Tax and Finance Management

Webinar: End-of-Year Tax Update

On Dec. 5, OMA Connections Partner Schneider Downs will host a three-hour continuing professional education webinar to update participants on tax developments. The event will include insights on federal taxes and the IRS, partnerships, R&D and tax credits, state and local taxes, and international taxes. Register here. 10/26/2023

Inflation-Fighting Strategies to Justify Cost Recovery

Labor, raw material, logistics, and utilities costs have skyrocketed. OMA Connections Partner Plante Moran writes that cost and margin data are manufacturers’ superpower for justifying cost recovery while protecting customer relationships. In this guidance, the firm spotlights four areas on which to focus. 10/25/2023

Ohio Lawmakers Consider Property Tax Relief

Ohio’s real property owners would see a temporary change in how local governments evaluate property taxes if state lawmakers pass legislation introduced in both the Ohio House and Senate.

Senate Bill 153 and House Bill 187 would require the Ohio Department of Taxation to use a three-year average of property values to determine taxes. Read the bill summary. HB 187 has already been passed by the House, while the Senate companion bill remains in committee. 10/16/2023

Federal Tax Forum, Nov. 8-9

OMA Connections Partner RSM is planning a two-day online forum to discuss federal tax developments. Set for Nov. 8-9, the event will address possible tax legislation coming in 2024 and 2025, the tax treatment of research and experimental expenditures, and other key topics. Learn more and register. 10/18/2023

Webinar: State and Local Tax Considerations for Manufacturers

At 11 a.m. Wednesday, Oct. 25, OMA Connections Partner HBK will host a complimentary webinar to address state and local tax considerations for manufacturers. Among the issues to be discussed will be Ohio’s sales/use tax, income tax, and commercial activity tax. Learn more and register. 10/18/2023

OMA Tax Committee Will Meet Oct. 25

Members are invited to participate in the OMA Tax and Finance Committee at 10 a.m. Wednesday, Oct. 25. Register now to join us via Zoom or in person at the OMA offices. Register here. Guests will include representatives from JobsOhio and Sen. George Lang (R-West Chester), who will discuss options to improve Ohio’s economic competitiveness. 10/18/2023

House Advances Construction Contract Mandate

This week, the House Commerce and Labor Committee voted to advance House Bill 203, OMA-opposed legislation that would set the payment terms in construction contracts. The bill would eliminate the owner’s right to negotiate by requiring all contracts be paid within 30 days.

HB 203 would impose an 18% rate on payments not made within the state-mandated “prompt pay” period.

Despite the OMA’s vocal opposition in testimony, members of the committee supported the bill backed by union and private contractors. The OMA alerted House members that HB 203 will be counted as a key vote, meaning it will be a factor in the OMA’s 2024 candidate endorsement process. 10/12/2023

Inflation Remains Sticky for Producers, Consumers

U.S. inflation continues to grow faster than expected. Last month, consumer prices increased 3.7% compared to a year earlier, federal reports say.

Producer prices also increased more than expected in September amid higher costs for energy products and food. Overall, the core Producer Price Index was up 2.8% year over year. 10/13/2023

Experts Split on Recession Odds

This infographic published by VisualCapitalist shows recent surveys have found more than 80% of CEOs are preparing for a recession in the next 12-18 months, while Federal Reserve staff is no longer forecasting such a downturn. Economists are split on the question, with 48% calling for a recession within the next year. 10/9/2023

Expanded Export Assistance Available

The U.S. Small Business Administration has announced that Ohio will receive $400,000 to support small business export growth.

The Ohio Department of Development will largely use this funding to help businesses promote products internationally through the Export Training Grant and the International Market Access Grant for Exporters (IMAGE) program. Manufacturers can click here to apply for the grant. 10/10/2023