Over the past year, changing rules and shifting guidance became the new normal as the government unleashed a flurry of changes during the COVID pandemic. The employee retention credit is one such area with changes. At first if a business participated in the Paycheck Protection Program (PPP), it was not allowed to claim the employee […]
Recently, Ohio House Bill 110 was signed into law. We have reviewed the different provisions in the new law, and we have created a summary of notable provisions in the law. Read more in our summary here.
Each year, the IRS releases a list of scams called the “Dirty Dozen” with a warning for taxpayers, tax professionals and financial institutions to be on the lookout for these 12 nefarious schemes and scams. Read more about what to be watching for in this article from the AICPA. You can also read more in
Certain businesses in Ohio have another opportunity to receive grant funds for pandemic-related impacts on their business. The Ohio Development Services Agency has 4 grants for different industries, and applications for the grants opened Tuesday June 29, 2021. To see the full eligibility requirements for each grant, click on the link for a fact sheet
New Grant Opportunities for Certain Ohio Businesses Read More »
In our last web post, we discussed the Advance Child Tax Credit Payments the IRS is planning to send to eligible taxpayers monthly beginning July 15th. We would like to expand on the information sent previously, as we have received additional information. Advance Child Tax Credit Payments The American Rescue Plan (ARP), which was signed
The American Rescue Plan (ARP), which was signed into law in March 2021, increased the Child Tax Credit (CTC) amount which was previously $2,000 per child to $3,600 per child for those under 6 and $3,000 per child for those age 6-17. The ARP also established that advance payments of the 2021 CTC would be
The IRS has released some information a few tax topics that we wanted to share with you: According to a recent IRS Fact Sheet, “The American Rescue Plan Act of 2021 (ARP) allows small and midsize employers, and certain governmental employers, to claim refundable tax credits that reimburse them for the cost of providing paid
The Small Business Administration has some updates on 2 programs that are in place to help certain businesses weather the affects of the COVID pandemic. The Shuttered Venue Operators Grant (SVOG) program opened for applications on Monday April 26, 2021. This grant is for operators of live venues, live performing arts organizations, museums, and movie
April 15th Deadline Postponement Details The IRS has provided additional details regarding the April 15th tax deadline postponement. Read a summary from the AICPA here. PPP Extension Passes Also the House and Senate have passed and President Biden has signed an extension to the PPP program. The extension extends the PPP application deadline from
April 15th Deadline Postponement Details | PPP Extension Passes Read More »
Ohio and Indiana recently announced that they would be following the Federal government and the IRS in extending the deadline to file and pay individual income taxes for tax year 2020 to May 17, 2021. For Ohio, this includes Ohio and school district income taxes. To read the announcements, click on these links: Ohio Announcement
Ohio and Indiana Follow Federal Tax Due Date | New Ohio Bill Changes some Ohio Tax Items Read More »
