529 plans are an investment vehicle that allows taxpayers to save for all levels of education. Contributions are made with after-tax dollars, but accumulated earnings and qualified withdrawals are tax-free for federal taxes. If savings towards education for your child or another beneficiary is a priority to you, this type
On February 18, 2021, the Committee on Ways and Means wrote a letter to IRS Commissioner Charles P. Rettig to petition the extension of the tax return filing season beyond April 15, 2021. The Service was asked to consider the request and make an announcement as soon as possible. Different
Recently, businesses and trade associations led by the Ohio Society of CPAs (OSCPA) sent a letter to Ohio’s Congressional Delegation regarding the issues surrounding 2020 Ohio Bureau of Workers Compensation (BWC) Dividends, expressing concerns about their potential unintended impact on businesses. Requested Exclusion for PPP Loan and ERTC The letter
On November 2, 2020, the Ohio Bureau of Workers’ Compensation (BWC) board approved a third dividend to Ohio businesses to provide continued financial support through the COVID-19 pandemic. The dividend, totaling $5 billion, is provided to eligible employers based on their billed premiums for the policy period of July 1,
The Biden-Harris Administration is increasing lending to small businesses in need. In February 2021, the administration announced changes to PPP to further promote equitable access to relief. Several reforms announced by the Biden-Harris administration are targeted at the PPP to the smallest businesses and those that have been left behind
Like the pandemic itself, COVID-19 relief legislation brought about huge changes. The CARES Act and the recently enacted Consolidated Appropriations Act (CAA) not only brought desperately needed relief to businesses, organizations, and individuals, but also created an avalanche of tax changes. Knowing the nuances and navigating them successfully could be