During the current Coronavirus pandemic, many businesses are struggling and some, unfortunately, are forced to lay off their employees.
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Families First Coronavirus Response Act
The U.S. Treasury Department, Internal Revenue Service, and the U.S. Department of Labor announced small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees.
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Zinner & Co. Response to Ohio’s Stay at Home Order
In response to the impact of the COVID-19 pandemic, Zinner & Co. LLP continues to focus on the health and safety of our staff, our clients and our community. As part of these continued efforts, we will be taking the following steps beginning on March 22 in response to Ohio’s “Stay at Home” order:
- Our office will be closed to all visitors.
- Our staff will continue to work remotely with very limited staffing of the office each day.
- Our telephones will be answered by an auto attendant. While you will have access to our company directory when calling, extension numbers are included in the email signature of all Zinner & Co. associates. Our phones will forward to our remote work locations. read more…
Ohio Issues Stay at Home Order
Ohio Gov. Mike DeWine, Lt. Gov. Jon Husted, and Ohio Department of Health Director Amy Acton, M.D. MPH, announced Ohio will be under a “Stay at Home” order.
The order goes into effect beginning on March 23 at 11:59 p.m. and will remain in effect until 11:59 p.m. on April 6, unless the order is rescinded or modified.
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Applications Being Accepted for Economic Injury Disaster Loan Program
The State of Ohio announced the U.S. Small Business Administration (SBA) has approved their request to allow small businesses and nonprofits in Ohio to apply for low-interest, long-term loans of up to $2 million through the SBA’s Economic Injury Disaster Loan program.
“Timing is everything as we navigate this crisis,” said Gov. Mike DeWine. “We have to move quickly to not only ensure that Ohioans are safe, but also that they have the necessary support in place to weather this difficult situation. I appreciate the quick response by federal officials to provide the state’s small businesses and nonprofits with access to this resource.”
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Cleveland COVID-19 Rapid Response Fund
Individuals and Organizations Encouraged to Give
On March 18, Philanthropic partners across Northeast Ohio today announced the creation of the Greater Cleveland COVID-19 Rapid Response Fund, which will soon distribute grants to nonprofit organizations serving on the front lines of the pandemic throughout Greater Cleveland.
Contributions to the Rapid Response Fund now total $3.95 million from 18 different organizations.
Funding partners urge other foundations, corporate entities, individuals, and other organizations to contribute to the fund via ClevelandFoundation.org/Response. Donations of any amount are welcomed, and all contributions are tax deductible.
Initial support for the fund was made possible by:
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IRS Clarifies 90-Day Payment Relief
On March 18, the Internal Revenue Service provided clarification to special payment relief for individuals and businesses in response to the COVID-19 Outbreak.
For individual returns, income tax payment deadlines with a due date of April 15, 2020, are automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due.
This payment relief applies to all individual returns, including self-employed individuals, and all entities other than C-Corporations, such as trusts or estates. The IRS will automatically provide this relief to taxpayers. Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief. read more…
Ohio Submits Formal Request for Assistance for Small Businesses
The State of Ohio is taking action to help small business affected by the coronavirus pandemic.
On March 17, Ohio Gov. Mike DeWine and Lt. Gov. Jon Husted sent a letter and application to the U.S. Small Business Administration (SBA) to qualify the State of Ohio for the Economic Injury Disaster Loan program.
This federal program will enable small businesses and non-profits throughout the state impacted by the outbreak of COVID-19 to apply for low-interest loans for up to $2 million in assistance, which can provide vital economic support to help overcome the temporary loss of revenue they are experiencing.
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IRS Deferring Tax Payments by 90 Days
Tax Deadline Remains April 15
While taxpayers still have to file their taxes by April 15, 2020, the deadline to pay taxes has been extended by 90 days until July 15, 2020.
During a March 17th press conference regarding the coronavirus pandemic, U.S. Treasury Secretary Steven Mnuchin announced taxpayers will have an additional 90-days through July 15, 2020 to pay their taxes, penalty-free and interest-free.
He said individual taxpayers can defer up to $1 million of tax payments and corporations up to $10 million in tax payments.
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Welcome 2020 Tax Season Interns
Zinner & Co. is proud to introduce our new 2020 tax season interns. We hope this snapshot of them will help you get to know them, as some of our clients will be receiving communications from our interns, as they will work on tax returns this season.
Since 1938, Zinner has counseled individuals and businesses from start-up to succession. At Zinner, we strive to ensure we understand your business and recognize threats that could impact your financial situation.
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