Based on new rules from the Small Business Administration (SBA), self-employed individuals who file a Schedule C can now calculate their PPP funds eligibility based on gross income (Schedule C line 7) instead of using net profit (Schedule C line 31). This change is not retroactive, so any Schedule C filers whose PPP loans have […]
Schedule C Filers can now apply for PPP based on Gross Income Read More »
We are hearing from some of our clients that have received a 1099-G form for 2020 from Ohio Department of Job & Family Services (ODJFS) showing amounts in Box 1 “Unemployment Compensation” when they did not apply for unemployment in 2020. ODJFS is aware of this issue (read the ODJFS memo about this issue here)
Unexpected Ohio Unemployment 1099-G Forms Received Read More »
We would like to share letters with you that contain information on Individual, Business, and PPP Updates after the recent tax law update at the end of December 2020. To read the letters, click on the links below: BRSW Business Tax Update December 2020 BRSW Individual Update December 2020 BRSW PPP Update December 2020
BRSW Information Updates from Recent Tax Law Change Read More »
The IRS and the Treasury Department are planning to begin delivering a second round of Economic Impact Payments. Read the IRS News Release here.
Second Round of Economic Impact Payments to be Delivered Soon Read More »
On Monday 12/21/20, Congress passed the Consolidated Appropriations Act, 2021, which provides tax deductibility for business expenses paid with forgiven Paycheck Protection Program (PPP) loans, provides additional opportunities for PPP funding, gives $600 stimulus payments to individuals, gives additional unemployment benefits, and provides around $300 billion in aid for small businesses. To read more about
The IRS has announced that their IRS Identity Protection (IP) PIN Program will be available to all taxpayers in January. While this is not a mandatory program, taking advantage of this program can increase the security of your tax return filing. The IP Pin is a 6 digit number assigned to taxpayers who participate in
IRS Identity Protection PIN Program Available Soon Read More »
Recently the IRS issued guidance stating that taxpayers must consider expenses paid with PPP funds as non-deductible expenses even if forgiveness applications have not been approved by December 31, 2020 or if forgiveness applications have not been submitted by December 31, 2020. This guidance has significant tax planning repercussions. All calendar year taxpayers should therefore
The state of Ohio has announced a grant program to distribute federal Coronavirus Aid, Relief and Economic Security (CARES) Act funds to Ohio charitable organizations to “provide assistance to organizations that have accumulated unemployment debt as a result of the pandemic and are devoted to helping Ohioans during difficult times”. Applications for participation in the
Nonprofit Reimbursing Relief Grants Available for Ohio Not-for-Profits Read More »
The BRSW Paulding office is looking for someone to fill the role of an Assistant Secretary. For more information, see our announcement below. Paulding Office Now Hiring Announcement
Paulding Office Looking for an Assistant Secretary Read More »
