The Consolidated Appropriations Act (CAA), which passed in late December 2020, removed the CARES Act clause that disallowed PPP borrowers from claiming the Employee Retention Credit (ERC). This change has opened the floodgates and allowed struggling businesses to retroactively claim the ERC, which they had not previously been eligible for.
Ohio Governor Mike DeWine signed the Ohio biennium budget, Am. Sub. House Bill 110, earlier this summer providing funding to the state for the next two years. Included in the bill was the repeal of sales tax on employment service provider (“temp agency”) fees beginning October 1, 2021 in Ohio.
Individual Tax Filing Due Date On March 24, 2021, Ohio Tax Commissioner Jeff McClain announced that Ohio will follow suit with the federal government and IRS in extending the deadline to file and pay Ohio individual income taxes for tax year 2020. The new deadline will now be May 17,
On March 15, 2021, Kentucky Governor Andy Beshear signed into law House Bill 278, which allows expenses paid with PPP loan proceeds to be tax deductible for Kentucky income tax purposes, providing much needed relief for taxpayers. The passage of the Consolidated Appropriations Act (“CAA”) in late December provided taxpayers
President Trump has signed a $900 billion COVID relief bill with wide ranging implications. The stimulus package, which includes $166 billion earmarked for direct checks to individuals, also includes $325 billion reserved for small business relief. For severely hindered businesses, a second round of PPP loans is the focal point
The Paycheck Protection Program (PPP), unveiled this spring by the Treasury and Small Business Administration (SBA) as a result of the CARES Act, came as major relief to businesses and business owners reeling from the effects of the COVID-19 virus, and assisted them in keeping their workforce employed. However, several