Following requests from taxpayers, the IRS and Treasury department have issued new regulations regarding the election to use the Alternative Simplified Calculation (ASC) method on amended tax returns. As of February 2015 taxpayers can claim the ASC on an amended tax return if in previous years they did not claim
On April 30th, 2015, a long awaited ruling from the Ohio Supreme Court struck down Cleveland’s unique method of taxing out-of-town professional athletes, but upheld their ability to still apply a “jock tax.” The ruling could save visiting professional athletes several thousand dollars and cost the city as
You read that correctly. You may need to take an identity confirmation quiz in order for your Ohio tax return to be processed and your refund issued if you were one of the lucky selected individuals. “Last year, The Ohio Department of Taxation (ODT) intercepted an unprecedented number of fraudulent
How will Governor Kasich’s budget proposal affect your business? It may directly and indirectly increase your taxes. In order to figure it out you will have some reading to do. Start at page 1,894 for the tax proposals. Ohio House Bill 64 was introduced on February 11, 2015. It is
The popular Federal Work Opportunity Tax Credit (WOTC) has been partially expanded to include entities that are tax-exempt under Code Section 501(c) and 501(a). Tax-exempt entities that qualify may take the reduced tax credit against their employer share of social security tax. The federal tax credit is available to employers
The U.S. House of Representatives passed H.R.636, “America’s Small Business Tax Relief Act of 2015” on February 13, 2015, which would make permanent increased expensing provisions that expired at the end of 2014. The bill goes to the Senate next for consideration, before making its way to the President. H.R.