We are committed to providing critical updates pertaining to the COVID-19 Pandemic. Please check back regularly as we will be updating as more information becomes available. If you should have any specific questions or concerns, please contact your ARM Representative directly.
Resources
COVID-19 Stimulus Payments – Check the status of your Economic Impact Payment
Ohio Unemployment FAQ – Resource for the most recent unemployment benefit updates
Sales & Use Tax updates – Get the latest sales and use tax relief updates
AICPA State COVID-19 Tracker – Tracks state legislative changes in response to the pandemic
U.S. Department of Labor – Resources to help workers and employers prepare for COVID-19
Workplace Mental Health – Tips to take care of mental health and well-being
Ohio Society of CPAs – Recent COVID-19 updates and developments
IRS Coronavirus Tax Relief Headquarters – The latest releases from the IRS
Ohio Department of Health – Get the latest figures on the virus in Ohio
IRS issues safe harbor for employers claiming the employee retention credit
/in COVID-19, Tax /by BillThe IRS has provided a safe harbor for employers claiming the Employee Retention Credit (ERC). This safe harbor allows employers to exclude certain iamounts from their gross receipts when determining their eligibility for the ERC. Employee retention credit. Act Sec. 2301(a) of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act; PL 116-136) created […]
Highlights of President Biden’s Proposed Tax Plan
/in COVID-19, Tax /by BillIn late May, the Treasury Department released its General Explanations to the Administration’s Fiscal Year 2022 Revenue Proposals (also known as the “Green Book”). The 114-page document contains detailed information about President Biden’s proposed tax law changes: the American Jobs Plan and the American Families Plan. The American Jobs plan is geared more towards business […]
Guidance on Claiming the Employee Retention Credit for the First and Second Quarters
/in COVID-19, Tax /by BillThe IRS recently released Notice 2021-23, providing guidance on claiming the employee retention credit. The notice expands on information provided in Notice 2021-20, 2021-11 IRB 922 in light of amendments made to the Coronavirus Aid, Relief and Economic Security (CARES) Act by the Taxpayer Certainty and Disaster Relief Act of 2020. Changes for first and second quarters. The […]
SBA Announces the Closure of the Paycheck Protection Program
/in COVID-19, Tax /by BillOn June 1, 2021, Small Business Administrator Isabella Casillas Guzman announced the closure of the Paycheck Protection Program (PPP). Since the PPP was first introduced through the “Coronavirus Aid, Relief, and Economic Security Act” (the CARES Act), it has dispersed $798 billion in loans to small businesses and nonprofit organizations. Over 8.5 million employers received […]
General PPP Funding Exhausted and Most Applications No Longer Accepted
/in COVID-19, Tax /by BillA spokesperson for the U.S. Small Business Administration (SBA) has confirmed that the SBA is no longer accepting Paycheck Protection Program applications from lenders. Background. The CARES Act established the Paycheck Protection Program (PPP) which permitted the SBA to provide loans to qualified businesses impacted by the coronavirus (COVID-19) pandemic. The 100% federally guaranteed loans must […]
IRS extends additional tax deadlines for individuals to May 17
/in COVID-19, Tax /by BillThe IRS has issued a Notice that extends, from April 15 to May 17, additional tax deadlines for individuals. Among other things, the Notice extends the time for filing Federal income tax refund claims due on April 15, 2021, and making IRA and HSA contributions. The Notice also provides that foreign trusts and estates that […]
Ohio Tax Deadline Extended
/in COVID-19, Tax /by BillOhio Tax Commissioner Jeff McClain today announced that Ohio will be following the federal government and IRS in extending the deadline to file and pay Ohio individual income and school district income taxes for tax year 2020. The new deadline is May 17, an extension of approximately one month from the original deadline of April […]
Tax Day for individuals extended to May 17
/in COVID-19, Tax /by BillIR-2021-59, March 17, 2021 WASHINGTON — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days. “This continues […]
ARPA modifications to the employee retention tax credit in 2021
/in COVID-19, Tax /by BillWe thought you might be interested in the modification and extension of the employee retention tax credit (ERTC) by the American Rescue Plan Act (ARPA), signed by President Biden on March 11, 2021. We would be happy to assist you in analyzing whether claiming the modified and extended ERTC might benefit your business. Background. Congress […]
IRS Commissioner again says tax season won’t be extended
/in COVID-19, Tax /by BillAt a March 3rd virtual tax conference hosted by the Federal Bar Association, IRS Commissioner Charles Rettig again said that IRS has no plans to extend the tax return filing deadline beyond April 15, 2021. In February 23 testimony before the House Appropriations Committee Financial Services Subcommittee, Commissioner Rettig had said that IRS was not […]
President agrees to faster phaseout of $1,400 stimulus checks
/in COVID-19, Tax /by BillPresident Joseph Biden has agreed to a compromise with moderate Senate Democrats to narrow the income eligibility for the next round of $1,400 stimulus checks by creating a faster phaseout based on adjusted gross income (AGI). The American Rescue Plan Act of 2021 (Act), as passed on February 27 by the House of Representatives, contains […]
InvestmentNews – Employee Retention Credit
/in COVID-19, Tax /by BillClick Here for InvestmentNews video featuring Bill Vasil, ARM CPA partner.
