Blog - Page 14 of 24 - Payne Nickles & Company - Ohio Accounting Firm, Business CPAs & Advisors

What you need to know about the executive orders signed by President Trump

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 …

IRS Issues Additional Guidance on Relief from Required Minimum Distributions (RMDs)

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 …

House, Senate approve 5-week PPP extension

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 …

How to pivot your accounting operations and cope with COVID-19

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. …

SBA issues update first PPP interim final rule following PPP Flexibility Act

On June 10, 2020, the Small Business Administration (SBA) issued an updated interim final rule for the Paycheck Protection Program (PPP) in response to the PPP Flexibility Act passed on June 5, 2020. The updated guidance accounts for revisions made to the covered period, usage of funds changes, extended safe harbors, and more. Here is …

SBA issues interim final rule on PPP

On May 23, the Small Business Administration (SBA) issued an interim final rule for the Paycheck Protection Program (PPP) that included the loan forgiveness application guidance released May 15, as well as other updated guidance. The rule, Paycheck Protection Program – Requirements – Loan Forgiveness, is the formal guidance that accompanies the forgiveness application and …

PPP forgiveness form released by SBA, includes changes

The Small Business Administration (SBA) has released its long-awaited Paycheck Protection Program (PPP) forgiveness form for borrowers. The release on May 15 brought with it significant changes to the interpretation of some components of forgiveness that were not previously known. Clarity is still needed on many of the components of forgiveness. Changes were made to …

SBA Grants Safe Harbor to Borrowers with PPP Loans Less than $2 Million

In an update to the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) FAQs, the SBA and Treasury have announced that borrowers with an original principal amount less than $2 million “will be deemed to have made the required certification concerning the necessity of the loan request in good faith.” Released just ahead of the …