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Over the past few weeks, we have received dozens of calls from clients, who have received tax notices from both the Internal Revenue Service and the State of Ohio.

When movie theaters were forced to shut down in mid-March due to safety concerns related to the coronavirus pandemic, Atlas Cinemas Vice President Gabriel Saluan made a financially difficult decision to keep his managers on payroll.

While other theater chains were laying all of their employees off, Saluan saw an opportunity to reinvest in his theaters and he needed his managers to play a key role in reopening to the public.

A.K.A. Executive Order – Payroll Tax Holiday

On Aug. 8, President Trump issued a number of Executive Orders to address the fact Congress was unable to come to an agreement to provide additional stimulus to the economy, which continues to lag during the prolonged COVID-19 pandemic.

The “Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster,” which many people refer to as the “Payroll Tax Holiday” order, was issued to provide additional economic relief to workers.

The pandemic is not stopping Ohio’s observation of its annual sales tax holiday.

The event kicks off on midnight on Aug. 7 and lasts until Aug. 9 at 11:59 p.m.

During the “holiday,” the following items are exempt from sales and use tax:

Thanks to the generosity of sponsors and donors, including Zinner & Co., the 2020 Virtual Race for the Place raised $352,155!

The Race is The Gathering Place’s largest annual fundraising event.

All of the money raised through the Race for the Place will help to ensure The Gathering Place is able to continue to offer programs and services free of charge.

The Jewish Federation of Cleveland is the only organization in Cleveland that focuses on the health and vitality of the entire Jewish community. Zinner & Co. proudly partners with the Federation as a Silver Sponsor, to help provide vital services and support.

For more than 115 years, the Federation has created the critical scale necessary to drive meaningful social change and provide relief in times of crisis in ways no one person or organization could do alone. As Jewish Cleveland’s hub for innovative solutions and collaborative services, the Federation is able to change and improve lives in Cleveland, Israel, and around the world.

Bloomberg News recently reported that according to a new survey, at least one in ten small businesses in the U.S. are expecting to lay off workers once their fiscal relief funds run out.

In another survey done by the National Federation of Independent Business, 14 percent of companies, who received a loan under the Paycheck Protection Program, anticipate having to reduce their workforce after using the loan. Among those companies, half expect to dismiss one to two employees, and 12 percent say they will likely lay off at least ten people.

Zinner & Co. has officially adopted Intuit’s QuickBooks Discontinuation policy.

If you are using QuickBooks version 2017 or older, we encourage you to upgrade to maintain compliance. This policy will maintain support for the three most recent versions of Intuit QuickBooks.

QuickBooks Desktop 2020 includes new productivity-boosting features to help you save more time and stay more organized. Some of the new/improved features include:

The Internal Revenue Service recently announced anyone, who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts, now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver for 2020.

This 60-day rollover period for any RMDs already taken this year has been extended to Aug. 31, 2020, in order to give taxpayers time to take advantage of this opportunity.

In late June, the Internal Revenue Service issued Revenue Procedure 2020-32, in which they set Health Savings Account contribution limits for calendar year 2021, along with minimum deductible and maximum out-of-pocket expenses for the High Deductible Health Plans, with which HSAs are paired.