4/2018

Ohio Tax Amnesty Program is Open Now through February 15

All penalties and half the interest will be waived on qualified delinquent taxes for both individuals and businesses in Ohio’s tax amnesty program.

The Ohio Dept. of Taxation has created this comprehensive tax amnesty website where taxpayers can learn more and calculate penalty and interest savings. 1/4/2018

IRS Announces 2018 Standard Mileage Rates

The Internal Revenue Service (IRS) has issued these 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, or medical purposes.

The business mileage rate is 54.5 cents per mile, up 1 cent from 2017. 1/4/2018

R&D Credit Predictions for 2018

OMA Connections Partner, Tax Credit Group, writes: “As we enter 2018, we’re happy to report that the IRC Sec. 41 Research & Development Tax Credit has been preserved. Some issues still remain unresolved when it comes to qualification and quantification, but overall we believe the R&D credit will continue to be an important tool for helping U.S. businesses stay competitive in the global marketplace.

“With that in mind, here are 3 R&D tax credit predictions for the next year.” 1/4/2018