IRS Commissioner: No plans to extend tax season beyond April 15
/in COVID-19, Tax /by BillIn February 23 testimony before the House Appropriations Committee Financial Services Subcommittee, IRS Commissioner Charles Rettig said that IRS is not planning to extend the April 15 filing deadline despite requests from several House Democrats. Rettig also noted that a final decision on the matter hasn’t yet been reached. “We have our eyes on it…we’re […]
InvestmentNews – Meals
/in COVID-19, Tax /by BillClick Here for InvestmentNews video featuring Bill Vasil, ARM CPA partner.
COVID-19 Relief Package Advances in the House
/in COVID-19, Tax /by BillThe House Budget Committee has approved the American Rescue Plan Act of 2021, a bill to enact President Biden’s COVID-19 relief package. The bill includes another round of economic impact payments as well as several tax and pension changes. Its provisions are subject to change by the full House and/or the Senate. The bill now […]
Individual Tax Provisions of the New Appropriations Act
/in COVID-19, Tax /by BillOn 12/27/20, the massive Consolidated Appropriations Act, 2021 (CAA, 2021) was signed into law. Before the CAA, 2021 hit the books, a bevy of federal income tax breaks were set to expire on 12/31/20. The tax changes explained in this letter are found in the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTR) […]
InvestmentNews – PPP Loans
/in COVID-19, Tax /by BillClick Here for InvestmentNews video featuring Bill Vasil, ARM CPA partner.
House Democrats unveil partial draft of COVID relief bill
/in COVID-19, Tax /by BillThe House Ways and Means Committee is slated to mark up legislative proposals for approximately half of the $1.9 trillion COVID relief package over three days beginning February 10. The measures includes an additional direct payment of $1,400 per person and extends temporary federal unemployment benefits through August 29, 2021. In addition, the bill calls […]
Victims of unemployment comp identity theft should seek corrected Form 1099-G
/in COVID-19, Tax /by BillIn a News Release, IRS has urged taxpayers who receive a Form 1099-G, Certain Government Payments, for unemployment benefits they did not actually get because of identity theft, to contact their appropriate state agency for a corrected form. Background: Unemployment compensation is taxable income. (Code Sec. 85(a)) Form 1099-G is used by a state or local […]
Additional 2020 economic impact payments
/in COVID-19 /by BillYou’ve probably heard that IRS will be making millions of ”economic impact payments” (also called ”recovery rebates”) in the near future to help people stay afloat during this time of economic uncertainty related to the COVID-19 crisis. These payments are in addition to the $1,200 payments ($2,400 for married couples) issued earlier in 2020. Here’s […]
Payroll-Related Provisions of the New COVID-19 Law
/in COVID-19 /by BillThe Consolidated Appropriations Act, 2021 (the CAA, 2021) was signed into law on December 27, 2020 and is a further legislative response to the coronavirus (COVID-19) pandemic. The more than 5,500 page law contains numerous provisions that relate to payroll. These provisions are primarily found in the following areas of the CAA, 2021: (1) Division […]
PPP Round #2
/in COVID-19 /by BillAt the end of 2020, Congress passed, and President Trump signed, a new law that provides for additional relief related to the coronavirus (COVID-19) pandemic. This law, the Consolidated Appropriations Act, 2021 (CAA, 2021), includes a second draw of Paycheck Protection Program (PPP) loans (PPP Second Draw Loans). It also allows businesses to deduct ordinary […]
Additional 2020 economic impact payments
/in COVID-19 /by BillYou’ve probably heard that the IRS will be making millions of ”economic impact payments” (also called ”recovery rebates”) in the near future to help people stay afloat during this time of economic uncertainty related to the COVID-19 crisis. These payments are in addition to the $1,200 payments ($2,400 for married couples) issued earlier in 2020. […]
2020 COVID Relief Bill Provisions Affecting Businesses
/in COVID-19 /by BillTax provisions made permanent (without other changes). The TCDTR makes permanent without other changes (1) the railroad track maintenance credit and (2) the exclusion of the aging period in determining the mandatory interest capitalization period in producing beer, wine or distilled spirits. Tax provisions extended (without other changes). The TCDTR extends the following tax credits without other […]
2020 COVID Relief Bill Provisions Affecting Individual Taxpayers
/in COVID-19 /by BillRECOVERY REBATE/ECONOMIC IMPACT PAYMENT Direct-to-taxpayer recovery rebate. The Act provides for a refundable recovery rebate credit for 2020 that will paid in advance to eligible individuals, often automatically, early in 2021. (Code Sec. 6428A, as added by COVIDTRA Sec. 272) These payments are in addition to the direct payments/rebates provided for in earlier Federal legislation, the […]
Deductibility of Business Meals Provided by Restaurants in 2021 and 2022
/in COVID-19, Tax /by BillYou’ve probably heard that the recent stimulus legislation included a provision that removes the 50% limit on deducting business meals provided by restaurants in 2021 and 2022 and makes those meals fully deductible. Here are the details. In general, the ordinary and necessary food and beverage expenses of operating your business are deductible. However, the […]
Which clients could benefit from a Roth conversion?
