Tax and Finance Management

Ohio’s October Revenues Beat Forecast by $163M

Ohio’s Office of Budget and Management (OBM) reports that the state’s October revenues came in $162.6 million (7.2%) over estimates for the month. Personal income tax collections were a whopping $133.8 million (18.8%) above the estimate.

For the current fiscal year, the state’s revenues are running $218.6 million (2.4%) over estimates. 11/7/2023

Webinar: Year-End Planning for Businesses

On Nov. 29, OMA Connections Partner Clark Schaefer Hackett will host a complimentary webinar on year-end tax planning for businesses. This event will cover a diverse range of topics to provide insights that will also help businesses ensure a successful 2024. Register here. 11/8/2023

Introduction to Government Contracting

Domestic manufacturers engaged in R&D may wish to explore how their efforts can align with government needs. OMA Connections Partner HBK has published this guidance to provide an introduction to government contracting, including its funding phases. 11/8/2023

Losses From UAW Strike: $10.4 Billion

The United Auto Workers’ strike against the Big Three has ended, but not before major economic damage was inflicted.

Anderson Economic Group estimates that after six weeks, the strike has resulted in more than $10.4 billion in direct costs — mostly tied to the automakers or suppliers and their employees. Researchers told OMA staff that about 20% of the losses could be linked to Ohio’s economy.

Former Ford CEO Mark Fields told CNBC this week that “automation in the plants is now going to look a lot more compelling.” 10/31/2023

Manufacturers Call for Tax Code Improvements

The OMA, joining with manufacturers nationwide, has co-signed a letter spearheaded by the National Association of Manufacturers, calling on Congress to advance legislation that would ensure the federal tax code boosts the U.S. competitiveness.

The letter calls for enhanced R&D provisions and interest expense deductions, as well as making permanent a key incentive for capital equipment purchases. 11/3/2023

Tax Planning Update for Manufacturers, Nov. 15

On Nov. 15, OMA Connections Partner HBK will host a complimentary webinar to help manufacturers plan for 2023 tax obligations. This event will focus on tax planning strategies that are important for all manufacturers to consider, including those related to the R&D credit. Learn more and register. 11/2/2023

Accounting and Regulatory Update

OMA Connections Partner Plante Moran has published its 2023 update for public and private companies. The document provides summaries of newly released accounting guidance, as well as financial reporting and regulatory activities. Download the update. 10/31/2023

Webinar: 2024 Economic Outlook

On Dec. 6, OMA Connections Partner CliftonLarsonAllen will present its economic outlook webinar. The online event will provide business leaders with relevant insights to grow and protect their operations. Register here. 11/2/2023

Senator George Lang Visits OMA Tax Committee

State Sen. George Lang (R-West Chester) was a keynote speaker at the Oct. 25 meeting of the OMA Tax and Finance Committee, chaired by Meredith Mullet, director of tax operations at The J.M. Smucker Company.

A founder of the Ohio Legislature’s Business First Caucus, Lang discussed the findings of a recent study examining Ohio’s economic competitiveness. See the slides from his presentation.

Other highlights included a briefing from OMA Connections Partner RSM providing the latest information on the federal R&D tax credit. JobsOhio staff briefed members on economic development projects.

In the coming weeks, we will announce the OMA’s 2024 policy committee meeting dates. Stay tuned. 10/25/2023

Preparing for the Corporate Transparency Act

Nearly all smaller businesses will be impacted by the federal Corporate Transparency Act (CTA), which takes effect Jan. 1, 2024. Significant penalties may be imposed for failure to comply with the law.

For details about the CTA, read this summary from OMA Connections Partner Dinsmore.

Also, OMA Connections Partner Vorys will host a webinar at noon Thursday, Nov. 2 to provide more insight. Register here. 10/25/2023