Ohio Senate takes steps to further Opportunity Zone Investment
The Ohio Senate passed the legislation to incentivize investments to Ohio Opportunity Zones by offering a 10% tax credit on the investment. The maximum amount of credits allowed by Ohio for a two year period is $50 Million, with a per applicant cap of $1 million. Investors will apply for
New Washington Law Simplifies B&O & Sales Tax Economic Nexus, Marketplace Facilitator Nexus
S.B. 5581 was signed by the Governor Jay Inslee on March 14, 2019, with the goal of improving the effectiveness and adequacy of state tax laws by clarifying and simplifying nexus provisions, by decreasing compliance and administrative burdens for taxpayers and the department of revenue, by facilitating the collection of
Ohio Opportunity Zone income tax credit legislation introduced
News from the Governors biennial budget March 13, 2019 Under the governor’s proposal, Ohio would provide a 10 percent, nonrefundable income tax credit to those who invest in the state’s Opportunity Zones. The Executive Budget proposes a nonrefundable personal income tax credit equal to 10 percent of capital gains reinvested
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
S-corp or C-corp? Which Entity Should you Be?
Both S corporation (S-corp) and C corporation (C-corp) structures share many common benefits; however, there are several notable differences that could have a direct impact on your business. Some of these differences can be an advantage or disadvantage, at any time, for either structure. Here’s a quick summary of what
The IRS Will Waive Some Penalties for Tax Underpayments
Taxpayers that don’t withhold and make estimated tax payments equal to 110% of the prior year tax or 90% of the current year tax are subject to Federal tax penalties. The IRS is not going to assess a penalty for individuals who have paid in at least 85% of their