In early June, the Internal Revenue Service started sending letters to families about how they may be able to qualify for monthly Child Tax Credit payments.
The letters are going out to families who may be eligible based on information they included in either their 2019 or 2020 tax return or who used the Non-Filers tool on IRS.gov last year to register for an Economic Impact Payment.
In early June, the U.S. Treasury Department released its general explanations of proposed changes to the U.S. tax code.
Please note, the following items have only been proposed. In order to become law, they must pass through both the U.S. House of Representatives and the U.S. Senate.
Since last March, our world dramatically changed in many ways! Based upon all of the changes that have been thrust upon us, what have we learned about the following areas of concern that we may not have thought about pre-COVID, regardless of age?
If I am unable to communicate on my own, do I have all of the necessary legal documents in place to address my wishes? Do I have a will? Do I need a trust?
Have I thought about my healthcare wishes if I become unable to make my own medical decisions? Do I have a Living Will and Healthcare Power of Attorney in place?
On June 2, the Ohio Department of Health issued a Director’s Order to rescind the vast majority of former health orders regarding mask mandates and social distancing. Businesses may continue to require mitigation measures (e.g., masking and social distancing) among those vaccinated and unvaccinated, and individuals may choose to practice mitigation measures.
Ohio Gov. Mike DeWine signed Senate Bill 18 into law, which ensures that expenses paid with forgiven Paycheck Protection Plan loans become deductible for state income tax purposes.
The legislation, which was supported by the Ohio Society of CPAs (OSCPA) will conform tax laws in the Buckeye State with recent changes to federal tax law, including deductibility of expenses from the Paycheck Protection Program and excluding $10,200 in unemployment compensation from income tax.
On Thursday, the Senate voted to extend the Paycheck Protection Program for two months.
A week before the Small Business Administration’s PPP was slated to expire, senators voted 92 to 7 to pass the PPP Extension Act of 2021.
Not only does the legislation extend the program to May 31 from the initial March 31 deadline, but it gives the SBA an additional 30 days to process loans.
Ohio Tax Commissioner Jeff McClain recently announced Ohio is following the federal government and Internal Revenue Service in extending the deadline to file and pay Ohio individual income and school district income taxes for tax year 2020.
The new deadline is May 17, an extension of approximately one month from the original deadline of April 15.
The Treasury Department and Internal Revenue Service announced the federal income tax filing due date for individuals for the 2020 tax year has been pushed to May 17.
The IRS will be providing formal guidance in the coming days. However, individual taxpayers do not need to file any forms or call the IRS to qualify for the new federal tax filing and payment deadline.
The American Institute of Certified Public Accountants recently asked Congress to extend the Paycheck Protection Program’s March 31 application deadline at least 60 days. Additionally, the AICPA also asked the IRS and the Department of the Treasury to extend the April 15 tax filing and payment deadline to June 15.
The IRS has released the retirement contribution limits for the 2021 tax year. The new limits are adjusted based on increases in the cost of living.
