Nov 7, 2019
Breaking News: Ohio lawyers will continue to be eligible for the state Business Income Deduction (BID) in 2020. If you derive your income from pass through entities (LLCs, LLPs, etc.) you qualify to pay no tax on the first $250,000 of income and will pay a flat 3% tax rate on any income above that threshold, just as before.
At its September meeting, the Cincinnati Bar Association Board of Trustees approved a resolution to support the Ohio State Bar Association (OSBA) in opposing a change to the state business income tax deduction. This change singled out Ohio lawyers and government affairs professionals, taking away their ability to claim the state Business Income Deduction (BID) starting in tax year 2020 while allowing all other similarly-situated entities to continue the practice. This amendment targeted the legal profession and could have resulted in a significant tax increase for many lawyers.
We are pleased to have been a part of this effort and will continue to advocate for our members on this and other matters of importance to the legal community. For more information, please visit the OSBA's website.
Thank you for your membership.