Zinner & Co. Blog and Newsroom

DeWine Signs Tax Conformity Bill into Law

Posted by Zinner & Co. Tax Team on Apr 2, 2021 1:51:57 PM

Ohio Gov. Mike DeWine signed Senate Bill 18 into law, which ensures that expenses paid with forgiven Paycheck Protection Plan loans become deductible for state income tax purposes.

The legislation, which was supported by the Ohio Society of CPAs (OSCPA) will conform tax laws in the Buckeye State with recent changes to federal tax law, including deductibility of expenses from the Paycheck Protection Program and excluding $10,200 in unemployment compensation from income tax.

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Topics: Taxes - Corporate & Business, Taxes - Planning, Rules and Returns, Taxes - Individual, ohio, ppp

Ohio Income and School Tax Deadlines Moved to May 17

Posted by Zinner & Co. Tax Team on Mar 25, 2021 12:23:16 PM

S.B. 18 will Conform Ohio with Federal Tax Law Changes

Ohio Tax Commissioner Jeff McClain recently announced Ohio is following the federal government and Internal Revenue Service in extending the deadline to file and pay Ohio individual income and school district income taxes for tax year 2020.

The new deadline is May 17, an extension of approximately one month from the original deadline of April 15.

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Topics: Taxes - Planning, Rules and Returns, Taxes - Individual, tax, taxes, income tax, ohio

Reporting of Other Government Payments

Posted by Zinner & Co. Tax Team on Jan 21, 2021 11:48:12 AM

Many businesses who received Ohio Bureau of Worker Compensation rebate or dividend checks during 2020 recently received a letter from the Ohio Bureau of Workers Compensation requesting that they provide the BWC a completed Form W-9 to provide the information needed to complete the IRS tax statement Form 1099-G, which reports taxable Government Payments. This action also indicates that these rebate payments could potentially be subject to both Ohio state income tax and Commercial Activity Tax.

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Topics: Bureau of Worker's Compensation, income tax, ohio, Department of Job and Family Services, Unemployment Benefits

Gov. DeWine, BWC Propose $1.6 billion Dividend to Ohio Employers

Posted by Zinner & Co. Tax Team on Apr 9, 2020 1:00:33 PM

Move made to ease COVID-19 financial impact

Ohio Gov. Mike DeWine and Ohio Bureau of Workers' Compensation (BWC) Administrator/CEO Stephanie McCloud today proposed giving up to $1.6 billion to Ohio employers this spring to ease the economic impact of the coronavirus pandemic on Ohio’s economy and business community.

"This is great news for Ohio’s businesses, and will assist in relieving some of the financial pressures many are experiencing,” said DeWine. “Administrator McCloud and I both encourage businesses to reinvest this money in the health and safety of their employees.” 

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Topics: Bureau of Worker's Compensation, ohio, Coronavirus, COVID-19

Voluntary Layoff Aversion Program

Posted by Zinner & Co. Tax Team on Mar 23, 2020 5:49:32 PM

During the current Coronavirus pandemic, many businesses are struggling and some, unfortunately, are forced to lay off their employees.

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Topics: ohio, Department of Job and Family Services, SharedWorks, Layoff

Ohio Issues Stay at Home Order

Posted by Zinner & Co. Tax Team on Mar 23, 2020 8:15:00 AM

Ohio Gov. Mike DeWine, Lt. Gov. Jon Husted, and Ohio Department of Health Director Amy Acton, M.D. MPH, announced Ohio will be under a "Stay at Home" order.

The order goes into effect beginning on March 23 at 11:59 p.m. and will remain in effect until 11:59 p.m. on April 6, unless the order is rescinded or modified.

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Topics: ohio, Coronavirus, COVID-19, Economic Injury Disaster Loan, U.S. Small Business Administration, SBA

Applications Being Accepted for Economic Injury Disaster Loan Program

Posted by Zinner & Co. Tax Team on Mar 20, 2020 10:32:20 AM

The State of Ohio announced the U.S. Small Business Administration (SBA) has approved their request to allow small businesses and nonprofits in Ohio to apply for low-interest, long-term loans of up to $2 million through the SBA’s Economic Injury Disaster Loan program.

“Timing is everything as we navigate this crisis,” said Gov. Mike DeWine. “We have to move quickly to not only ensure that Ohioans are safe, but also that they have the necessary support in place to weather this difficult situation. I appreciate the quick response by federal officials to provide the state’s small businesses and nonprofits with access to this resource.”

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Topics: ohio, Coronavirus, COVID-19, Small Business, Federal Assistance, U.S. Small Business Administration, SBA

Governor Signs Tax Break for Teachers, Attorneys and Lobbyists into Law

Posted by Zinner & Co. Tax Team on Nov 11, 2019 10:47:05 AM

Governor Mike DeWine has signed a bill into law that will allow Attorneys and Lobbyists to take the Business Income Deduction (BID) deduction.The law was backed by the Ohio Society of CPAs, and was viewed as a fix to a part of the biennial budget that was thought to be unfair in its treatment of two specific professions.

As we wrote about when the bill first passed the General Assembly of the House in October, the law, in part, allows lawyers and lobbyists to take the same deductions as other types of pass-through entities. The law also contains two other provisions of note:

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Topics: Ohio business owners, income tax, business income deduction, ohio

Do You Have Unclaimed Funds Just Waiting for You to Collect?

Posted by Zinner & Co. on Oct 17, 2019 5:21:00 AM

Money doesn’t grow on trees! If you have monies owed to you, you should try to collect. At present, there are over $2.6B in unclaimed funds that Ohio is trying to get back in the hands of its rightful owners.

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Topics: personal finance, ohio


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