News and Analysis
CLA: Allocate Manufacturing Overhead Costs More Quickly
March 15, 2024OMA Connections Partner CliftonLarsonAllen has put together a guide on Power BI, a program that can help manufacturers allocate overhead costs quickly and analyze data more efficiently than traditional Excel models. 3/7/2024
Webinar: Navigating E-Invoice Regulations
March 8, 2024This on-demand webinar from Manufacturing Drive sheds light on the new changes to global e-invoicing mandates that manufacturers need to be aware of.
The webinar focuses on compliance and navigating the complexities of e-invoicing to ensure speed and streamlined processes while reducing errors and costs. 3/7/2024
CliftonLarsonAllen to Host Webinar on Monetizing Clean Energy Credits from the Inflation Reduction Act
March 1, 2024Next Thursday, Mar. 7, OMA connections partner CliftonLarsonAllen will host a webinar on opportunities for organizations to tap into tax credits for their green energy investments and manufacturing activities. 2/26/2024
OMA, Holds First Tax & Finance Committee of 2024
February 23, 2024On Wednesday, Feb. 21, the OMA hosted the first Tax & Finance Committee meeting of 2024.
The OMA received an update on the state’s finances from the Office of Budget and Management Director, Kimberly Murnieks, and a presentation on the federal Tax Relief for American Families and Workers Act.
OMA also heard a presentation on economic development opportunities for manufacturers by Matt McCollister, Executive Vice President of One Columbus. 2/21/2024
What IRA Credit Transferability Means for Tax Equity
February 23, 2024OMA Connections Partner CliftonLarsonAllen LLP detailed in an article this week how tax credit transferability has changed concerning clean energy.
Specifically, how companies looking for tax savings without a long-term commitment might use transferability as a planning tool.
OMA Connections Partner BrickerGraydon also gave a detailed presentation at the OMA Tax and Finance Committee this week on these credits. 2/21/2024
Supreme Court Protects Municipal Income Tax Collections
February 16, 2024The Supreme Court of Ohio this week sided with cities where employers are located in a dispute over income tax collection from employees working from home (outside of city limits) during the pandemic.
The OMA supported the temporary authority granted to Ohio cities to maintain income tax collections in 2020 to maintain stable revenue for local governments and to allow employers time to alter payroll systems. Join the OMA Tax & Finance Committee meeting next week to consider the impact of this ruling.
Read the summary of the opinion here. 2/14/2024
GBQ Outlines Changes in R&D Tax Credit Disclosures
February 16, 2024OMA Connections Partner GBQ Partners recently outlined guidance for the recent changes to R&D tax credit disclosures by the IRS. These changes come as part of the IRS’s pursuit of facilitating increased transparency. 2/14/2024
Ohio House Advances Capital Infrastructure Bill
February 9, 2024In less than 24 hours, the Ohio House of Representatives introduced and approved House Bill 2, the biennial capital appropriations bill to authorize capital projects for public works, schools, higher ed, and jails.
Branded as the state Infrastructure bill by sponsors, the package allocates $2 billion in total over a two-year period. The fiscal analysis lists over 300 community projects. The bill moves to the Senate where significant revisions are expected.
The OMA will continue to monitor the bill. 2/7/2024
2024 Calendar Highlights Key Tax Deadlines
February 9, 2024To help businesses remember key tax deadlines, OMA Connections Partner Clark Schaefer Hackett has published this summary of important dates for various tax-related forms, payments, and other actions.
The firm has also posted this updated information regarding modifications to Ohio’s Commercial Activity Tax in 2024. 2/5/2024
U.S. House Advances Bipartisan Tax Bill
February 2, 2024As previously reported, the OMA is supporting federal legislation called the Tax Relief for American Families and Workers Act. It would allow for the immediate expensing of domestic R&D expenses; enhanced interest deductibility; and 100% accelerated depreciation.
This week, the U.S. House voted to advance the bipartisan tax package on a vote of 357-70. The bill now goes to the Senate for consideration. Read this update from OMA Connections Partner Plante Moran.
This legislation will be discussed at the OMA’s Feb. 21 Tax Committee meeting. Register here. 2/1/2024