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 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).
The IRS recently issued guidance on tax withholding for the coming year. The redesign of the W-4 has been tabled until 2020 after the proposed form met with heavy criticism from groups like the American Society of CPAs. The W-4 for 2019 will be essentially the same as the 2018 with the exception of changes to the “withholding allowance” terminology used in the Tax Cuts and Jobs Act (TCJA.)
Ohio Tax Commissioner Joe Testa has announced that effective January 1, 2019, there will be changes to the state’s income tax withholding tables. These changes will be the first to the state’s withholding amounts since 2015.
Historically, in the U.S., only goods were subject to sales tax. But as the economy has shifted from a production to a service-based economy (beginning in the 1950s), some services became subject to sales tax.
Since 1938, Zinner has counseled individuals and businesses from start-up to succession. At Zinner, we strive to ensure we understand your business and recognize threats that could impact your financial situation.
Recent Blog Posts
Have Nagging Financial Questions?
Send us your questions and we’ll share our insights with you on our blog!