Zinner & Co. Blog and Newsroom

House Bill 168 and Ohio’s State Unemployment Tax Savings

Posted by Zinner & Co. Tax Team on Jul 30, 2021 9:29:55 AM

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.

For many small business owners, this allocation will have a direct impact on the cost of unemployment tax payments in the coming year, as the allocation will be applied in repayment of the nearly $1.5 billion loan received from the federal government to cover increased unemployment claims paid during the pandemic.

If this loan was not repaid, the federal government would have begun charging interest on the unpaid balance. These interest charges would have resulted in unprecedented increases in employer burdened unemployment taxes of 50 percent, 100 percent and 150 percent in successive years. The Ohio Chamber of Commerce estimates the repayment of the federal loan will save Ohio employers approximately $650 million over the next three years.

“All of this recovery would have been much harder if they would have had to bear the burden of an additional tax on literally hiring people,” said Lt. Gov. John Husted in a prepared statement. “It will help fuel Ohio’s recovery. It will help Ohio employees. It will truly touch every community and every business in the state.”

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Topics: Ohio business owners, Taxes - Corporate & Business, Unemployment Benefits, Ohio Department of Jobs and Family Services

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

Ohio House Passes Bill Reducing Taxes for Lawyers, Lobbyists & Teachers

Posted by Zinner & Co. Tax Team on Oct 15, 2019 5:45:00 AM

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

Ohio BWC Issuing Rebate Checks

Posted by Zinner & Co. on Sep 26, 2019 11:41:36 AM

 

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.)

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Topics: Bureau of Worker's Compensation, Ohio business owners, Insurance, SMB

Ohio Initiates New Registration Process for New Pass-Through Entities

Posted by Zinner & Co. Tax Team on Aug 9, 2019 5:02:00 AM

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.

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Topics: Ohio business owners, income tax, SALT, start ups

Ohio House and Senate Reach Resolution on BID

Posted by Zinner & Co. Tax Team on Jul 18, 2019 12:18:19 PM

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).

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Topics: Ohio business owners, income tax, SALT

10 Tips to Avoid Business Owner Burnout

Posted by Zinner & Co. on Jul 2, 2019 7:18:00 AM

If 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.

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Topics: Ohio business owners, Business - Management, Issues & Concerns, start ups

Ohio Bureau of Workers’ Compensation Proposes $1.5B Rebate for Ohio Employers

Posted by Zinner & Co. Tax Team on May 21, 2019 12:18:38 PM

The 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.

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Topics: Bureau of Worker's Compensation, Ohio business owners, Taxes - Corporate & Business

Ohio Bureau of Workers’ Compensation Slashes Rates

Posted by Zinner & Co. Tax Team on Feb 25, 2019 1:35:16 PM

The 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.

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Topics: Bureau of Worker's Compensation, Ohio business owners

Ohio BWC Recommends 20% Reduction in Rates

Posted by Zinner & Co. Tax Team on Feb 4, 2019 8:12:04 AM

The Ohio Bureau of Workers' Compensation (BWC) has proposed a 20% reduction in the average premium rate charged to private employers.

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Topics: Bureau of Worker's Compensation, Ohio business owners, Insurance

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