It’s Time to Update Your Tax Sharing Agreement—And If You Do Business in Ohio You’ll Need a Second One
Author: David A. Froling.; Jeffrey Allen Miller.
Source: Volume 28, Number 02, November/December 2014 , pp.47-51(5)
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Abstract:
Recent regulatory action taken by federal bank regulators coupled with recent legislative developments in Ohio require financial institutions to re-examine their tax sharing agreements in a new light. Fortunately, modernizing an existing tax sharing agreement—and drafting a second one dedicated to the Ohio Financial Institutions Tax—should not be a time consuming or laborious effort, as this article explains.Keywords: tax sharing; Interagency Policy Statement; state tax; Ohio Financial Institutions Tax; net worth tax principles; federal income tax principles; separate agreement; reasonable and formulaic approach
Affiliations:
1: Vorys; 2: Vorys.