By Grant Stephenson on Employers may claim the Employee Retention Tax Credit and the tax credits available under the Families First Coronavirus Response Act (FFCRA) for relief during the COVID-19 pandemic. They do this first, by reducing the employer portion of Social Security taxes, and then, by reducing the employer’s payroll deposits in an amount equal to the refundable portion of … Continue Reading
By Porter Wright on The Internal Revenue Service (IRS) has released additional information on the delayed payment and filing deadlines to ease the burden on taxpayers during the COVID-19 pandemic. We’ve written previously about the deferral of the federal income tax payments and filing obligations and initial guidance released last month. Ohio has also followed the federal government in … Continue Reading
By Porter Wright on The Ohio Department of Taxation announced on March 27, 2020 that Ohio will be following the federal government and IRS in extending the deadline to file and pay state income tax. Please refer to our prior post for more information on the federal deadline change. The Ohio deadline for state income taxes is now July … Continue Reading
By Porter Wright on On April 15, 2020 we posted an update to this blog, “UPDATE: Additional information released about delayed federal tax filing and payment deadlines.” Click here to read the update. In response to the COVID-19 pandemic and the increased strain placed on individuals and business taxpayers during this time, the IRS has pushed back certain payment and … Continue Reading
By Grant Stephenson on The Families First Coronavirus Response Act (FFCRA) requires employers with fewer than 500 employees to make payments for COVID-19 related FMLA leave and paid sick leave required by the act. To lessen this financial burden to employers, the act provides for refundable tax credits to offset payroll taxes. My colleague Victoria Hanohano-hong details the credits … Continue Reading
By Porter Wright on On April 15, 2020 we posted an update to this blog, “UPDATE: Additional information released about delayed federal tax filing and payment deadlines.” Click here to read the update. In response to the COVID-19 pandemic and the increased strain placed on individuals and business taxpayers during this time, the IRS has pushed back certain payment deadlines … Continue Reading
By Mark Snider on On September 26, 2016, Rep. Armstutz introduced two pieces of legislation in the Ohio House that could impact the tax rate of the Ohio financial institutions tax (“FIT”) that is paid by banks and other financial institutions doing business in Ohio. These bills are H.B. 599 and H.B. 600. These bills are alternatives. Both would … Continue Reading
By Mark Snider on In September, at the request of an Ohio-based national bank, the Office of the Comptroller of the Currency issued an opinion challenging the application of the Ohio Financial Institutions Tax (FIT) to national banks with their principal office in Ohio. The opinion held that the FIT contradicted a federal statute that provides a national bank … Continue Reading
By Walter Reynolds and Ana Crawford on Although not every settlement agreement has to be reviewed by a tax lawyer if you are representing a creditor or a debtor and the subject matter of the settlement involves the compromise of a debt or a cancellation of an indebtedness, there are some basic tax matters which must be considered. If you are representing … Continue Reading
By Greg Daugherty on Restricted stock grants have been a popular executive compensation component for over a decade now. With a restricted stock grant, the employer gives shares of stock to the employee, but subject to two main conditions. One condition is a vesting condition, which generally requires the employee to remain continuously employed with the employer for a … Continue Reading
By Mark Snider on The Ohio Department of Taxation recently released draft administrative regulations (the “Regulations”) designed to implement the new Ohio financial institutions tax. The new tax takes effect Jan. 1, 2014 and replaces the corporation franchise tax and dealers in intangible tax, which financial institutions have historically paid in Ohio. The Regulations state that the tax has … Continue Reading
By Mark Snider on The Internal Revenue Service has recently reversed course regarding federal income tax treatment for banks for certain costs associated with OREOs ("other real estate owned"). The newer guidance should liberalize the ability of banks to take immediate deductions with respect to certain costs associated with OREOS. The IRS has released a Chief Counsel Memorandum stating … Continue Reading
By Mark Snider on On December 11, 2012, the Ohio General Assembly approved a measure (H.B. 510) that will reform how banks and other financial institutions are taxed by the State of Ohio. Governor John Kasich is expected to sign the bill into law today. If enacted, the changes will take effect for tax years starting in 2014. This bill expands … Continue Reading
By Mark Snider on Legislation to significantly change the way Ohio taxes financial institutions is tied up in the Ohio legislature – for the time being, anyway. Although the Ohio House of Representatives passed H.B. 510 to overhaul Ohio taxation of financial institutions in the spring, the Ohio Senate stalled work on the legislation before its summer recess. Stated reasons … Continue Reading
By Mark Snider on The Ohio House of Representatives has passed H.B. 510 which overhauls the taxation of financial institutions by the State of Ohio. The legislation is expected to move through the Ohio Senate committee process immediately. The governor and others are touting the bill as shifting the relative tax burden from smaller banks to larger banks while lowering rates … Continue Reading
By Dave Tumen on The real estate market in Ohio continues to face significant challenges. With many property values declining throughout the state, challenging property tax assessments to obtain tax relief is an important strategy for financial institutions to consider. How does the complaint process work? Property taxes in Ohio are paid in "arrears," meaning taxes paid in 2011 … Continue Reading
