admin, Author at Payne Nickles & Company - Ohio Accounting Firm, Business CPAs & Advisors

Tips and PPP loan documentation for nonprofits

The Paycheck Protection Program (PPP) has been a lifeline for thousands of businesses and organizations in the U.S. since its inception in the CARES Act by providing much needed funds to keep people employed and businesses afloat. Nonprofits have benefited from this program as well since much of their funding has been up in the …

The Attorney General’s office has made a change to payment options for the charitable sector. Effective September 17, 2020, paper checks will no longer be accepted as payment for charitable registration fees and late fees. All payments must now be made by credit card or e-check on the website through secure payment portal. Elimination of …

Employers can now defer payroll tax withholding on employee compensation for the last four months of 2020 and then withhold the deferred amounts in the first four months of 2021, confirms a recent update from the IRS. President Trump’s memorandum on Aug. 8 gave employers the ability to defer payroll taxes for employees affected by …

On Aug. 24, the Small Business Administration (SBA) and Treasury issued the latest interim final rule update to the Paycheck Protection Program (PPP) that seeks to clarify guidance related to owner-employee compensation and non-payroll costs. This guidance has been long-awaited and clears up several questions borrowers have had about forgiveness. Here are the main points: …

On August 8, 2020, President Trump signed an executive order extending certain aspects of COVID-19 relief in the absence of a new bill from Congress. The executive order includes several measures to protect individuals as provisions of the CARES Act expire or have expired. Here’s what was in the order: Payroll tax delay – The …

Turning 72 (70 ½ before 2020) has meant you have to withdraw money from your traditional IRAs and 401K plan each year. These withdrawals are called Required Minimum Distributions or RMDs. The CARES Act waived these RMDs for 2020 and for individuals who had already taken a distribution, rollover rules permitted some of the distributions …

Ohio Sales Tax Holiday

Substitute Senate Bill 226 provides for a permanent sales tax holiday on the first Friday, Saturday and Sunday of August each year. This year Ohio’s sales tax holiday is from Friday, August 7, 2020 at 12:00am to Sunday, August 9, 2020 at 11:59pm. Sales tax is exempt on the following items during the holiday: Clothing …

2020-2021 Scholarship Recipients

Payne Nickles & Company, CPAs is proud to announce the scholarship winners for the 2020-2021 academic years! The annual scholarships are funded through an account established by Payne Nickles & Company, CPAs within the Huron County Community Foundation, and are available to any second, third, fourth or fifth year accounting major in Erie, Huron or …

The U.S. Senate and House of Representatives have both unanimously agreed to extend the Paycheck Protection Program (PPP) by five weeks in an effort to continue providing relief for small businesses hit hard by the pandemic. Applications officially closed for the program on June 30 when the Senate voted for a last-minute extension. President Trump …

Companies are being forced to pivot and adapt both internally in how they handle operations and externally in how they interact with customers and maybe even the products they sell as a result of the COVID-19 pandemic. Virtually no industry has gone untouched with either significant challenges or significant opportunities (or both) during this time. …