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Unclaimed funds are any moneys, rights to moneys, or intangible property held by another person or organization that has not had contact with the owner for a specific amount of time. After the specific amount of time, the funds are then placed with the State of Ohio,...
The IRS has the power to put liens on your property and even seize it outright, garnish your wages and do other things to those it accuses of owing back income taxes. Soon, it will also be able to limit your ability to travel. Fortune reports that, starting in...
It was way back in January when we first discussed the way the city of Cleveland taxes professional athletes’ income when they come to town to play one of the local sports teams. As we explained then, currently Cleveland calculates the taxes on visiting NFL players...
The IRS audited the income tax returns of slightly more than 1.2 million people during the last fiscal year. That may sound like a lot of audits, but it is actually the fewest the IRS has pursued in 11 years. To put it another way, the audit coverage rate for last...
If you own and operate a business in Ohio, you probably know that you have to pay taxes. Knowing that you must pay your income tax, the income tax of the business and some other taxes is common knowledge. There are also various state taxes and, depending on where you...
Sometimes life overwhelms you and wreaks havoc on your finances. The loss of job, a serious illness or disability, divorce, the failure of a business, these are some of the common reasons I hear from people who seek help with their IRS, State and Local back tax...
Owing back taxes to the IRS is a very serious matter. However, familiarity with IRS procedures and limitations will help keep the burden from overwhelming you. Naturally, the IRS wants you to pay as much as you can and as quickly as possible. This is primarily because...
According to the Ohio Department of Taxation, legalization of marijuana could bring in as much as $300 million in new tax revenue to the state. That figure is based on the assumption that there would be little integration of the wholesale and retail marijuana...
When you run your own business or a small business, you know there are many pieces that go into the puzzle that makes up a successful business. You generally need a great concept and provide a great product or service that allows you stand apart from similar products...
Many states use tax rates and other tax treatment as a means of luring businesses to the state and retaining those in the state. Ohio is no different, and the discussion out of the legislature every year always includes heated debates regarding how to change taxes to...