Covid-19

The additional 10% tax on early distributions from IRAs and defined contribution plans (such as 401(k) plans) is waived for distributions made between January 1 and December 31, 2020 by a person who (or whose family) is infected with the Coronavirus or who is economically harmed by the Coronavirus (a qualified individual). Penalty-free distributions are …

The CARES Act makes four significant liberalizations to the rules governing charitable deductions: (1) Individuals will be able to claim a $300 above-the-line deduction for cash contributions made, generally, to public charities in 2020. This rule effectively allows a limited charitable deduction to taxpayers claiming the standard deduction. (2) The limitation on charitable deductions for …

Alcohol excise taxes. The CARES Act suspends alcohol taxes on spirits withdrawn during 2020 from a bonded premises for use in or contained in hand sanitizer produced and distributed in a manner consistent with FDA guidance related to the outbreak of virus SARSCoV- 2 or COVID-19. Certain aviation taxes. The CARES Act suspends excise taxes …

The Small Business Administration (SBA) has made up to $2 million in Economic Injury Disaster Loans available for small businesses in designated disaster zones. Below we have highlighted what you need to know about these low-interest loans and how they may be used. Small businesses are now eligible for up to $2 million in Economic …

On March 20 it was announced that Tax Day has been postponed from April 15 to July 15 to coincide with the delayed tax payment deadline at the direction of President Trump. Treasury Secretary Steven Mnuchin announced the postponement via Twitter and said all taxpayers and businesses will have until July 15 to file and …

As we reach the next stage of the COVID-19 crisis, our main concern is for the health and safety of our staff and their families. As you all know, the Governor has put the State of Ohio in a “stay at home” status. Even though we are considered an “essential” industry, we need to be …

Congress passed and President Trump signed the Families First Coronavirus Response Act (FFCRA) on March 18, 2020; it will become law 15 days after the signing. The bill provides paid sick leave, free coronavirus testing, expansion of food assistance and unemployment benefits, and requires employers to provide additional protections for health care workers. For employers …

For the health of yourself and our employees, we urge clients to use the following methods for any transfers of information between yourself and our employees. Our Drop Boxes at both locations -These boxes are located to the left of the door in Norwalk, and to the right of the door in Sandusky.  Any information …