CAT Changes in 2024
Ohio House Bill 33 recently enacted a major change in Commercial Activity Tax where nearly 90% of all Ohio-based businesses will no longer have to pay CAT, as the exemption limit is increasing. For tax periods beginning in 2024, taxable gross receipts under $3 million will be exempt from CAT. This limit will increase to…
Tax To-Dos for Newlyweds
Big life changes often have tax implications. Even if a couple marries on December 31, they are considered married for the whole year for tax purposes. Switching to a different filing status isn’t the only thing that needs to be considered. Name changes after marriage must be reported to the Social Security Administration as soon…
IRS Warns of New Scam
IRS Commissioner Danny Werfel warned taxpayers of a new scam earlier this month stating, “This is just the latest in a long string of attempts by identity thieves posing as the IRS in hopes of tricking people into providing valuable personal information to steam identities and money, including tax refunds.” This new scheme involves receiving…
Beginning Farmer Tax Credit
Attention new or beginning farmers: A new income tax credit program has recently been introduced in Ohio through House Bill 95. The Beginning Farmer Tax Credit Program is an initiative that will provide an income tax credit opportunity to qualified new or beginning farmers who participate in a financial management program and a separate income…
Ohio’s new Adoption Initiative
Ohio has a new initiative to support adoption called It Takes Heart. What was previously offered as an individual income tax credit to adoptive parents, there are now three types of nontaxable state-issued grants available to help defray the costs associated with the adoption process. The Ohio Department of Job and Family Services administers this…
Excess Fertilizer Tax Strategy
The Ohio State University AG Law Blog recently posted an article on amortizing excess fertilizer in farmland. In certain situations of inheritance or purchase, excess fertilizer, lime, or micronutrients added to soil that remain over and above base nutrient level can be amortized over its depletion. This can be an aggressive tax strategy because the…
BRSW Client Newsletter 2022
Our year-end newsletter is here to help make you aware of any tax planning and upcoming changes that should be considered. If you have any questions, reach out or set up an appointment so we can make a plan together. Have a Merry Christmas and a Happy New Year!
New BOI Requirements For Most U.S. Businesses
Starting January 1, 2024, the Financial Crimes Enforcement Network (FinCEN) will require reporting businesses to file a statement of beneficial ownership to identify persons who exercise substantial control or hold at least 25% ownership interest, as well as any individual responsible for filing creation or registration documents. Reporting companies include domestic or foreign entities that…
Change in Holiday Hours
Our holiday closures for the rest of the year are as follows: Closed Thursday and Friday November 24-25, 2022 for ThanksgivingClosed Friday December 23, 2022 and Monday December 26, 2022 for ChristmasClosed Friday December 30, 2022 and Monday January 2, 2023 for New Years Fridays after noon will continue to be by appointment only until…
Things New Farmers Should Know about Taxes
BRSW was recently featured on an Ag Credit podcast. Jon Stoller met with Ag Credit to have a friendly discussion concerning tax planning for new farmers. To listen to the podcast, click here. Note: This is for informational purposes only and should not be relied upon as formal tax advice. Please contact us for specific…