COVID-19 | Strauss Troy Co., LPA

Was your business harmed by COVID-19? You could be eligible for property tax relief.

Posted on May 14, 2021May 14, 2021

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If your business was negatively impacted by COVID-19, you might be eligible for a property tax reduction. On April 27, 2021, Ohio enacted a special law that allows commercial property owners (and certain tenants) to apply for reductions of their 2020 property tax bill if their income-producing properties were affected by COVID-19. The law is intended to alleviate the financial impact of COVID-19 on Ohio businesses. The application process is intricate, and an experienced attorney can navigate it to optimize this valuable opportunity for a tax bill reduction.

IRS Issues Guidance on Unemployment Exclusion: No need to amend 2020 returns if already filed

Posted on April 1, 2021

The IRS has issued guidance on the Unemployment Exclusion. For those who have already filed taxes for 2020, there is no need to amend your 202 return.

Client letter: ARPA’s enhancements to the premium tax credit

Posted on March 31, 2021

Recent COVID relief legislation made several significant enhancements to the premium tax credit, which is a refundable credit that assists individuals and families in paying for health insurance obtained through a Marketplace established under the Affordable Care Act. This letter provides an overview of those changes.

Letter to Clients: Tax provisions in the American Rescue Plan Act of 2021

Posted on March 30, 2021

This letter to clients provides a brief summary of the key aspects of the tax provisions in ARPA including tax credits, student loan forgiveness, income exclusions, and assistance programs.

American Rescue Plan Act Adds Dependent Care Relief

Posted on March 22, 2021

A multi-ethnic group of four children, 5 to 7 years old, playing together on a playground during school recess. They are sitting side by side on two slides, looking at the camera. They are all wearing masks, back to school during the COVID-19 pandemic. .

By: Claudia G. Allen The American Rescue Plan Act (ARPA) enacted March 11 includes a substantial increase in the limits for dependent care under Flexible Spending Plans (Section 125 cafeteria plans) as well as increasing the tax credit for child care for calendar year 2021. Combined with the flexibility to make changes to plan elections …Read More

Second Draw Loans and Related PPP Updates

Posted on January 21, 2021January 22, 2021

The Consolidated Appropriations Act, 2021 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.

Buyer Beware: Your Property Taxes Will Go Up

Posted on December 1, 2020

Still trying to buy property in 2020? Attorney Michelle Reid discusses what you can expect when you receive your property tax bill after closing. Many commercial and residential buyers are shocked when their bill jumps to match the property’s sale price rather than the valuation they saw prior to closing.

SBA Announces Restrictions on PPP Borrowers’ Mergers and Transfers of Assets or Ownership

Posted on October 5, 2020October 5, 2020

On Friday, October 2, 2020, the U.S. Small Business Administration issued SBA Procedural Notice 5000-20057, which provides long-awaited guidance regarding pre-forgiveness restructures and ownership changes of borrowers under the Paycheck Protection Program.

Strauss Troy acts as co-counsel for COVID-19 business interruption insurance claims

Posted on May 21, 2020

Photo of "COVID-19" spelled in scrabble tiles with illustrated viruses floating above

Strauss Troy has partnered with several law firms to act as co-counsel in evaluating insurance claims for loss of business income, also known as business interruption insurance.

Open for Business! Web resources for businesses reopening in Ohio or Kentucky

Posted on May 20, 2020May 20, 2020

Woman of color putting a chalkboard sign reading "open" in a window.

As businesses such as restaurants, salons, gyms, retail, and more slowly open up after months of being shut down or limited operations due to COVID-19, employers are looking for guidance in navigating the constantly evolving rules for maintaining safe and healthy workplaces. Strauss Troy attorney Theresa Nelson has curated a list of resources that business …Read More

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Category: COVID-19