On Thursday, the Senate voted to extend the Paycheck Protection Program for two months.
A week before the Small Business Administration’s PPP was slated to expire, senators voted 92 to 7 to pass the PPP Extension Act of 2021.
Not only does the legislation extend the program to May 31 from the initial March 31 deadline, but it gives the SBA an additional 30 days to process loans.
Posts By: Zinner & Co. Tax Team
Senate Votes to Extend PPP Through May 31
Zinner & Co. Tax Team The CARES Act , Paycheck Protection Program , pppOhio Income and School Tax Deadlines Moved to May 17
Zinner & Co. Tax Team Taxes - Planning, Rules and Returns , Taxes - Individual , tax , taxes , income tax , ohioS.B. 18 will Conform Ohio with Federal Tax Law Changes
Ohio Tax Commissioner Jeff McClain recently announced Ohio is following the federal government and Internal Revenue Service in extending the deadline to file and pay Ohio individual income and school district income taxes for tax year 2020.
The new deadline is May 17, an extension of approximately one month from the original deadline of April 15.
Tax Filing and Payment Deadline Pushed Back to May 17
Zinner & Co. Tax Team tax services , Taxes - Planning, Rules and Returns , Taxes - Individual , tax , taxes , income tax , IRS , Treasury DepartmentThe Treasury Department and Internal Revenue Service announced the federal income tax filing due date for individuals for the 2020 tax year has been pushed to May 17.
The IRS will be providing formal guidance in the coming days. However, individual taxpayers do not need to file any forms or call the IRS to qualify for the new federal tax filing and payment deadline.
AICPA asks Congress for PPP and tax filing deadline extensions
Zinner & Co. Tax Team tax services , Taxes - Planning, Rules and Returns , Taxes - Individual , tax , taxes , pppThe American Institute of Certified Public Accountants recently asked Congress to extend the Paycheck Protection Program’s March 31 application deadline at least 60 days. Additionally, the AICPA also asked the IRS and the Department of the Treasury to extend the April 15 tax filing and payment deadline to June 15.
IRS Announces New Retirement Plan Limits for 2021
Zinner & Co. Tax Team Taxes - Individual , Retirement Planning & IRAs , IRSThe IRS has released the retirement contribution limits for the 2021 tax year. The new limits are adjusted based on increases in the cost of living.
Zinner & Co. Recommends CamScanner- PDF Scanner App to Scan Documents
Zinner & Co. Tax Team Taxes - Planning, Rules and ReturnsOften times, clients will scan over important documents and email them to use.
While this approach works well with a good scanner, some people do not have a scanner at their house.
The good news is, you can use your cell phone to scan documents.
For several years, Zinner & Co. employees have used the CamScanner-PDF Scanner App to convert important documents into PDFs.
ODJFS Warns Ohioans to be on Lookout for Signs of Identity Theft
Zinner & Co. Tax Team identity theft , Taxes - Planning, Rules and Returns , Taxes - Individual , ODJFS , Ohio Department of Jobs and Family ServicesOhioans should be on the lookout for signs of identity theft as they begin to receive their tax documents in the mail.
The second round of Paycheck Protection Program funding has been open for two weeks and it appears funds are going to the intended recipients.
Does your Business now Qualify for the Employee Retention Credit?
Zinner & Co. Tax Team U.S. Small Business Administration , SBA , Paycheck Protection Program , pppThe Employee Retention Credit is part of the reconstituted Paycheck Protection Program and is designed to help businesses who have been adversely affected by the COVID-19 pandemic retain their employees.
Reporting of Other Government Payments
Zinner & Co. Tax Team Bureau of Worker's Compensation , income tax , ohio , Department of Job and Family Services , Unemployment BenefitsMany businesses who received Ohio Bureau of Worker Compensation rebate or dividend checks during 2020 recently received a letter from the Ohio Bureau of Workers Compensation requesting that they provide the BWC a completed Form W-9 to provide the information needed to complete the IRS tax statement Form 1099-G, which reports taxable Government Payments. This action also indicates that these rebate payments could potentially be subject to both Ohio state income tax and Commercial Activity Tax.
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