Changes to Employee Parking Deduction May Save you Money
Effective January 1, 2018, IRC §274 was amended through the Tax Cuts and Jobs Act (TC&JA) and generally disallows an employer’s deduction for expenses with respect to the cost of Qualified Transportation Fringe Benefits (QTFs) provided to employees. However, the TC&JA did not address how to determine the amount of
Ohio Sales Tax Holiday Starts Today
Friday, August 5th marks the beginning of a one-time sales tax holiday in Ohio, and you can save between 6.5% and 8% in state and county sales tax. The holiday begins on Friday, August 5, 2016 at midnight and concludes on Sunday, August 7, 2016 at 11:59pm. During the period,
Ruling on Double Taxation Case and Refund Eligibility
Ohio currently allows a state credit but no local credit for taxes paid to another jurisdiction, similar to the tax systems in Iowa and Maryland. If Ohio follows suit with the Wynne case, there could be potential for a possible refund of unapplied credits for local taxes paid to other
More than Half of All Businesses will be affected by DOL Overtime Changes
In June, the Department of Labor (DOL) proposed revised regulations which affect the Fair Labor Standards Act’s “white collar” overtime exemptions. The proposed regulations increase the salary threshold needed to qualify for overtime exemption from $455/week ($23,600 per year) to $970/week ($50,440 per year). Any business that employs workers with
2015 Kentucky Incentives Program Updates
Kentucky Corporate Income Tax – KY Business Investment Program Any business entity engaged in manufacturing, agribusiness, nonretail service or regional/national headquarters is eligible for the program. Kentucky counties are designated “enhanced incentive” eligible by meeting at least one of the three following criteria: counties with an average annual unemployment rate
North Carolina Tax Law Changes
On September 18, 2015, North Carolina Governor Pat McCrory signed the 2015 Appropriations Act, which will reduce corporate and personal income tax rates, phase in single sales factor apportionment and extend the Historic Preservation Tax Credit. Corporate The corporate income tax rate will decrease from 5% to 4%, effective January