Tax and Finance Management

Homepage » Communities » Tax and Finance Management

News & Analysis Archive





View All Tax Partners

OMA Resources

News and Analysis

Estimate Your R&D Tax Credit

June 24, 2022

For most companies, the federal R&D tax credit is worth 7-10% of qualified research expenses. This is a dollar-for-dollar credit against taxes owed — and it carries forward 20 years. Estimate your R&D tax credit using this tool offered by OMA Connections Partner Clarus R+D. 6/23/2022

Flush With Cash, Ohio Looks at Ways to Spend Federal Pandemic Funds

June 24, 2022

Of the $5.4 billion Ohio received from through the federal American Rescue Plan Act (ARPA), more than $2 billion remains unspent. This is in addition to $2.5 billion in surplus tax collections this fiscal year — and Ohio’s maxed-out, $2.7 billion rainy day fund. (subscription) reports that ideas for spending the surplus range from new tax relief, to replenishing the state’s unemployment insurance fund to its pre-pandemic levels, to enhancing infrastructure and broadband. The story also lists how Ohio’s ARPA dollars have been spent, including $1.4 billion to repay a federal loan that funded the state’s unemployment system during the worst of the pandemic. The OMA supported the repayment. 6/21/2022

Examining the Impact of Remote Work to Ohio Cities

June 24, 2022

The Ohio Municipal League is calling on state lawmakers to examine the financial challenges cities will face as more people work from home. Meanwhile, Ohio Business magazine has published this look at the impact that remote work could have on municipal revenue streams. According to one study, larger Ohio cities could experience a loss of 6-17% of income tax revenue due to the growing number of remote workers. 6/20/2022

Key Metrics and Traits of the Most Valuable Companies

June 24, 2022

If your business is firing on all cylinders, it may be worth more money than you think. OMA Connections Partner GBQ Partners has published this insight into the key metrics or traits that make lower middle-market companies most valuable — that is, worth 10 times or more of their cash flows. 6/23/2022

OMA Members Briefed on Return of Superfund Tax

June 17, 2022

On June 15, the OMA’s Tax and Finance Committee held its second meeting of 2022. Sponsored by OMA Connections Partner Fifth Third Bank, approximately 40 members attended either in person or virtually.

In addition to updates on recent tax-related Statehouse activity, members were briefed on the return of the federal Superfund chemical excise tax. Stephen Worth, CPA, JD with OMA Connections Partner Schneider Downs presented this summary, noting the tax affects 42 taxable chemicals and at least 151 taxable chemical substances. The revived tax has an effective date of Jan. 1, 2022.

The committee is scheduled to meet again Oct. 19. 6/15/2022

Preparing for the New Lease Accounting Standard

June 17, 2022

The Financial Accounting Standards Board’s new lease accounting standard, ASC 842, will impact nearly all manufacturers, according to OMA Connections Partner Plante Moran. In this guidance, the firm shares practical approaches and key considerations as manufacturers prepare for implementation of the new standard. 6/16/2022

Are You Sure Who’s Receiving Your Payments?

June 17, 2022

In this on-demand webinar from OMA Connections Partner Paymerang, learn about key threats to your company when processing payments. In 2020, 74% of organizations were the target of payment fraud.

Paymerang’s Senior Fraud Analyst Sierre Lindgren gives practical advice, including key threats, types of payment fraud, and specific recommendations to reduce your exposure. If your company has not implemented rigorous fraud detection mechanisms in your accounts payable function, take a look. 6/13/2022

DeWine Signs Bill Revising Ballot Tax Levy Language

June 17, 2022

Gov. Mike DeWine on June 14 signed into law a bill to change how voters will see proposed property tax levies described at the ballot box. Under House Bill 140 — which will be in effect for 2023 elections — ballot language for proposed property tax increases must be expressed in terms of the impact on $100,000 of a property’s county-appraised value. Supporters of HB 140 say it’s a win for taxpayers and transparency. 6/14/2022

Ohio’s FY Tax Collections Beating Estimates by $2.5B

June 10, 2022

Ohio’s tax collections continue to exceed expectations. In May, the state collected $105.3 million over the official forecast. According to the Office of Budget and Management, the state’s FY22 tax collections are now $2.55 billion over estimates with one month left in the fiscal year.

As reported by Hannah News Service, for the fiscal year to date, sales taxes have brought in $590 million or 5.2% more than expected, while personal income tax collections are ahead of estimates by $1.8 billion or 22.8%. The Commercial Activity Tax has exceeded estimates by $199.5 million or 11.2%.

Meanwhile, Ohio Department of Job and Family Services has announced that nearly $398 million in improperly awarded unemployment benefits have been recovered to date. 6/8/2022

High Court to Hear Remote Worker Income Tax Case

June 10, 2022

The Supreme Court of Ohio has agreed to hear a case involving a state law (House Bill 197) that allowed cities to continue to collect taxes from remote workers during the pandemic. On a 4-3 decision, justices agreed to take up the case brought by the conservative-leaning Buckeye Institute. 6/8/2022