The Treasury Department and the Internal Revenue Service recently announced the distribution of economic impact payments will begin within the next three weeks, and will be distributed automatically, with no action required by most people.
However, some seniors and others who typically do not file returns, will need to submit a simple tax return to receive the stimulus payment.
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The American Institute of CPAs has recommended a defined set of documents for lenders regarding the Small Business Administration’s Paycheck Protection Program (PPP) application process.
According to the Maryland Association of Certified Public Accountants, Inc., the recommendations were informed by discussions with an AICPA-led small business funding coalition and other stakeholders in the PPP process with ties to 44,000 CPA firms, 2.5 million small businesses, and 30 million employees.
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After extensive negotiations, an agreement was reached on a massive stimulus bill to address the financial and health care crisis resulting from the coronavirus (COVID-19) pandemic.
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During the current Coronavirus pandemic, many businesses are struggling and some, unfortunately, are forced to lay off their employees.
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The U.S. Treasury Department, Internal Revenue Service, and the U.S. Department of Labor announced small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees.
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In response to the impact of the COVID-19 pandemic, Zinner & Co. LLP continues to focus on the health and safety of our staff, our clients and our community. As part of these continued efforts, we will be taking the following steps beginning on March 22 in response to Ohio’s “Stay at Home” order:
Ohio Gov. Mike DeWine, Lt. Gov. Jon Husted, and Ohio Department of Health Director Amy Acton, M.D. MPH, announced Ohio will be under a “Stay at Home” order.
The order goes into effect beginning on March 23 at 11:59 p.m. and will remain in effect until 11:59 p.m. on April 6, unless the order is rescinded or modified.
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The State of Ohio announced the U.S. Small Business Administration (SBA) has approved their request to allow small businesses and nonprofits in Ohio to apply for low-interest, long-term loans of up to $2 million through the SBA’s Economic Injury Disaster Loan program.
“Timing is everything as we navigate this crisis,” said Gov. Mike DeWine. “We have to move quickly to not only ensure that Ohioans are safe, but also that they have the necessary support in place to weather this difficult situation. I appreciate the quick response by federal officials to provide the state’s small businesses and nonprofits with access to this resource.”
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On March 18, Philanthropic partners across Northeast Ohio today announced the creation of the Greater Cleveland COVID-19 Rapid Response Fund, which will soon distribute grants to nonprofit organizations serving on the front lines of the pandemic throughout Greater Cleveland.
Contributions to the Rapid Response Fund now total $3.95 million from 18 different organizations.
Funding partners urge other foundations, corporate entities, individuals, and other organizations to contribute to the fund via ClevelandFoundation.org/Response. Donations of any amount are welcomed, and all contributions are tax deductible.
Initial support for the fund was made possible by:
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On March 18, the Internal Revenue Service provided clarification to special payment relief for individuals and businesses in response to the COVID-19 Outbreak.
For individual returns, income tax payment deadlines with a due date of April 15, 2020, are automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due.
This payment relief applies to all individual returns, including self-employed individuals, and all entities other than C-Corporations, such as trusts or estates. The IRS will automatically provide this relief to taxpayers. Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief. read more…
Recently passed legislation will benefit nonprofit organizations by repealing an unpopular unrelated business income tax (UBIT) on expenses of nonprofits that provide transportation fringe benefits to their employees. The “Parking Tax,” which was imposed under I.R.C....
In late December, the Internal Revenue Service launched a new Voluntary Disclosure Program to help businesses who want to pay back the money they received after filing Employee Retention Credit (ERC) claims in error. According to the IRS website, the program runs...
Ohio’s annual sales tax holiday is right around the corner. This year’s weekend-long temporary tax break will begin Aug. 4 at midnight and end Aug. 6 at 11:59 p.m. Initially introduced in 2019 to provide relief for families preparing for the back-to-school season, the...
On Wednesday, the Internal Revenue Service announced it will increase the amount individuals can contribute to their 401(k) plans in 2024. In the upcoming year, the individual contribution level will rise to $23,000, from $22,500 in 2023. Furthermore, the IRS released...
DOJ to pursue fraud from aggressive marketing while IRS will add safeguards to prevent future abuse and protect businesses from predatory tactics On Sept. 14, the Internal Revenue Service announced an immediate moratorium through at least the end of the year on...
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