/in COVID-19, Tax /by Billhttps://www.investmentnews.com/video/200644 A few factors make this year a good opportunity to move IRA savings into a Roth IRA, says Bill Vasil, a tax partner at ARM CPA, and he suggests the types of clients who might benefit from such a move. @GeoMoriarty @WilliamVasil Transcript George Moriarty: Roth conversions seems to be a hot topic in […]
IRS Provides Safe Harbor for Deducting Expenses if PPP Loan is Not Forgiven
/in COVID-19 /by BillIn a Revenue Procedure, the IRS has provided a safe harbor allowing a taxpayer to claim a deduction in 2020 for certain otherwise deductible eligible expenses if the taxpayer received a Paycheck Protection Program (PPP) loan which (1) at the end of the taxpayer’s 2020 tax year the taxpayer expects to be forgiven in a […]
Final Form 941-X Instructions Detail COVID-19 Changes
/in COVID-19 /by BillThe IRS has issued the final instructions for the revised Form 941-X, Adjusted Employer’s QUARTERLY Federal Tax Return or Claim for Refund. The instructions detail changes to the form to account for the COVID-19 tax relief. Background. Form 941, Employer’s Quarterly Federal Tax Return, is used by employers to report, on a quarterly basis: a) […]
New Draft Form 941-X Adds Lines for COVID-19 Tax Credits
/in COVID-19 /by BillThe IRS has issued a new draft of Form 941-X (Adjusted Employer’s QUARTERLY Federal Tax Return or Claim for Refund). The new draft adds 14 new lines that are based on lines that were added to the recently-issued Form 941 (Employer’s Quarterly Federal Tax Return), to reflect credits that were enacted earlier this year to […]
The Mailbox Rule in the time of COVID-19
/in COVID-19 /by BillAs the July 15 filing deadline approaches, tax returns mailed to the IRS may sit in mail facilities for several days because of COVID-19. But, if a taxpayer follows the Code Sec. 7502 Mailbox Rule, a return will be treated as filed on the date of the postmark and, hence, the taxpayer has no need to worry […]
IRS won’t postpone July 15 filing, payment deadline
/in COVID-19, Tax /by BillIn an Information Release, the IRS has announced that the July 15 tax filing and payment deadline won’t be postponed. Individuals unable to meet the July 15 filing deadline can request an automatic extension, until October 15, to file. However, tax payments are due on July 15. Background. Due to the COVID-19 pandemic, the April […]
President signs bill that provides more PPP flexibility
/in COVID-19 /by BillOn June 5, President Trump signed he Paycheck Protection Program (PPP) Flexibility Act (PPPFA) of 2020 (H.R. 7010) which provides more flexibility for participants in the PPP program, including allowing those participants to defer the payment of certain payroll taxes that the CARES Act prevented them from deferring. Background. The PPP is a provision included […]
PPP Loan Forgiveness Application
/in COVID-19 /by BillOn Friday, May 15th, the SBA released the much anticipated PPP Loan Forgiveness Application. The application and related instructions do not provide as much guidance and detail as we expected, but there are still several key takeaways as outlined below: Alternative Payroll Covered Period: For administrative convenience, Borrowers with a biweekly (or more frequent) payroll […]
May 13 deadline to get economic impact payment as direct deposit
/in COVID-19 /by BillIn an Information Release, IRS has urged taxpayers who qualify for, but have not already received, their CARES Act economic impact payment (EIP), to provide direct deposit information on IRS’s Get My Payment website by noon on Wednesday, May 13 if they wish to get their EIP via direct deposit and thus avoid the delay […]
Paycheck Protection Program expenses not deductible
/in COVID-19 /by BillIn a Notice, the IRS has clarified that no deduction is allowed for an expense that is otherwise deductible if both (1) the payment of the expense results in forgiveness of a loan made under the Paycheck Protection Program and (2) the income associated with the forgiveness is excluded from gross income pursuant to Coronavirus […]
President signs bill that provides additional small business loan monies
/in COVID-19 /by BillOn April 24, President Trump signed the Paycheck Protection Program and Health Care Enhancement Act, which has been referred to as COVID 3.5. The Act includes additional money for the small-business loan program, as well as more funding for hospitals and testing. There are no tax provisions in the Act.
