April 15th Deadline Postponement Details | PPP Extension Passes
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...
Ohio and Indiana Follow Federal Tax Due Date | New Ohio Bill Changes some Ohio Tax Items
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...
Tax Day 2021– You “MIGHT” qualify for a May 17, 2021 filing date
You may have seen in the news that Tax Day for 2021 has been extended from April 15, 2021 to May 17, 2021. However, we wanted to clarify what this means for our clients. Below are some highlights from the recent IRS news release about the tax day extension: This...
American Rescue Plan Act Passed by Congress
The American Rescue Plan Act was passed by Congress on March 10, 2021 and was signed by President Biden on March 11, 2021. Read a summary of some of the tax changes in the Act in this article from the AICPA here.
Schedule C Filers can now apply for PPP based on Gross Income
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...
Unexpected Ohio Unemployment 1099-G Forms Received
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...
BRSW Information Updates from Recent Tax Law Change
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...
Second Round of Economic Impact Payments to be Delivered Soon
The IRS and the Treasury Department are planning to begin delivering a second round of Economic Impact Payments. Read the IRS News Release here.
Congress Passes New Relief Bill
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...