Tax and Finance Management

Study: Americans Moved to Lower-Tax States in 2022

Americans who moved in 2022 largely went to lower-tax states. That’s according to analysis by the Tax Foundation, which examined recent data from the U.S. Census Bureau and moving services. (This map compares the state-local tax burdens across the U.S.)

As previously reported, Ohio last year was a top-10 inbound state in U-Haul’s study. But the state fared worse in the comparisons by the Census Bureau (No. 36) and United Van Lines (No. 38). 1/17/2023

New Inflation Data Support Moderation in Rate Hikes

A third straight month of improvement in top-line inflation data implies that conditions are moving in the direction where the Federal Reserve may consider further moderation in the pace of its rate hike campaign. For insight into the Fed’s next steps, read this analysis from OMA Connections Partner RSM. 1/12/2023

Ohio’s Tax Receipts Start to Level Off in December

In December, Ohio’s tax collections continued to outperform forecasts, but the overage was more modest compared to previous months. According to the latest monthly report from the Office of Budget and Management, December revenues were 1.4% above the budget, compared to more than 5% for both October and November. 1/11/2023

New Law Modifies Ohio’s CRAs

On Jan. 2, Gov. Mike DeWine signed Senate Bill 33, which modifies not only the establishment and management of Community Reinvestment Areas (CRAs), but also the agreements for commercial and industrial projects that seek to take advantage of the property tax incentives the CRA program can offer. Read this analysis from Bricker & Eckler, the OMA’s general counsel. 1/12/2023

Is Cyber Liability Insurance Part of Your Risk Management?

As cyber attacks continue to pose threats to companies, demand for cyber insurance will increase, experts say. OMA Connections Partner GBQ Partners has published this list of considerations for businesses about to purchase or renew a cyber insurance policy.

On Jan. 26, OMA Connections Partner William Vaughan Company will host a complimentary webinar on what cyber insurance covers and how to apply. 1/12/2023

Economic Barometer: January 2023

• Last month, the U.S. manufacturing sector contracted at the fastest pace since the pandemic lockdowns of 2020, according the S&P Global survey of purchasing managers.
• Also, the Institute of Supply Management’s manufacturing index shows the sector last month posted its first decline in nearly three years.
• The U.S. Department of Labor reported a slight increase in U.S. manufacturing job openings — 779,000 openings as of November. (Over the past 12 months, manufacturing job openings averaged nearly 837,000, well above pre-pandemic levels.)
• The Conference Board’s Leading Economic Indicators showed economic conditions last month worsened for the fourth straight month.
• This infographic published by Visual Capitalist shows how much prices increased for select U.S. goods over the past year.

Meanwhile, the latest survey conducted by the National Association of Manufacturers shows more than 62% of manufacturing leaders believed the U.S. economy would slip officially into a recession in 2023. 1/5/2023

What Is Your Supply Chain Costing You?

On Jan. 11, OMA Connections Partner RSM will host a complimentary webcast to examine what companies are doing to create greater supply chain flexibility — and to help manufacturers identify shifts in the global market. Get more details and register. 1/3/2023

Red Flags for Financial Statement Fraud

Financial statement fraud, while rare, is the costliest of the major occupational fraud schemes, with a median loss of $593,000 per case. Read this insight from OMA Connections Partner Schneider Downs for warning signs to help you recognize this form of fraud. 1/3/2023

Webinar: Prepare For and Streamline the Year-End Close Process

On Jan. 19, OMA Connections Partner CliftonLarsonAllen will host a complimentary webinar to help businesses finalize 2022 financial statements and their 2023 budgets, and prepare for year-end tax compliance. Click here to register for this session, which is designed for CFOs, CEOs, and business owners. 1/4/2023