Covid-19 Archives - Payne Nickles & Company - Ohio Accounting Firm, Business CPAs & Advisors

Navigating the IRS Backlog

The start of a new tax filing season often brings with it longer hold times with the IRS, as taxpayers and their tax preparers inundate phone lines with questions and concerns. But the 2022 filing season promises to be particularly challenging. The IRS continues to work through a backlog of millions of paper-filed returns and …

Has your company switched to a remote work or hybrid environment for employees? Government mandates and other health-related concerns at the beginning of the COVID-19 pandemic, caused much of the workforce to transition from an office setting to a remote or hybrid work environment. As the pandemic stretched on and companies extended their remote work options, many employees started spreading out to …

Remote work has been a hot topic for the past several years. Since workplaces were strongly encouraged to allow non-essential employees to work from home in 2020, remote work has become an even bigger discussion. As regulations allow companies to bring employees back into the office, many are asking if remote work is a viable …

Earlier this year, the American Rescue Plan (ARP) was announced, including some temporary updates to the child tax credits available for many parents. Under the ARP, eligible parents of dependent children can take a tax deduction of up to $3,600 per child, depending on the child’s age and household income. Part of this tax deduction …

For 2021, the Child Tax Credit is up to $3000 per qualifying child between the ages of 6 and 17 at the end of 2021 and $3600 per qualifying child under age six at the end of 2021. There are income limits and phase out income levels for the tax credit. Tax filers can get …

The IRS and Treasury Department provided new information regarding the tax credits available through the American Rescue Plan (ARP). The ARP was created to help small businesses through the pandemic. This new guidance provides information on how eligible businesses can claim the credit for providing paid time off to employees receiving or recovering from the …

PPP extension passes House and Senate

A measure to extend the Paycheck Protection Program (PPP) application deadline from March 31, 2021, to May 31, 2021, has passed the U.S. House of Representatives and the Senate. It now heads to President Biden’s desk for signature which he is expected to do promptly. Small businesses will have until May 31, 2021, to continue …

Small business owners wear many hats and can spend too much time in one area of managing their business, and not enough working on growing and improving their business. One of the biggest culprits of this is in payroll. Payroll can be tedious and time consuming, and errors could be costly. Add in the stress …

The American Rescue Plan Act (ARPA) of 2021 passed Congress and President Biden signed the bill into law on March 12, 2021. The ARPA approves $1.9 trillion in spending for individuals, businesses, governments, and certain industries impacted by the COVID-19 pandemic. The third Act in a year, the ARPA approves additional economic impact payments for …

The IRS has released additional guidance in Notice 2021-20 on the Employee Retention Tax Credit (ERC) with clarifications on the retroactive changes for expanded eligibility applicable to 2020. Employers who received a Paycheck Protection Program (PPP) loan have been waiting on guidance on claiming the credit in combination with forgiveness of their loan. The provisions outlined here …