February 5, 2018

News

Centralized Collection of The Ohio Municipal Net Profit Tax Is Here
By Adam Garn, CPA, JD, MT Ohio's biennial budget bill, Am. Sub. H.B. 49 (the "Bill"), brought on important new features to Ohio's municipal income tax system. For taxable years beginning on or after Jan. 1, 2018, the Bill created an elective method of centralized collection and administration for net profit taxpayers. It also eliminated the anti-competitive throwback rule and modified the fourth quarter due date for estimated tax payments for individuals. In addition, the Bill required the Ohio Department of Taxation (ODT) to complete a feasibility study of allowing taxpayers to file individual municipal tax returns through the joint federal and state Modernized e-File (MeF) program and clarified the late payment penalty. These changes are on top of the sweeping uniformity provisions adopted in Am. Sub. H.B. 5 (H.B. 5) of the 130th General Assembly which were effective for taxable years beginning on or after Jan. 1, 2016.

General rules
Effective for taxable years beginning on or after Jan. 1, 2018, taxpayers subject to a municipal net profit tax may elect to file on a centralized basis. Individuals, electric companies and telephone companies are not eligible to elect to file on a centralized basis under this section. (Electric and telephone companies already file on a centralized basis using different rules.) If a taxpayer elects to file on a centralized basis, the net profit tax will be administered and collected by the Ohio tax commissioner. The tax commissioner will administer the net profit tax under Revised Code sections 718.80 to 718.95 (which are separate provisions from the current municipal net profit tax). The tax commissioner has already started to establish rules and regulations that will be applicable to electing taxpayers. Click here to read this article in its entirety.

FASB Reporting Data Now Available For OCA Union Funds
FASB reporting data for OCA’s union pension funds is now available for the 2017 tax year. Please click here for the spreadsheet. If you have any questions or concerns, please contact Mark Potnick in the OCA office. Thank you.

Estimating Competition Member Coaches
We couldn’t do it without our coaches! Thank you to our members who are donating their time and talents to the students for the 2018 Estimating Competition.

Upcoming Events

2018 Traffic Control Supervisor Training Courses
ODOT now requires that all approved Traffic Control Training be updated every 5 years. OCA’s Traffic Control Supervisors Training Course is designed to provide participants with practical knowledge and understanding of work zone traffic control systems. This full-day class provides students an opportunity to understand and practice industry standards for maintaining traffic through work zones. The focus of this training is the relationship between safety and efficiency. Each participant must learn how and where to access information from the MUTCD. Students must pass a final exam to complete the course. Each course will take place in OCA’s Columbus office. Cost per person is $185 for OCA members, and $270 for non-members. This is always a popular course and registration fills up fast. If you would like to register, please do so as early as possible prior to the course date to insure open spots. Click here to register.

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Safety Talks

Click hereto view the OCA JobsiteSafety Talk.