The sweeping changes to Ohio property tax law, as well as additional minor changes, will serve to benefit private property owners, especially owners of large commercial properties.
Category: Tax Planning | Compliance
Cryptocurrency Part I: How does it all work?
Cryptocurrency is becoming more accepted by mainstream businesses. What exactly is crypto and how does it work? Strauss Troy breaks it all down for you.
Strauss Troy Listed as a 2022 Best Law Firm by U.S. News – Best Lawyers®
U.S. News – Best Lawyers® has recognized Strauss Troy among the Best Law Firms of 2022. Strauss Troy has earned 16 metropolitan rankings and was nationally ranked in Project Finance Law. National Tier 3 Project Finance Law Metropolitan Tier 1 – Cincinnati Commercial Litigation Land Use & Zoning Law Litigation – Real Estate Municipal Law …Read More
Strauss Troy attorneys recognized by Best Lawyers in America
Strauss Troy is pleased to announce that 14 of our attorneys have been recognized as The Best Lawyers in America 2022. Three Strauss Troy attorneys were also recognized by Best Lawyers as Lawyer of the Year. Attorneys named to The Best Lawyers in America are recognized by their peers in the legal industry for their …Read More
Was your business harmed by COVID-19? You could be eligible for property tax relief.
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
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
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.
ARPA modifications, extension of paid sick leave and family leave credits
Dear Client: The American Rescue Plan Act of 2021 (ARPA), signed by President Biden on March 11, 2021, extended and significantly modified the payroll tax credits for qualifying sick leave and family leave wages. Below is a summary of the key provisions. Background: Both Covid-19-related credits were initially provided by the Families First Coronavirus Response …Read More
American Rescue Plan Act Adds Dependent Care Relief
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
Care expenses under the ARPA child and dependent care credit
ARPA child and dependent care tax credit can include the cost of household services, as long as the cost at least in part goes towards the care of the individual.
ARPA’s temporary expansion of child tax credit for tax year 2021
ARPA expands the eligibility amount of the child tax credit for tax years beginning in 2021 and require IRS to make monthly advance payments of the credit to taxpayers in July through December of 2021.
Ohio Urges Victims of Unemployment Fraud to Act Now to Avoid Tax Troubles
The Ohio Department of Taxation (ODT) is warning Ohioans who may be victims of unemployment fraud to report the suspected fraud or potentially face higher taxes.
Got a High Property Tax Bill? Consider Applying for a Reduction of Your Property’s Taxable Value
Did you recently get slapped with a surprisingly high property tax bill? Consider applying for a reduction of your property’s taxable value. Your county’s board of revision will conduct a hearing, and you will bear the burden of proving that your property was over-valued. If the board reduces your property’s value, the new value will usually apply to future tax years, which will save money on your tax bills well into the future. There are many intricacies to this process, and an experienced attorney can navigate it for you to optimize your opportunity for a value reduction.
Second Draw Loans and Related PPP Updates
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.
Best Lawyers in America 2021 recognizes 15 Strauss Troy attorneys
Strauss Troy is pleased to announce that 15 of our attorneys have been included in the 2021 Edition of The Best Lawyers in America. Attorney Pete A. Smith was also recognized as Lawyer of the year in Project Finance Law and Real Estate Law. Strauss Troy Co., LPA would like to congratulate the following lawyers named to The Best Lawyers in …Read More
PPP Loan Forgiveness and Deductible Expenses
PPP loans are subject to forgiveness to the extent that a borrower uses PPP funds for payroll costs and certain mortgage interest, rent and utility obligations during the 8 week period following loan disbursement.
Update on extension of time to file and pay federal taxes
On April 9, 2020, the IRS issued another notice which expands the relief to additional returns and tax payments.
Coronavirus recovery rebates: when is the check in the mail?
Dear Client: You’ve probably heard that IRS will be making millions of ”economic impact payments” (also called ”recovery rebates”) in the coming months to help people stay afloat during this time of economic uncertainty related to the COVID-19 crisis. Here’s what you need to know about this program. Amount of payment. IRS will soon begin …Read More
A letter from your Strauss Troy tax attorney
We 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.
COVID-19 Emergency Spending Bill Retirement Benefits Provisions
The emergency spending bill signed into law on Friday contains several provisions related to retirement benefits. This article will discuss those provisions.