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Bitcoin. Ether. Dogecoin. Blockchain. Digital wallet. You may have heard these terms before, but for many, the words are just lingo for a high-tech, mysterious world of cryptocurrency they know little about. Elon Musk tweets about it. Tech companies like Microsoft accept it as payment. As cryptocurrency inches its way into our awareness, it inches its way into commerce. But do we really understand anything about it?
Dear Client:The Infrastructure Investment and Jobs Act of 2021 (IIJA) was signed into law on Nov. 15, 2021. The IIJA includes IRS information reporting requirements that will require cryptocurrency exchanges to perform intermediary Form 1099 reporting for cryptocurrency transactions. Generally, these rules will apply to digital asset transactions starting in 2023.
On April 27, 2021, Governor Mike DeWine signed the unprecedented Ohio Senate Bill 57 into law. This new law allows an owner or tenant of an income-producing property impacted by COVID-19 (or by state orders associated with COVID-19) to file a “special” property tax valuation complaint. Property tax bills are generally calculated as of January 1 of each year. However, since COVID-19 did not impact Ohio businesses until around March 2020, a January 1 tax lien date does not take its challenging effects into account.
Did you recently get slapped with a surprisingly high property tax bill? Consider applying for a reduction of your property’s taxable value at your county’s board of revision. Your property tax bill is calculated as a percentage of the auditor’s assessed value of your property. Every three years, Ohio county auditors re-assess the values of all residential and commercial properties in their counties.
The Consolidated Appropriations Act, 2021 was signed into law on December 27, 2020. This spending bill provides $900 billion in stimulus relief for the COVID-19 pandemic, including $284 billion for the SBA’s Paycheck Protection Program (PPP) for new and previous borrowers under the Economic Aid Act.
