It’s no secret that navigating tax regulations surrounding when you’re required to pay foreign taxes can be murky. The Internal Revenue Service (IRS) has attempted to provide some clarity on tax credit regulations over the past few years. History Sections 901 and 903 provide rules for taxpayers to credit foreign
Ohio Construction Tax Policy Considerations for Contractors Presented to Tax Commissioner Testa for 2017 State Budget Proposal By Barnes Dennig & Co., Ltd., Jason P. Rammes, CPA and Cheryl A. Ganim, CPA October 20, 2016 Definition of Agency Relationship with regard to Commercial Activity Tax (CAT) Issue – Gross
In a highly anticipated decision on June 20, 2024, the U.S. Supreme Court upheld the constitutionality of the Tax Cuts and Jobs Act’s Mandatory Repatriation Tax (MRT) by a vote of 7-2, ruling that Congress can tax entities on their shareholders and partners and confirming the MRT as a constitutional
Now that both the initial and extended 2018 filing seasons have passed, it’s time to focus on 2019’s taxes and steps to take to leverage additional savings in the closing months of the year. There are steps that can be made now to improve a taxpayer’s position and create additional
Navigate the Rough Sea of Regulations For many types of entities, in many situations, profits come at a cost. And that cost often relates to taxes and regulations. The time it takes to understand ever-changing state and municipal laws. The resources required for upgraded ERP systems to manage all that
The Employee Retention Tax Credit (ERTC) is a major relief to employers navigating the business challenges brought on by the COVID-19 pandemic – but as we look ahead to the 2023 tax season, there are some important tax elements to keep in mind. The ongoing credit program, which can be
With major tax provisions in the 2017 Tax Cuts and Jobs Act (TCJA) set to expire at the end of 2025, and in light of the recent election, many taxpayers are left wondering when they will know what lies ahead with regards to future tax laws. The Trump administration has
Q: What’s the goal of the current tax proposals? A: Overall, the Biden administration’s tax proposals seek to increase tax revenue to support various government plans to fund needs such as investment in infrastructure. By targeting specific groups, such as large corporations with overseas operations, the intent is to move
https://www.youtube.com/watch?v=K6oHsitQU1s Learn more about year-end tax planning and other financial strategies from our Ask the Experts series on YouTube. 2020 has brought much uncertainty to our daily lives, but there’s no need to let that uncertainty carry over into 2021 – at least not from a tax perspective. Some smart
In the complex world of taxes, change is the only constant. As such, it’s critical to keep a close eye on alterations and modifications, particularly when they affect your tax planning and obligations. Most recently, Ohio’s Commercial Activity Tax (CAT) has come under the spotlight with the signing of HB
The Cares Act (signed by President Trump on March 27, 2020) provided for a refundable Employee Retention Credit (ERC); however, PPP loan recipients were precluded from qualifying for the ERC. At that time, many businesses chose to apply for PPP loans in 2020 as opposed to ERCs. The President signed
If you anticipate that your Ohio Gross receipts will be less than $3 million in 2024, you should cancel your Commercial Activity Tax (CAT) account, effective December 31, 2023. If your gross receipts are more than $3 million but less then, $6 million, you should file the 2024 tax returns