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Ohio’s New UI Tax System Goes Live Dec. 6

December 3, 2021

The Ohio Department of Job and Family Services (ODJFS) says its new unemployment insurance (UI) tax system will go live Monday, Dec. 6. Dubbed “The SOURCE” (State of Ohio Unemployment Resource for Claimants and Employers), the system will reportedly offer employers better service and easier navigation. For more, visit this page or watch these training videos. 12/1/2021

RSM’s Accounting Update Set for Jan. 13

December 3, 2021

At 1 p.m. on Jan. 13, OMA Connections Partner RSM will host its quarterly accounting update for middle market businesses. This virtual event will provide a briefing on recently issued and proposed accounting guidance. Get more information or register. 12/1/2021

Maximizing the Federal R&D Tax Credit

November 19, 2021

Businesses have the ability to claim a federal tax credit worth as much as 9% of their annual R&D spending as long as the costs qualify. Manufacturers are urged to explore what costs are eligible for the R&D credit by reading this month’s “Manufacturing Minute,” published by OMA Connections Partner GBQ Partners. 11/17/2021

Webinar: Year-End Business Tax Planning

November 19, 2021

On Nov. 30, OMA Connections Partner Plante Moran will conduct a one-hour complementary webinar to discuss year-end business tax planning. Tax experts will address federal items, international tax items, state and local taxes, and tax credit changes. Learn more and register. 11/15/2021

Can a Business Deduct Part of Its Building?

November 19, 2021

Commercial buildings and their components are usually depreciated over a 39-year life for tax purposes. But using a cost segregation study, a business can reclassify many of the components of its building as personal property with a much shorter tax life that qualifies for an immediate bonus depreciation deduction. Learn more with this insight from OMA Connections Partner CliftonLarsonAllen. 11/17/2021

Study: Ohio’s Top Tax Rate on Personal Income Would Exceed 59% Under ‘Build Back Better’ Framework

November 12, 2021

According to an analysis by the non-partisan Tax Foundation, the U.S. would have the highest personal income tax burden in the developed world should the latest version of the so-called “Build Back Better Act” — a $1.75 trillion social spending plan — become law.

According to the study, the average top tax rate on personal income (when combining federal and state taxes) would reach 57.4% by 2026, when the 2017 tax reform expires. Ohio’s top rate would exceed 59%.

Meanwhile, the Foundation says the social spending plan would cost the U.S. more in economic losses than it would produce in new federal revenue. The U.S. Chamber says the plan uses “gimmicks to cover up well over $1 trillion in spending” and questions what impact it could have on labor force participation. 11/10/2021

At a Glance: Federal Tax Provisions in Infrastructure and Social Spending Bills

November 12, 2021

Now that Congress has passed the $1.2 trillion bipartisan infrastructure bill (see the related story in this Leadership Briefing), negotiations continue on Capitol Hill over the nearly $2 trillion social spending bill — the so-called “Build Back Better Act.” OMA Connections Partner Plante Moran has published a comprehensive list of tax and general business changes included in both measures. 11/9/2021

Ohio Supreme Court to Take Up Supplemental Unemployment Payments

November 12, 2021

The Supreme Court of Ohio says it will review Gov. Mike DeWine’s decision to end the federal government’s extra $300 weekly unemployment payments before the program expired in early September.

Last June, Gov. DeWine — at the urging of the OMA and other key business groups — halted the supplemental benefits due to the worsening workforce shortage. 11/10/2021

Ohio Tax Revenues Up 3% for Current Fiscal Year

November 12, 2021

Ohio’s tax collections exceeded forecasts by almost $127 million (or 6.2%) last month as all major sources beat forecasts, according to the Ohio Office of Budget and Management. For the fiscal year so far, the state’s tax receipts are $260.9 million (or 3.1%) ahead of estimates. 11/9/2021

Employee Retention Credit Comes to an End

November 12, 2021

Once the federal infrastructure bill is signed by President Joe Biden, the employee retention credit will no longer be available (other than for recovery start-up businesses). According to OMA Connections Partner CliftonLarsonAllen, the maximum credit any one employee will be able to generate for a qualifying business in 2021 is $21,000. 11/10/2021