Tax and Finance Management

Where Do People Pay the Most in Property Taxes?

How do your local property taxes compare nationally? The Tax Foundation has created this interactive map that allows users to examine the median property tax paid in nearly every U.S. county. 8/20/2020

Transfer Pricing for Manufacturers During COVID-19

As the pandemic lingers, businesses continue to raise tax-related questions. This is especially true for multi-national manufacturers. OMA Connections Partner Crowe has produced this new insight into transfer pricing issues for manufacturers during COVID-19. 8/20/2020

Study: Your $100 Goes Further in Ohio

The Tax Foundation has compared the value of $100 in all 50 states, based on cost-of-living data from U.S. Bureau of Economic Analysis. The Buckeye State fares well in the study, coming in seventh best.

The Foundation writes: “Ohio is a low-price state. There, $100 will buy goods and services that would cost $113.12 in a state at the national average price level. Put another way, Ohioans are, on average, about 13% richer than their nominal incomes suggest.” 8/10/2020

Bill Would Affect Ohio’s Withholding Taxes During COVID-19

This week, Sen. Kristina Roegner (R-Hudson) introduced her long anticipated Senate Bill 352, which would repeal Sec. 29 from House Bill 197. That section has allowed manufacturers and other Ohio businesses to continue withholding employees income tax from the business’ principal location and not employees’ homes. With many Ohioans working remotely due to COVID-19, the General Assembly acted wisely to save businesses the burden, expense and compliance nightmare of revamping their tax systems in the midst of the pandemic.

Over the summer, Sen. Roegner and others have discussed repealing the provision in HB 197 so that withholdings would be redirected to the local governments of an employee’s home address if he/she is working remotely. The bill comes on the heels of the Buckeye Institute’s lawsuit over the provision in HB 197.

The OMA has a small working group discussing longer term solutions regarding this issue. We will discuss the topic at the OMA’s Aug. 26 Government Affairs Committee meeting. 8/13/2020

Unlocking Cash During COVID-19 Webinar Series

OMA Connections Partner CliftonLarsonAllen is hosting a free webinar series to highlight helpful tips for finding tax savings and increasing cash flow during the pandemic.

The next 30-minute webinar — set for 2 p.m. (ET) on Wednesday, Aug. 26 — will address employer incentives for employee retention. 8/13/2020

Ohio Sees Strong July Revenues Driven by Sales Tax

July was a good month for Ohio tax revenues. Total General Revenue Fund receipts came in at $2.43 billion, 8.2% above estimates, according to preliminary revenue tables from OBM. The first month of the state’s new fiscal year saw overall sales and use taxes up $145.8 million (14.8%) compared to estimates, while personal income tax revenue was up $33.7 million (2.9%). 8/11/2020

Ohio’s Spending Up 16.5% in July, Fueled by Medicaid

Soaring Medicaid enrollment in Ohio contributed to increased state expenditures in July. According to OBM’s Monthly Financial Report, the state spent $4.1 billion through the General Revenue Fund in July — up $577.6 million (16.5%) compared to the same month a year ago. More than $2.1 billion of that was for Medicaid costs. Enrollment in Medicaid has risen by about 225,000 since February. 8/12/2020

How Technology is Evolving the CFO Role

The role of today’s CFO is being transformed by technological innovation and access to massive amounts of data, both inside and outside the organization. OMA Connections Partner Clark Schaefer Hackett has produced this insight into how three key technologies — automation, data visualization and analytics — are leading this transformation. 8/12/2020

New Guidance on PPP Loan Forgiveness

This week, the Small Business Administration released 23 new FAQs to provide guidance on loan forgiveness under the Paycheck Protection Program (PPP). OMA Connections Partner CliftonLarsonAllen issued this summary, stating that the FAQs provide additional clarity, but questions remain.

For insight into what the new guidance says about transportation expenses, read this summary from OMA Connections Partner GBQ Partners.

Also, check out this free on-demand webinar by OMA Connections Partner Crowe LLP, which addresses how to simplify the PPP loan forgiveness process. 8/6/2020

IRS Provides Guidance on Recapturing Excess Employment Tax Credits

The IRS recently issued a temporary regulation and a proposed regulation to reconcile advance payments of refundable employment tax credits and recapture the benefit of these credits when necessary.

For more information on the employer credits, visit this site. 8/6/2020