Insights

Time is running out to clearly maximize the tax benefits available under the qualified opportunity zone (QOZ) program. 

The Ohio Board of Tax Appeals (BTA) recently issued a decision that reverses 20 years of case precedent regarding the classification of voice and internet cable installed into commercial buildings. 

Taxpayers seeking to contest the values established by the local assessor have a short time-to contest their new valuation. This time frame varies by state and by local jurisdiction and in many cases begins to run upon mailing of a new value notice.

Since the last edition of The Evaluator, there have been several notable decisions from courts and tax boards; and legislative developments in jurisdictions across the country.

On June 12, 2019, the Senate unanimously approved Senate Bill 95. The bill, sponsored by State Senators Bob Peterson and Stephanie Kunze, has been sent to the House for further consideration.

Taxpayers seeking to contest the values established by the local assessor have a short time-to contest their new valuation.

Since the last edition of The Evaluator, there have been several notable legislative developments and decisions from courts and tax boards in jurisdictions across the country.

Property taxes are frequently the largest non-productive expense incurred by property owners, and proactive management of this expense may result in increased profitability.

Every six years the State of Ohio requires counties to reappraise real estate.

Taxpayers seeking to contest real property tax values established by assessing jurisdictions across the country often have a short window of opportunity to contest their new valuation.

Starting in 2018, an employer is no longer able to deduct the expense associated with “any parking” provided to employees on or near the workplace. 

The Ohio Supreme Court has done it again.  It announced a sales and use tax decision two days after Christmas and a few days before New Year’s Eve.  Great Lakes Bar Control, Inc. v. Testa (12‑27‑18), Slip Op. No. 2018‑Ohio‑5207.  (The Court released its sales and use tax decision involving bobblehead dolls and the resale exemption the day before Thanksgiving.)  Thus, in the spirit of holiday celebration, I again take pen in hand to write this alert.

For nearly 30 years, Ohio taxpayers have been searching for an “easy answer” to avoid sales tax on employment services. The recent decision by the Ohio Supreme Court in Seaton Corp. v. Testa may give some searchers hope.

This holiday season, Ohio based professional sports teams have at least one tax reason for which they can give thanks. On the day before Thanksgiving, the Ohio Supreme Court announced its decision in Cincinnati Reds, LLC v. Testa (November 21, 2018), Slip Op. 2018 Ohio 4669.

On October 19, 2018, Treasury issued Proposed Regulations and a Revenue Ruling (together, the Guidance) which address many important QOZ questions, generally in a taxpayer favorable manner. 

If your company has outstanding assessments or has paid federal civil penalties for Form W-2 compliance failures within the last two years, please call us.

On August 29, 2018, House Speaker Pro Tempore Kirk Schuring introduced a bill (H.B. No. 727) to create a tax credit for investments in Qualified Opportunity Zones.

New rules effective for partnership taxable years beginning after December 31, 2017 dramatically alter the rights and obligations of partnerships (including LLCs treated as partnerships for tax purposes) and partners, in connection with IRS partnership audits and resulting tax assessments.