Tax Law News and Insights

In last year's Ohio budget bill (Am. Sub. HB 33), the Ohio General Assembly amended the Ohio Commercial Activity Tax (CAT) Research and Development Investment (R&D) Tax Credit statute (R.C. 5751.51), and in so doing effectively gave justification to the Ohio Department of Taxation's aggressive audit policy. While the amendments...

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Intellectual property ("IP") development can cost millions of dollars so cost recovery timing can be financially material. General tax principles typically require that expenses associated with creating assets having useful lives lasting longer than the current tax year are capitalized. However, IP as an asset class has several statutory cost...

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Taxpayers watching the U.S. Supreme Court for the outcome of Moore v. U.S., No. 22-800, can do more than wait. As suggested in the firm's earlier alert (see here), taxpayers could consider filing a refund claim with the IRS. In this follow-on alert, we explain the procedure in detail as time to...

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