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.
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.
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.
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
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
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 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.
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.
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.
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.