Tax and Finance Management

Homepage » Communities » Tax and Finance Management

News & Analysis Archive





View All Tax Partners

OMA Resources

News and Analysis

New State Law Allows Property Owners to Dispute Valuations Due to COVID-19

April 30, 2021

OMA Connections Partner Vorys reports that under Ohio’s recently passed and signed Senate Bill 57, a “significant real property tax savings opportunity” is available for Ohio real property taxpayers who believe the value of their property has depreciated due to the pandemic. To qualify, an owner must file the special complaint on or before Aug. 25. The bill takes effect July 26 — the first day a complaint can be filed. 4/27/2021

Federal Taxes, Spending, Deficit Set Records in First Half of FY2021

April 30, 2021

Federal tax receipts, spending and the federal deficit all set records in the first six months of fiscal 2021 (October through March), according to the U.S. Treasury Department’s monthly statement. Federal tax revenues climbed to a record $1.7 trillion in the October-through-March period, while federal spending climbed to $3.41 trillion. This fiscal year’s October-through-March spending was up 42% compared to the previous year. 4/26/2021

At a Glance: Per Capita State & Local Tax Collections

April 23, 2021

The Tax Foundation has published a new map showing state and local tax collections per capita in each state. New York claims the highest tax collections per capita at $9,829, while Tennessee has the lowest at $3,286. Ohio’s per-capita collection is $4,640, placing the Buckeye State at 28th highest overall. 4/19/2021

NAM Launches Campaign to Oppose Proposed Tax Increases

April 23, 2021

Following this month’s release of the National Association of Manufacturers’ study on the impact of proposed tax increases being considered in D.C., the association has launched a six-figure ad campaign calling on Congress to protect manufacturing jobs. Read about the campaign.

The NAM study found that corporate tax hikes and other tax reform rollbacks could lead to 1 million fewer jobs in the first two years alone and would significantly reduce economic growth. 4/20/2021

Poll: Slight Majority Supports Mileage Tax

April 23, 2021

Would Americans support a vehicle-miles traveled (VMT) tax? The Washington Examiner reports that according to a survey by the Mineta Transportation Institute — a California-based think tank — slightly more than a majority (53%) would. That’s up from 33% in 2010. The catch? In the survey, the Institute didn’t call it a VMT tax, but a “green mileage fee.”

Meanwhile, the Tax Foundation has published this map showing the percentage of each state’s roads spending funded by user taxes. 4/22/2021

Repeal of Ohio’s COVID-19 Tax Withholding Law Would be Delayed Until Dec. 31 Under Substitute Bill

April 16, 2021

The Ohio House Ways & Means Committee this week accepted a substitute bill for House Bill 157, legislation that originally proposed an immediate repeal of a temporary law that allows municipal income tax withholdings to be based on an employee’s principal work location — not where he/she is working remotely during COVID-19.

Instead of an immediate repeal, the sub-bill would extend Ohio’s temporary withholding provision through the end of this year. The legislation is still under consideration, but the committee could vote on the measure as early as next week. 4/15/2021

IRS Wants Small Business Feedback, May 19

April 16, 2021

OMA members are invited to participate in the IRS’ “Hearing All Voices” small business meeting set for May 19. This free online meeting will give smaller businesses a chance to provide input directly to IRS senior leaders. The meeting will be held from 10 a.m. to noon — but be sure to check in at least 10 minutes early. 4/12/2021

IRS Guidance on Deductions for Food, Beverages

April 16, 2021

A temporary exception under federal law allows a 100% deduction for business meals if the food or beverages are provided by restaurants after Dec. 31, 2020 and before Jan. 1, 2023. OMA Connections Partner RSM reports that the IRS has issued guidance to further explain how to apply the temporary exception. 4/12/2021

Corporate Tax Increases Focus on International Tax Revisions

April 16, 2021

OMA Connections Partner Crowe reports there has been significant Capitol Hill activity in recent weeks to address international taxes. The recent activity primarily focuses on increasing taxes on U.S. multi-nationals by implementing changes to the tax on global intangible low-taxed income (GILTI), the deduction for foreign-derived intangible income (FDII), and the base erosion anti-abuse tax (BEAT), all of which were enacted as part of the 2017 tax reform. Read more on these developments. 4/15/2021

Inflation Accelerated in March

April 16, 2021

Increases in energy and transportation costs helped push the Consumer Price Index higher at an annual rate of 2.6% in March, according to government data released this week. It marked the biggest 12-month increase since August 2018.

OMA Connections Partner RSM reports that energy prices rose by 5% on a monthly basis and 13.2% year over year. But the firm says other key inflation indicators do not point to an immediate risk to the economic outlook. 4/14/2021