Entries by Vince Nardone

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Paycheck Protection Program Loan Necessity Questionnaire

November 4, 2020 The Small Business Association (the “SBA”) has begun requesting new and additional information from borrowers of Paycheck Protection Program (“PPP”) loans of $2 million or more, specifically related to the good faith certification. Prior to and since applying for the PPP, borrowers have been concerned about the certification that they were making […]

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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 […]

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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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Ohio Department of Medicaid Starts Process to Make Telehealth Services Permanent

September 17, 2020 On September 1, 2020, the Ohio Department of Medicaid (“ODM”) announced it has started the process to make a current temporary rule related to telehealth services permanent. In March 2020, ODM implemented a temporary rule designed to expand the use of telehealth services in response to the COVID-19 pandemic.  Based on a […]

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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 […]

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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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President Biden Targets Private Equity by Treating Tax on Carried (Profits) Interests as Ordinary Income

July 28, 2021 Under certain circumstances, profits from a partnership interest owned by service partners are taxed at capital gain rates versus ordinary income rates. And, according to the Department of the Treasury, activity among large private equity firms and investment funds has increased the breadth and cost of this tax preference—i.e., structuring transactions in […]

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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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Paycheck Protection Program, Change of Ownership Requirements

October 14, 2020 On October 2, 2020, the Small Business Administration (the “SBA”) issued a long-awaited procedural notice (the “SBA Notice”) regarding change of ownership for borrowers that participated in the Paycheck Protection Program (“PPP”) loan process. According to the SBA, the purpose of the notice is to provide information concerning the required procedures for […]

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Changes to Paycheck Protection Program Specifically Impacting Small Businesses

March 5, 2021 Changes to the Paycheck Protection Program (the “PPP”) were announced on February 22, 2021 that specifically impact small businesses with fewer than 20 employees.  These changes were designed to prioritize loans to these specific small businesses.  According to the Small Business Association (the “SBA”), 98% of small businesses employ less than 20 […]