Getting an unexpected bonus is always nice, especially if you own a small business. On December 18, 2012, Ohio Governor Kasich and Tax Commissioner Joe Testa announced that the Ohio Department of Taxation (ODT) is implementing a new policy of notifying business taxpayers of potential tax overpayments, beginning with the Commercial Activity Tax (CAT). The ODT has already identified about 3,500 CAT taxpayers that may be eligible for refunds totaling $13.7M. ODT believes that approximately 11,000 CAT taxpayers will be eligible for tax refunds. ODT will send letters to all potentially eligible business taxpayers notifying them that they may be …
Employing Minors in Ohio — What You Need to Know
There was a time when child labor was a major problem in the United States. While that era has largely passed, employers who hire children under the age of 18 are still subject to a number of restrictions. It can be easy for businesses that only periodically employ minors to overlook these statutory requirements, leading to trouble down the road. Ultimately, Ohio’s minor employment laws are not overly burdensome so long as employers are aware that the laws exist and learn about their responsibilities. The Ohio Minor Labor Law considers any person under the age of 18 who has not …
What Is Portability and Why Should I Care?
It is official: Congress made the lifetime $5M (adjusted for inflation) estate and gift tax exemption permanent at the end of 2012. For individuals who die in 2013, $5.25M of their lifetime and at death transfers are excluded from the 40% estate and gift tax. Congress also did married couples an additional favor – they also made portability permanent. Portability allows a married couple to combine their lifetime exclusion amounts – $10.5M per couple in 2013. If one spouse dies having used less than their $5.25M exclusion amount, their surviving spouse may add the remainder to their own personal exclusion …
Welcome
Welcome to the Coolidge Wall, Co., L.P.A. blog. Our Dayton, Ohio office handles cases involving business and corporate law. We are dedicated to forming relationships with entrepreneurs and business owners as we help them through the legal issues that come with starting and running a business. For 165 years, our firm has provided clients throughout Ohio with trustworthy and dependable representation. Through this blog, our goal is to educate, inform and share important news and insights about corporate and business law. The more you know about the law, the better prepared you can be to help your business grow and …