On June 2, the Ohio Department of Health issued a Director’s Order to rescind the vast majority of former health orders regarding mask mandates and social distancing. Businesses may continue to require mitigation measures (e.g., masking and social distancing) among those vaccinated and unvaccinated, and individuals may choose to practice mitigation measures.
DeWine Signs Tax Conformity Bill into Law
Zinner & Co. Tax Team Taxes - Corporate & Business , Taxes - Planning, Rules and Returns , Taxes - Individual , ohio , pppOhio Gov. Mike DeWine signed Senate Bill 18 into law, which ensures that expenses paid with forgiven Paycheck Protection Plan loans become deductible for state income tax purposes.
The legislation, which was supported by the Ohio Society of CPAs (OSCPA) will conform tax laws in the Buckeye State with recent changes to federal tax law, including deductibility of expenses from the Paycheck Protection Program and excluding $10,200 in unemployment compensation from income tax.
Senate Votes to Extend PPP Through May 31
Zinner & Co. Tax Team The CARES Act , Paycheck Protection Program , pppOn 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.
Ohio 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.
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Since 1938, Zinner has counseled individuals and businesses from start-up to succession. At Zinner, we strive to ensure we understand your business and recognize threats that could impact your financial situation.