The Ohio Dept. of Taxation recently issued a tax alert with guidance related to the federal deduction for unemployment benefits for tax year 2020. The department has added instructions from that alert to an FAQ on its COVID-19 tax relief webpage. The FAQ focuses on filing and amending a state tax return after the IRS issues a refund to a taxpayer who filed his or her federal and Ohio tax returns prior to the enactment of the federal unemployment benefits deduction. Read FAQ #1 here: https://bit.ly/3fWu2Sc
Forms W-2 and 1099-NEC are due to be filed soon
With the 2023 filing season deadline drawing near, be aware that the deadline for businesses to file information returns for hired workers is even closer. By January 31, 2023, employers must file these forms: Form W-2, Wage and Tax Statement. W-2 forms show...