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Governor DeWine and BWC Advocate for 7% Premium Cut for Private Employers

Submitted by Debra Rodway on Fri, 2024-02-02 14:31

 

Private employers in Ohio could see a substantial reduction of nearly $67 million in premiums for the upcoming fiscal year, thanks to a proposed 7% rate decrease presented to the Ohio Bureau of Workers' Compensation Board of Directors on Friday. 

The House Approved Tax Relief for American Families and Workers Act of 2024

Submitted by Debra Rodway on Thu, 2024-02-01 16:56

Yesterday the House approved the Tax Relief for American Families and Workers Act of 2024 in a 357 to 70 vote.  The Senate still needs to vote on the bill before the legislation is passed, and that vote is not yet scheduled.

A summary of the main highlights of what the bill would do, if enacted as introduced, follows:

IRS to Complete Processing 1040's Filed in 2021 This Week

Submitted by Debra Rodway on Wed, 2022-06-22 14:05

 

The Internal Revenue Service provided updated details on where it stands in its processing of millions of tax returns in its backlog. 

IRS Increases Mileage Rate for Remainder of 2022

Submitted by Debra Rodway on Tue, 2022-06-14 15:18

 

For the final 6 months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the year.

The new rate for deductible medical or moving expenses (available for active-duty members of the military) will be 22 cents for the remainder of 2022, up 4 cents from the rate effective at the start of 2022.

The 14 cents per mile rate for charitable organizations remains unchanged as it is set by statute.

Businesses Can Deduct Full Cost of Business Meals

Submitted by Debra Rodway on Tue, 2022-06-14 11:30

 

For 2021 and 2022 only, businesses can generally deduct the full cost of business-related food and beverages purchased from a restaurant. Otherwise, the limit is usually 50% of the cost of the meal.

 

To qualify for the enhanced deduction:

Mahoning County Increases Sales and Use Tax Rate

Submitted by Debra Rodway on Mon, 2022-04-04 11:27

 

Effective April 1, 2022, Mahoning County will increase its sales and use tax rate from 7.25% to 7.5%.

Taxpayers should ensure that the rate changes are accurately reflected in their systems so that customers are charged the appropriate sales tax rate. This may include retailers updating cash registers and point-of-sale software and systems. It is a good practice to review sales on the effective date of the rate change to confirm systems are properly calculating the tax.

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