News and Analysis
Year’s End Brings Opportunity on Depreciable Property
December 11, 2020The end of the year is a good time to think about whether your business needs to invest in equipment and other depreciable property. OMA Connections Partner Clark Schaefer Hackett has published new insight into how your business may benefit from the Section 179 depreciation tax deduction for business property, as well as the 100% bonus depreciation provision. 12/7/2020
Avoid Surprises If You Utilized Payroll Tax Deferral
December 11, 2020Payroll tax deferral under the CARES Act can affect the timing of an employer’s income tax deduction for the accrued payroll tax expense. According to OMA Connections Partner Plante Moran, employers that implemented this provision should plan ahead to avoid surprises at filing time. Learn more here. 12/8/2020
PPP Loan Forgiveness: Beware the Hidden Tax
December 4, 2020Questions are being raised about the tax treatment of Paycheck Protection Program (PPP) loan forgiveness and timing. OMA Connections Partner Plante Moran has published this new insight saying that based on recent guidance from the IRS, taxpayers might want to revisit their income calculations with respect to PPP loan planning. 12/3/2020
Federal Tax Briefing Set for Dec. 14
December 4, 2020What tax changes could we see during a Biden presidency? And how would those changes affect your tax planning? On Dec. 14, at 1 p.m., OMA Connections Partner Crowe will host a virtual election debrief event to discuss Joe Biden’s campaign proposals on corporate, individual, employment, retirement and other tax areas. They’ll also discuss key tax developments by industry and functional area in breakout sessions. 12/2/2020
Quote to Win: Five Factors for Increasing Your Win Rate
December 4, 2020Is your manufacturing business no longer winning the most profitable work? Your quoting process may need a refresh. OMA Connections Partner Plante Moran has published this insight into how to select the right techniques, people, data, and technology to transform your estimating process. 12/1/2020
At a Glance: The Soaring Federal Debt
November 25, 2020Since 2008, U.S. federal debt has surged nearly 200%, reaching $27 trillion in October 2020. It matters because this accumulation of federal debt cannot go on forever; taxpayers eventually will be forced to fill the hole. Over the past decade, more taxpayer dollars have been used to pay interest on the debt than on federal funding for veterans benefits and education programs.
To gain a better understanding of America’s federal debt crisis, VisualCapitalist.com has published this infographic. 11/23/2020
IRS Issues Additional PPP Deductibility Guidance
November 25, 2020Last week, the IRS and U.S. Treasury Department provided new guidance reaffirming the non-deductibility of certain expenses paid from proceeds of a Paycheck Protection Program (PPP) loan.
OMA Connections Partner RSM has published its analysis, noting that the IRS rule “holds that taxpayers should not deduct PPP funded expenses in the year the expense was paid or incurred regardless of whether the taxpayer has sought forgiveness on the loan.”
OMA Connections Partner Clark Schaefer Hackett has also published this overview of the new guidance. 11/24/2020
Year-End Tax Planning Guide Available
November 25, 2020This year’s challenges have brought new tax implications for businesses. OMA Connections Partner Crowe LLC has produced this year-end tax planning guide to provide an overview of the most significant tax law changes going into effect in 2020. It can help you better understand the best tax-savings opportunities via deductions; how to save on taxes through capital losses; and COVID-19 tax relief for employers. 11/24/2020
OMA Tax Committee Reviews Ohio’s Financial Condition, Local Income Tax Concerns
November 20, 2020This week, the OMA Tax Committee met virtually for its third and final meeting of the year. Members were briefed on Ohio’s financial condition by Kimberly Murnieks, director of the Ohio Office of Budget and Management. She noted that consumer spending by higher and middle-income households has not fully recovered, but said Ohio is approaching 90% in Moody’s/CNN Business’s “Back to Normal” index.
A key topic of discussion was the effort to repeal Ohio’s emergency local income tax withholding provision — included in COVID-19 legislation approved last spring. The provision allows employers to continue their pre-pandemic withholdings even if employees are currently working from home in another community. There is much debate about whether employees can file for refunds. Allowing refunds would cost Ohio’s largest six cities up to $306 million annually, according to one estimate. This issue will continue to be debated through the remainder of the year and into next year’s state budget discussions.
OMA members also heard from Phil Hurak and Steve Estelle of OMA Connections Partner Clark Schaefer Hackett on the top 10 considerations for Ohio manufacturers during COVID-19.
The OMA will soon publish the 2021 meeting dates for all policy committees. Stay tuned. 11/18/2020
Possible Tax Changes Under a Biden Presidency
November 20, 2020While it’s still unclear how federal tax policy may change under a Biden administration, the president-elect’s campaign proposals suggest he could attempt to make significant changes. OMA Connections Partner Crowe has compiled this extensive list of Biden’s tax proposals to help business leaders get a better understanding what changes could be coming from Washington. 11/17/2020