The Internal Revenue Service today issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2022, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 58.5 cents per…
The Biden tax plan is intended to raise taxes to pay for the significant expenditures the Administration is pushing. These changes include: Increase in Income Tax Rate for High Earners: The Administration wants to increase the top marginal individual income tax rate from 37% to 39.6% effective in 2022. Ordinary Income Tax Rates Apply to…
Now is an especially tough time to find and retain quality employees. The competition for the best talent is fierce. Many employers are offering signing bonuses, higher salaries, better health insurance programs, richer retirement plans and other fringe benefits to attract employees. Another benefit employers should consider offering to their upper-level employees are restricted stock,…
The penalty for failure to file a partnership return will not be imposed if the partnership can show reasonable cause for failure to file a complete or timely return. Smaller partnerships (those with ten or fewer partners and who meet the other qualifications listed below) will not be subject to the penalty under this reasonable…
As part of PS&E’s ongoing effort to grow and enhance our community, we are pleased to share Jeff Senney has been appointed to the Park District Board by the Court of Common Pleas. Jeff will serve a three-year term starting in June. He will actively work with board members to establish policies, provide financial oversight, review…
The taxing authorities have delayed the due date for individual tax returns until May 17, 2021. But in many cases, this one-month extension did not give taxpayers or CPAs sufficient time to prepare the required returns. At this point, many taxpayers will need to file extensions for the returns that have not been completed. CPA…
The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan. Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used…
Congratulations to Jeff Senney for being recognized as a Lawyer of Distinction in 2021. You have joined a group that includes some of the most influential and respected attorneys in the US. If you would like to congratulate Jeff or discuss any legal needs, please call him at 937.223.1130 or email jsenney@pselaw.com.
ARPA contains a provision for a 6-month subsidy period (April 1 to September 30, 2021) for “assistance eligible individuals” (AEI) who, due to job loss, may qualify for a 100% subsidy for COBRA coverage. Individuals eligible for the program will pay no cost for monthly COBRA premiums for medical, dental, or vision coverage if they…
