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Some EVs Lose Federal Tax Credit Under New Rules

April 7, 2023

Reports say fewer new electric vehicles will qualify for a full $7,500 federal tax credit later this year under new rules proposed by the U.S. Treasury Department. The rules, required under the Inflation Reduction Act, set standards for the origin of EV battery parts and minerals.

This EnergyWire story examines three lingering questions regarding the EV tax credits. 4/3/2023

Tax & Finance Roundup: Examining the Debt Crisis

March 31, 2023
  • The Wall Street Journal has published this 5-minute video on the federal debt crisis and discord between the GOP and Democrats regarding debt reduction.
  • The Cleveland Fed’s inflation gauge shows the year-over-year price index for personal consumption expenditures increased from February to March.
  • Ohio has the 16th highest overall tax burden, according to WalletHub’s new comparison.
  • OMA Connections Partner GBQ Partners will host an economic outlook briefing in Columbus on April 27.
  • Many employers may still qualify for the Employee Retention Credit, writes OMA Connections Partner CliftonLarsonAllen, which has published these FAQs.
  • The Fed is trying to thread the needle by balancing inflation reduction with efforts to stabilize the banking system, OMA Connections Partner Plante Moran writes.
  • OMA Connections Partner Schneider Downs has published this insight into the challenges businesses face when meeting the ASC 842 lease accounting deadline.

Meanwhile, this infographic by VisualCapitalist shows that over the past 50 years, unemployment has been a lagging indicator, reaching a cyclical low just before a recession materializes. 3/30/2023

Federal Bill Aims to Restore R&D Competitiveness

March 24, 2023

On Capitol Hill, bipartisan legislation has been introduced to allow businesses to again fully deduct R&D expenses in the year they are made, while also expanding the refundable R&D tax credit.

Currently, the U.S. and Belgium are the only developed countries that require amortization of R&D expenses, while China provides a 200% “super deduction.” 3/20/2023

New Insight on Inflation Reduction Act Tax Credits

March 24, 2023

Last year’s federal Inflation Reduction Act included more than $320 billion in incentives for energy efficiency, renewable energy investments, fleet decarbonization, infrastructure improvements, and other sustainability-related projects.

OMA Connections Partner Vorys has published this overview of the IRA’s commercial tax credits and deductions, as well as provisions addressing prevailing wage and apprenticeships. 3/22/2023

Summary of Tax Provisions in Biden’s Budget Plan

March 24, 2023

For an overview of the key tax provisions in President Joe Biden’s proposed federal budget, see this summary from OMA Connections Partner Clark Schaefer Hackett. The firm notes that Biden’s plan doesn’t address most expired (or expiring) provisions in the 2017 federal tax law, including income deductions for pass-through businesses. 3/22/2023

Cash Management Guidance

March 24, 2023

With regional banks under pressure to demonstrate that their customers’ deposits are safe, OMA Connections Partner Schneider Downs has published this guidance for business cash management. The firm recommends a variety of approaches based on the timeline the cash will be needed. 3/22/2023

Ohio Bill Aims to Simplify Taxes for Remote Employees

March 24, 2023

This week, state Reps. Adam Mathews (R-Lebanon) and Monica Robb Blasdel (R-Columbiana County) introduced House Bill 121, which they say will simplify the process for filing municipal net-profits taxes in relation to remote work.

The sponsors say HB 21 will allow businesses to elect into an apportionment system to treat remote workers as if they are working in the principal place of business or similar qualifying location. 3/23/2023

U.S. Producer Prices Fall in February

March 17, 2023

Offering signs of hope in the effort to tame inflation, U.S. producer prices fell in February. Year over year, prices for final demand goods and services still rose 4.6%, but that was down from 5.7% in January — and it marked the smallest increase since March 2021, according to the Bureau of Labor Statistics.

This graph by Chad Moutray, chief economist for the National Association of Manufacturers, illustrates producer price inflation over the past two years. 3/15/2023

Questions to Ask in Light of Recent Bank Failures

March 17, 2023

The recent collapse of two U.S. banks has led many businesses to question their own bank’s financial health. Columbus Business First recently published this article to highlight steps businesses can take and questions to ask.

For employers concerned about a potential liquidity crisis, OMA Connections Partner Fisher Phillips has published this set of FAQs. 3/16/2023

Ohio Sees Another Month of Excess Tax Revenue

March 17, 2023

Ohio’s state government continued to expand its reserves in February with an excess $124 million in receipts, according to the latest Office of Budget and Management report.

General revenue tax receipts were 6.5% above forecasts, fueled by personal income tax collections, which exceeded forecasts by $36.3 million (12.8%). 3/13/2023