PDF/Printer Friendly Version FNB, Inc., the parent of First National Bank of Dennison and TuscValley Financial, has appealed the Ohio Board of Tax Appeal’s decision in FNB, Inc. v. McClain, No. 2018-323 (“FNB”), reported earlier in this April 16 Buzz. FNB concerned a refund claim related to the Financial Institutions Tax (“FIT”), in which FNB argued that the regulatory assessment credit (“assessment credit”), formerly available in R.C. 5726.51 and allowed to state-chartered b

PDF/Printer Friendly Version Effective June 19, 2020, Amended Substitute House Bill Number 481 excludes from the definition of gross receipts found in Ohio Revised Code 5751.01(F) any forgiven indebtedness that is excluded from the gross income of the taxpayer for federal income tax purposes pursuant to section 1106(i) of the “Coronavirus Aid, Relief, and Economic Security (CARES) Act,” 15 U.S.C. 9005(i). As a result, any forgiven PPP loans will not be subject to the Commerci

PDF/Printer Friendly Version On June 8, 2020, the Ohio Department of Taxation issued Sales Tax Information Release ST 2020-01: Internet Tax Freedom Act Summary – June 2020, which provides the Department’s interpretation of the impact the elimination of the “grandfathering clause” of the Internet Tax Freedom Act (ITFA) will have on the taxability of electronic information services (EIS), automatic data processing (ADP), and electronic publishing services (EPS)[1]. ITFA Backgro