In June, the American Institute of Certified Public Accountants held a virtual Not for Profit Conference, which discussed a range of issues including stimulus funding, changes to tax law, cybersecurity and changes to independent auditors report.
For many business owners, the Paycheck Protection Program loan journey is not over when they receive acknowledgement of loan forgiveness from their local lender and from the Small Business Administration. From a tax perspective, the map that lays out the tax impact remains unclear.
During the fourth quarter of 2020, the primary question most business owners and tax professionals grappled with was whether or not the expenses paid using PPP Loan proceeds would be tax deductible and/or whether the loan proceeds were considered taxable income. The uncertainty related to these questions made tax planning for the 2020 calendar year difficult
As we re-open our economy after 16 long months of closure due to the global pandemic, business owners have been forced to pivot in many different areas in order to survive. Looking back at the seemingly split-second decisions many businesses were forced to make, what are the long-term takeaways that will influence your future business operations?
IRS Sends Out Letters Regarding Monthly Child Tax Credit Payments
Zinner & Co. Tax Team IRS , tax avoidance , Tax Credit , Child Tax Credit , American Rescue Plan ActIn early June, the Internal Revenue Service started sending letters to families about how they may be able to qualify for monthly Child Tax Credit payments.
The letters are going out to families who may be eligible based on information they included in either their 2019 or 2020 tax return or who used the Non-Filers tool on IRS.gov last year to register for an Economic Impact Payment.
The Biden Administration's Proposed Tax Law Changes
Zinner & Co. Tax Team Taxes - Corporate & Business , Taxes - Individual , tax , taxes , income tax , tax avoidanceIn early June, the U.S. Treasury Department released its general explanations of proposed changes to the U.S. tax code.
Please note, the following items have only been proposed. In order to become law, they must pass through both the U.S. House of Representatives and the U.S. Senate.
On a Personal Level - What Has COVID Taught Us?
Robin Baum, CPA, Managing Partner financial planning , Estates, Gifts & Trusts , planning , Insurance , COVID-19Since last March, our world dramatically changed in many ways! Based upon all of the changes that have been thrust upon us, what have we learned about the following areas of concern that we may not have thought about pre-COVID, regardless of age?
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If I am unable to communicate on my own, do I have all of the necessary legal documents in place to address my wishes? Do I have a will? Do I need a trust?
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Have I thought about my healthcare wishes if I become unable to make my own medical decisions? Do I have a Living Will and Healthcare Power of Attorney in place?
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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.
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