Entries by Michele Sorice

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COVID-19 Economic Relief and the Employee Retention Credit

December 23, 2020 *On Sunday, December 27, President Trump signed the Consolidated Appropriations Act, 2021 (the Act). The Act contains numerous individual, business, payroll, and disaster-related tax provisions that relate to the COVID-19 pandemic. The Act extended and made several changes to the employee retention credit, which we discussed below. the Act’s extension of and […]

Ohio Extends Tax Filing Deadline

March 26, 2021 The Ohio Department of Taxation is following suit with the Internal Revenue Service to delay this year’s deadline to file individual Ohio income tax returns (Ohio Form IT 1040) and school district income tax returns (Ohio Form SD 100) for tax year 2020. The new deadline is May 17, 2021, an extension […]

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CARES Act Employee Retention Credit – Defining Qualified 2020 and 2021 Paid Wages

February 22, 2021 In response to the economic downturn at the start of the coronavirus pandemic, Congress passed an employee retention credit under Section 2301 of the CARES Act. The employee retention credit is a refundable tax credit for qualified wages paid from March 13, 2020, through June 30, 2021, by eligible employers. But, different […]

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Paycheck Protection Program: IRS Confirms Expenses Are Not Deductible

November 19, 2020 Our firm continues to stay on top of the Paycheck Protection Program (PPP) and its impact on our business clients, and individual owners of flow-through entities. With some very timely guidance, the U.S. Treasury Department and IRS released direction clarifying the tax treatment of expenses where a PPP loan has not been […]

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New and Temporary Changes to the PPP Loan for Small Businesses

February 26, 2021 The Biden Administration recently announced changes to the CARES Act’s paycheck protection program. The paycheck protection program offers forgivable, low-interest loans to businesses to help meet payroll obligations and keep their employees employed. On February 22, 2021, President Biden announced a two-week window during which only small businesses with fewer than 20 […]

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How Ohio’s New Municipal Income Tax Withholding Requirements Impact Work-From-Home Arrangements

February 10, 2022  Beginning in 2020, COVID-19 prevented millions of people from leaving their homes and forced employers to create work-from-home policies. The work-from-home policies promoted virtual work environments, as employers adapted their workflows to embrace the new normal. At first, employers considered virtual work environments a temporary solution. But, employees and employers have found […]

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Ohio’s Proposed Tax Amnesty Program Offers Settlement Opportunities for Individuals and Businesses with Tax Liabilities

  June 12, 2020 The Ohio House of Representatives has unanimously approved a new tax amnesty proposal (HB 609), would raise revenues for the state and provide relief for taxpayers while Ohio’s economy recovers from the COVID-19 pandemic. This program, which is now under review by the Ohio Senate’s Ways and Means Committee, presents opportunities […]

Best Practices for Employers Dealing with Ohio’s New Municipal Income Tax Withholding Requirements

April 15, 2022 This client alert is a follow-up to our previous client alert, which can be viewed here. In the face of more employees working remotely due to the ongoing coronavirus pandemic, Ohio enacted a new law governing municipal income tax withholding. Effective January 1, 2022, employers must withhold municipal income taxes where an […]

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Legislative Changes to Employee Benefits Law: Federal Funding for COBRA and Flexible Spending Account Relief

May 14, 2021  In response to the coronavirus pandemic, Congress enacted several legislative changes to employee benefits law. The Consolidated Appropriations Act of 2021 (“CAA”) creates temporary special rules for health and dependent care flexible spending accounts, and the American Rescue Plan Act (“ARPA”) provides subsidized COBRA coverage for individuals and families. Flexible Spending Accounts […]

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New Ohio Small Business Relief Grant Program Created to Help Small Businesses Harmed by the Effects of COVID-19

October 28, 2020 Ohio Governor Mike DeWine recently designated $125 million in funding received from the federal CARES Act for a small business relief grant program (the “Grant Program”). The Grant Program will provide $10,000 grants to Ohio small businesses that have been negatively impacted by the effects of COVID-19. The Grant Program will help […]

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Status Update: Ohio’s Proposed Tax Amnesty Program Offers Settlement Opportunities for Individuals and Businesses with Tax Liabilities

November 2, 2020 In a previous client alert here, released on June 12, 2020, Vince Nardone and Mike Sorice discussed a proposed tax amnesty plan passed by the Ohio House of Representatives set to begin on January 1, 2021. Although the program passed the House of Representatives in mid-May, to date, the proposed tax amnesty […]

IRS and Justice Department Step Up Enforcement Actions Against Syndicated Conservation Easement Transactions

March 8, 2022 A federal grand jury has indicted seven individuals—including accountants and licensed appraisers—with federal crimes in connection with the individuals’ promotion of syndicated conservation easement transactions. In a syndicated conservation easement transaction, promoters sell ownership interests in land to investors through partnerships, and then grant conservation easements on the land to qualified charitable […]

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President Signs American Rescue Plan Act: What You Need to Know

March 17, 2021  On Thursday, March 11, the president signed into law the American Rescue Plan Act of 2021 (the “Act” or “ARPA”). The Act provides funding for education, COVID-19 vaccination and testing, economic injury disaster loans, restaurant grants, expanded paycheck protection program eligibility, and support for struggling live venues. The Act also provides financial […]

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What Ohio’s Clarification of the Ohio Business Income Definition Means for Business Owners and Sellers

June 27, 2022 On June 24, 2022, Governor DeWine signed House Bill 515, providing a needed clarification of the definition of “business income” under Ohio’s income tax law. Clarification of the law became necessary after different readings of the “business income” definition led to disputes between the Ohio Department of Taxation (“Department”) and taxpayers whose […]