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Get the free 990 schedule j form 2020-2021
4958-6 c For Paperwork Reduction Act Notice see the Instructions for Form 990. Cat. No. 50053T Schedule J Form 990 2017 Page Officers Directors Trustees Key Employees and Highest Compensated Employees. SCHEDULE J Form 990 Department of the Treasury Internal Revenue Service Name of the organization Part I Compensation Information OMB No* 1545-0047 For certain Officers Directors Trustees Key Employees and Highest Compensated Employees Complete if the organization answered Yes on Form 990 Part...
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Music we have a lot of fun with Ohio sales and use tax and I always tell my audience and of course they know what my topic is but I ask them whats the most material tax the most complicated tax in Ohio and yet the most neglected and sure its Ohio sales and use tax and its a very material tax because were talking anywhere from five point seven five percent tax rate which is the lowest rate at the state level rate or up to eight percent the counties and local transit authorities can impose these incremental taxes so that the combined rate is eight percent so its a very material tax and its complicated because there is an independent set of rules that need to be followed we cant leverage off of a federal income tax base like you can for Ohios personal income tax and its kind of submerged in that the taxpayers in the state and even practitioners believe that the rules are probably more clear-cut than they are and so theres so many opportunities with respect to Ohio sales and use tax that we can can really shine in the manufacturing exemption its very powerful and broad exemption that is also very well misunderstood and that is what are the parameters of that manufacturing exemption in Ohio thats with respect to tangible personal property thats used to manufacturing your property for sale as well as otherwise taxable services with respect to that manufacturing process the area of confusion is defining the parameters of your manufacturing process and I always tell our clients that the focus is on identifying when your manufacturing process commenced and when it ends and if the property issue is used more than half the time within those two parameters its likely going to be exempt from tax if its touching the product or one step removed now where is the misunderstanding its on the front end with respect to when the manufacturing process commences most clients even the tax department will say the department acts ation that is ohio department of taxation will say that you have to have a transformation of your raw materials but thats not true very explicitly in the rules is that if you can show that those raw materials have been committed because theyve been mixed measured or even movement from material handling from initial storage as soon as that cease that material handling has ceased then your raw materials are committed regardless of whether theyve been transformed and most taxpayers dont realize that and most Dept taxation agents dont realize that of course the their superiors do and thats where you have to really be on that issue in terms of when your process ends its when the product is complete and as long as your this is where if youre changing the state or form or enhancing the value of the product for and in terms of getting it to where the customer will want to consume it in that form so if youre enhancing the value or changing this data form as long as youre doing that the process continues and thats where you can keep your process very very...