The Ohio General Assembly unanimously passed a bill that reverses a previous tax measure, passed in July, that required lawyers and lobbyists to pay tax on the first $250,000 of income they earned.
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Ask the Expert: I sold my income property. Someone told me I could be impacted by depreciation recapture even though I didn’t claim depreciation – is this true?The short answer is, yes.
Certain types of assets can be depreciated and are subject to depreciation recapture; among these are investment rental properties.
The IRS has unveiled the new, redesigned Form W-4 for the tax year 2020. This new form eliminates many of the complex tables used in previous versions and includes many enhancements from the earlier draft version.
The Ohio Department of Taxation announced they have begun a new process for registering new pass-through entities (PTE.) In the past, the department’s old computer system registered and created accounts for new PTEs upon the filing of their first return. One challenge with this process was that many PTEs made estimated payments prior to filing their first return.
The IRS has begun sending letters to more than 10,000 cryptocurrency holders with a warning that they may have violated federal tax law.
The letters state those who have profited from the trade or use of cryptocurrencies (such as Bitcoin) may be subject to a variety of taxes including capital gains.
The Ohio House and Senate passed two different - and conflicting - budget bills prior to the June 30th deadline. A major point of contention between the bills was the treatment of Ohio’s Business Income Deduction (BID).
Ohio's state constitution requires that the state's biennial budget be approved by June 30. That deadline has come and gone and Ohio's Legislature has not yet passed a budget. The house and senate both approved a measure that extends state funding at current levels for 17 days while lawmakers try to compromise on the 3,000+-page budget bill.
Well…it’s over. This year’s individual tax return filing deadline has come and gone. As the dust settles and we take stock of this year’s tax season, a few trends have appeared.
On Friday, March 22, 2019, the Treasury and IRS announced they have lowered the withholding underpayment penalty threshold to 80%. This means that taxpayers who were 80% or less under-withheld on their income tax withholding or quarterly tax payments may qualify for relief.