Just over $1.3 billion in Ohio Bureau of Worker Compensation rebates will be mailed out in late October.
The news comes as many businesses are struggling to recover from the coronavirus pandemic and the related shutdown issued by Ohio Gov. Mike DeWine earlier this year.
Over the past month, many of our clients and referral sources have asked if we have re-opened our office.
The short answer is that is yes, we are open for business and available to meet with our clients. The longer answer to the question addresses many other issues including our greatest resource - our people.
When the pandemic quarantine began in mid-March, Zinner & Co. quickly pivoted to continue to address our client needs, frankly, at the busiest time of the year for our tax practice. We sent our staff home and connected everyone through secured methods to our office servers. We even found a way to keep our tax season interns on staff while many other firms discontinued all internship programs at time.
Over the past few weeks, some of our local commercial lenders have slowly begun to open their online portals to allow those businesses who received Paycheck Protection Program (PPP) Loans to file their applications to obtain forgiveness of the debt related to qualified expenses.
While the loan application process was a heated fury of business owners rushing to obtain the much needed funds so that they could continue to employ and pay their employees, retain health insurance coverage and pay their rent, the loan forgiveness process seems to be occurring at much less of an accelerated rate. Although credit should go to the Small Business Administration for issuing some guidance to the lenders who have extended these loans, not all the related questions have been answered.
On Aug. 8, President Donald Trump issued a memorandum on deferring payroll tax obligations in light of the ongoing COVID-19 Disaster, which directed the Treasury Department to suspend collection of the employee portion of Social Security taxes from Sept. 1 through the end of 2020.
For many commercial real estate owners, the real estate bubble of 2008 was far in the rearview mirror as they rang in the 2020 New Year.
Nearly 12 years later, they survived the drop in property valuations, frozen lines of credit, mortgage defaults and renegotiations, which the credit markets had served up in 2008. Little did they know, the arrival of the COVID-19 pandemic in the U.S. would usher in a far greater challenge than they ever experienced.
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.
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.
