Credits and Incentives Considerations for the Pandemic

PDF/Printer Friendly Version With many businesses struggling to stay afloat during the COVID-19 pandemic, especially due to stay-at-home and similar orders, the things that are upmost in business owners’ and managers’ minds are likely meeting cash flow needs and applying for federal loan or other rescue programs under recently enacted legislation. Next on the list may be the strategizing of the business’s bounce back as the economy gradually returns to something approaching normal when the first – and hopefully last – wave of the virus recedes and people are cleared to go out again, and confident enough to spend money again. Those credits or incentives for which a business has an agreement i

Karvo Paving Appeal Dismissed by Ohio Supreme Court

PDF/Printer Friendly Version On April 22, 2020, the Ohio Supreme Court granted a motion to dismiss the appeal filed by the Tax Commissioner from a decision of the Ninth District Court of Appeals in Karvo Paving Co. v. Testa. The Tax Commissioner appealed the Ninth District’s holding on the proper venue issue under the certified conflict jurisdiction of the Ohio Supreme Court. However, the Tax Commissioner did not appeal the decision of the Ninth District on the merits issues (see merits issues discussion below). While the appeal was pending before the Ohio Supreme Court, the Tax Commissioner filed a motion to dismiss its appeal, stating that it agreed with the Ninth District’s holding on t

FNB (Sorta) Wins Ability to Claim Regulatory Assessment Credit Against Financial Institution Tax at

PDF/Printer Friendly Version On April 14, 2020, the Ohio Board of Tax Appeals ("Board") rendered its decision in FNB, Inc. v. McClain, No. 2018-323. At issue was the regulatory assessment credit for Ohio-chartered banks formerly available in R.C. 5726.51 for the 2015 and 2014 tax years. The credit allowed an Ohio-chartered bank to claim a credit for the regulatory assessments paid to the Ohio Superintendent of Financial Institutions ("Ohio regulator”). FNB, Inc. was a nationally-chartered bank, which do not pay assessments to the Ohio regulator. As a national bank, FNB, Inc. paid regulatory assessments to the Office of the Comptroller of the Currency ("OCC"). FNB, Inc. argued that becau

Federal CARES Act, Tax and Loan Provisions for Business

PDF/Printer Friendly Version On Friday, March 27, in one of its most successful efforts at acronym-friendly bill naming, the federal government enacted the Coronavirus Aid, Relief, and Economic Security Act, P.L. 116-136, or “CARES Act.” The CARES Act provides roughly $2 trillion in economic relief in response to the COVID-19 coronavirus pandemic. The CARES Act contains provisions meant to help businesses and individuals survive the economic implications of the pandemic in the United States. It contains new business loan provisions, direct aid to individual taxpayers, unemployment insurance assistance to the states, and taxpayer-friendly changes to the Internal Revenue Code (“IRC”), as well

Ohio Supreme Court Tolls Time Requirements in all Rules Promulgated by Court

PDF/Printer Friendly Version On March 27, 2020, the Ohio Supreme Court issued an Order tolling all time requirements prescribed in all rules promulgated by the Court. This action was taken in response to the COVID-19 crisis. The tolling period established in the Order aligns with the tolling period contained in House Bill 197 enacted by the General Assembly. The tolling period is from March 9, 2020 to July 30, 2020, or until the date the Governor’s order declaring an emergency ends, whichever is earlier. Like HB 197, the Tolling Order is retroactive to March 9, 2020. The Tolling Order was necessary to toll time requirements under the Court’s rules because under the constitutional separati

Ohio Enacts Tax Related COVID-19 Legislation

PDF/Printer Friendly Version The Ohio General Assembly passed HB 197 on March 25, 2020 and Governor DeWine signed the Bill on March 27, 2020. The Bill was enacted as emergency legislation, so it goes into effect immediately. The Bill addresses many issues related to the COVID-19 pandemic, including numerous provisions authorizing the Tax Commissioner to extend the filing dates for any report required by law to be filed with the Commissioner and the time within which to make any estimated or accelerated payment that would otherwise be due pursuant to Chapter 718., 3734., 3769., 4303., or 4305., or Title LVII of the Revised Code. The Bill also authorizes the Tax Commissioner to waive the pa

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