While Ohio and Kentucky aren’t the only states with city and county taxes on business income, they do have far more taxing districts.
“Ohio has more than 600 localities that tax the net profits of a business operating there,” writes Suzanne Danks, CPA in the September/October issue of CPA Voice. “Kentucky has more than 200 localities between city and county taxing districts with occupational licensing fees.”
Danks writes that these numbers don’t include the income taxes that have to be withheld for employees working in a municipality with a tax on wages.
“Business owners have to track their activities by city and county and work with their tax preparer to get registered in the locality and then file the necessary payroll and net profit returns,” she said.
Read the article now to learn more about the issues Kentucky and Ohio face and the steps being taken to fight the tax burden.
Don’t miss this convenient, self-study CPE – Now complimentary!
Did you know that reading CPA Voice can help you satisfy your CPE requirement? No matter your location or the time of day – and even without the benefit of electricity – you can gain CPE credit with each issue.
Every edition includes a 12-question self-assessment exam covering content from that issue. Receive a grade of 75% or higher and you’ll earn one hour of CPE credit in specialized knowledge.
Best of all, you can take the exam when and where it’s convenient for you. Exams remain available online – and may be completed for CPE – through the same month of the following year.September/October 2019 exam