IRS Extends Additional Filing and Payment Deadlines
/in COVID-19 /by BillOn April 9, 2020, the Internal Revenue Service issued Notice 2020-23 which extends more tax deadlines to cover individuals, estates, corporations and others. This extension includes a variety of tax form filings and payment obligations that are due between April 1, 2020 and July 15, 2020, including estimated tax payments due June 15 and the […]
Tax Relief provided by the CARES Act
/in COVID-19 /by BillWe hope that you are keeping yourself, your loved ones, and your community safe from COVID-19 (commonly referred to as the Coronavirus). Along with those paramount health concerns, you may be wondering about some of the recent tax changes meant to help everyone coping with the Coronavirus fallout. In addition to the summary of IRS […]
UPDATED: Ohio Passes Legislation to Extend Tax Deadlines
/in COVID-19 /by BillThe Ohio Senate unanimously passed the much-anticipated House Bill 197 to address several items during the COVID-19 health and economic crisis. Some of the key tax provisions include: The extension of the state and school districting income tax returns for individual filers from April 15th to July 15th to mirror the federal deadlines The extension […]
Tax Aspects of the CARES Act
/in COVID-19, Tax /by BillLate in the evening on Wednesday, March 25th, Congress agreed on a stimulus package to assist with the COVID-19 pandemic. The Coronavirus Aid, Relief, and Economic Security (CARES) Act will boost the economy with over $2 trillion in relief. The tax provisions of the act include the following: Individual stimulus checks Small business loans Loan […]
CARES Act: Retirement Funding
/in COVID-19 /by BillOn March 25, 2020 the Senate passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which will inject roughly $2 trillion of economic stimulus into the economy designed to provide relief from the devastating toll of the COVID-19 pandemic. The final obstacles for the CARES Act are a vote by the House of Representatives, […]
IRA & HSA Deadlines Extended to July 15th
/in COVID-19 /by BillThe following questions and answers were obtained from the IRS ‘Filing and Payment Deadlines Questions and Answers‘. Does this relief provide me more time to contribute money to my IRA for 2019? Yes. Contributions can be made to your IRA, for a particular year, at any time during the year or by the due date […]
Families First Coronavirus Response Act
/in COVID-19 /by BillOn March 18, 2020, President Trump signed the FFCRA into law. In general the FFCRA requires employers with less than 500 employees to provide a certain amount of paid leave to employees impacted by the coronavirus (COVID 19) and provides a tax credit to employers to mitigate the costs of providing the mandated leave. The […]
Tax-Free Employee Assistance
/in COVID-19 /by BillWe are living in the midst of an unprecedented health and financial crisis as the country tries to navigate unchartered waters along with the uncertainty for what lies ahead. Fortunately, there is a little known and little used Internal Revenue Code section that was enacted in 2002 in response to the September 11th attacks of […]
SBA Disaster Assistance
/in COVID-19 /by BillThe U.S. Small Business Administration is offering small businesses and private, non-profit organizations loan assistance to help alleviate the economic injury caused by COVID-19. In accordance with the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan can be applied for through the SBA. Economic […]
Accounting Services Deemed ‘Essential’
/in COVID-19 /by BillOhio Department of Health Director Amy Acton has signed a “stay at home” order for all Ohioans starting Monday evening, however several key businesses and services, including accounting services may continue as an essential business function. We are striving to provide superior service to our clients during this unprecedented time.
High Deductible Health Plans Can Cover Coronavirus Costs
/in COVID-19 /by BillThe IRS has announced that a health plan will not fail to be a High Deductible Health Plan (HDHP) under IRC Sec. 223(c)(2)(A) merely because it provides health benefits associated with testing for, and treatment of, the COVID-19/Coronavirus without a deductible, or with a deductible below the minimum deductible (self only or family) for an […]
IRS Tax Payment/Filing Relief
/in COVID-19, Tax /by BillTreasury Secretary Steven Mnuchin just announced that the IRS will move the Federal income tax filing deadline to July 15th. The extension will give all taxpayers and businesses additional time to file returns and make payments without interest or penalties. To obtain this extension, there is no action required by April 15th. If you have […]