As small business owners complete the second quarter 2021 filing of their state unemployment tax payments with the Ohio Department of Job and Family Services, they should be aware that tax saving benefits have been preserved for the coming years.
On June 29, Gov. Mike DeWine signed House Bill 168, which appropriates $2.2 billion of the $2.7 billion that Ohio is slated to receive this year under the federally funded American Rescue Plan.
House Bill 168 and Ohio’s State Unemployment Tax Savings
Zinner & Co. Tax Team Ohio business owners , Taxes - Corporate & Business , Unemployment Benefits , Ohio Department of Jobs and Family ServicesGovernor Signs Tax Break for Teachers, Attorneys and Lobbyists into Law
Zinner & Co. Tax Team Ohio business owners , income tax , business income deduction , ohioGovernor 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:
Ohio House Passes Bill Reducing Taxes for Lawyers, Lobbyists & Teachers
Zinner & Co. Tax Team Ohio business owners , income tax , SALT , business income deductionThe 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.
Ohio BWC Issuing Rebate Checks
Zinner & Co. Bureau of Worker's Compensation , Ohio business owners , Insurance , SMB
In May, we informed you the Ohio Bureau of Workers’ Compensation (BWC) would be issuing $1.5B in rebates to employers; and true to their word, many local employers have started receiving rebate checks in the mail.
The BWC is issuing rebates equal to 88% of the employer’s 2018 premiums (for the period running July 1, 2017 to June 30, 2018.)
Ohio Initiates New Registration Process for New Pass-Through Entities
Zinner & Co. Tax Team Ohio business owners , income tax , SALT , start upsThe 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.
Ohio House and Senate Reach Resolution on BID
Zinner & Co. Tax Team Ohio business owners , income tax , SALTThe 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).
10 Tips to Avoid Business Owner Burnout
Zinner & Co. Ohio business owners , Business - Management, Issues & Concerns , start upsIf you are burning the candle at both ends, sooner or later it’s going to catch up with you. That’s reality. No matter how passionate you are about your business, no matter your level of drive to succeed, if you push too hard for too long you will experience burnout.
Ohio Bureau of Workers’ Compensation Proposes $1.5B Rebate for Ohio Employers
Zinner & Co. Tax Team Bureau of Worker's Compensation , Ohio business owners , Taxes - Corporate & BusinessThe Bureau of Workers’ Compensation (BWC) has announced a proposal to provide Ohio employers with a $1.5B rebate. This rebate comes as the result of stronger than expected returns on investments.
Ohio Bureau of Workers’ Compensation Slashes Rates
Zinner & Co. Tax Team Bureau of Worker's Compensation , Ohio business ownersThe Ohio Bureau of Workers’ Compensation (BWC) Board of Directors has announced they have approved a 20% cut in premiums for private employers. The cut was proposed by BWC’s Director and CEO.
Ohio BWC Recommends 20% Reduction in Rates
Zinner & Co. Tax Team Bureau of Worker's Compensation , Ohio business owners , InsuranceThe Ohio Bureau of Workers' Compensation (BWC) has proposed a 20% reduction in the average premium rate charged to private employers.
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