News and Analysis
Year-End Tax Planning Guidance Available
October 30, 2020Just in time for year-end tax preparation, OMA Connections Partner Clark Schaefer Hackett has published this list of tax planning strategies to account for business turbulence and federal relief provisions. Also, the firm will host a free year-end tax planning webinar on Thursday, Dec. 3.
Meanwhile, CliftonLarsonAllen, also an OMA Connections Partner, will conduct a free webinar on Wednesday, Nov. 11 to discuss year-end tax strategies related to COVID-19, including PPP loan forgiveness, tax credits, and incentives. 10/28/2020
Tax Foundation: Biden Estate Tax Increase Would Reduce Economic Activity by $46B Annually
October 30, 2020The non-partisan Tax Foundation reports that Democratic presidential candidate Joe Biden’s proposals would “tax wealth at death — by as much as 67%.”
According to the Foundation, this would be accomplished by taxing unrealized capital gains at death for certain taxpayers, and by reducing the estate tax exemption to $3.5 million and increasing the estate tax’s top rate to 45%. Biden’s estate tax plan would reduce economic activity by $46 billion annually, the Foundation says. 10/28/2020
Five Strategies to Cut Inventory Costs
October 30, 2020Manufacturers and supply chain management professionals are taking steps to lower inventory costs to stay ahead of the competition. If you’re struggling to trim inventory spending, OMA Connections Partner Clark Schaefer Hackett offers these five strategies. 10/27/2020
Renewed Focus on Taxes as Election Day Nears
October 23, 2020As Election Day nears, more attention is being paid to the tax plans of both presidential candidates.
The non-partisan Tax Foundation reports that if Joe Biden’s proposed tax increases were implemented, the U.S. would drop from its current No. 21 to No. 30 in the International Tax Competitiveness Index.
For members concerned about this year’s taxes, OMA Connections Partner RSM has published this insight addressing year-end tax considerations for businesses. On Nov. 9, RSM will host its complimentary Tax Summit 2020, focused on post-election analysis and considerations for business owners. 10/22/2020
OBM: Smaller Revenues Could Mark ‘New Stage’ in Economic Recovery
October 16, 2020This week, the Ohio Office of Budget and Management released its monthly financial report for September 2020. It noted that General Revenue Fund (GRF) revenue — the largest funding source for the state — was “less exuberant” than in previous months, and that September “could be first evidence of a new stage in the economic recovery.”
At $2.9 billion, September’s GRF receipts were -4.9% below estimates. Tax revenues were 0.5% above projections, while non-tax receipts — largely driven by federal grants — and transfers were -13.7% below estimates. For the month, spending from the GRF was below estimates by $230.1 million (6.9%), largely due to Medicaid trends. 10/13/2020
How Could the 2020 Election Impact Your Taxes?
October 16, 2020OMA Connections Partner Gilmore Jasion Mahler recently presented a webinar to provide insight into how the Nov. 3 election could impact the taxes your business pays. The webinar is available now on demand, as are these accompanying slides. 10/12/2020
Great News for PPP Loans of $50,000 or Less
October 16, 2020The Small Business Administration has issued a streamlined loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This is good news for many borrowers since loans totaling $50,000 or less comprise about two-thirds of all PPP loans.
OMA Connections Partner CliftonLarsonAllen has published this insight regarding this development. 10/14/2020
State Revenue Continues to Exceed Estimates
October 9, 2020Ohio’s total revenue collections in September exceeded projections by half a percent, but the two largest tax revenue sources — the non-auto sales tax and personal income tax — lagged forecasts.
Preliminary revenue data from the Office of Budget and Management show that September’s total tax collections reached $1.92 billion, versus $1.91 billion expected.
For the fiscal year so far, tax receipts have surpassed estimates by 4.1% ($262.3 million), with income taxes up 3%, non-auto sales tax up 4.5%, and auto sales tax up nearly 19%. 10/6/2020
RSM’s Quarterly Accounting Update Is Oct. 15
October 9, 2020Each quarter, OMA Connections Partner RSM updates middle market businesses on recently issued and proposed accounting guidance. On Thursday, Oct. 15, the firm will host a free webinar at 1 p.m. (ET) to cover the latest accounting insight. The event is intended for CFOs, controllers, directors, and other professionals involved in the financial reporting process. 10/6/2020
Helping Businesses Maximize Depreciation Deductions
October 9, 2020Many businesses focus so much on generating income from fixed assets that they miss opportunities to maximize depreciation deductions. OMA Connections Partner Plante Moran has published this article on fixed asset and cost segregation studies that can make a significant difference in your after-tax financial position. 10/8/2020