Do you qualify for a Refund? Fairness Act: The Combat-Injured Veterans Tax Fairness Act of 2016 (“Fairness Act”) was enacted in December 2016. The Fairness Act allows certain Veterans who received lump sum disability severance payments additional time to file a claim for credit or refund of any tax overpayment attributable to such payment. The…
The United States Court of Appeals for the Sixth Circuit in Summa Holdings Inc v. Commissioner, has validated a creative use of an IC-DISC in conjunction with a Roth-IRA to achieve lower overall taxes and tax-free investment growth. The Taxpayer in Summa owned an exporting company. The Taxpayer set up an IC-DISC owned by a…
Addiction – Not Generally an Exception to Early Withdrawal Penalty Under the federal tax code, individuals who take an early distribution from a retirement plan or traditional IRA are subject to a 10% tax. There are several exceptions that apply. One of these exceptions is a distribution made to an individual who has suffered a…
COLUMBUS, Ohio — Ohio Attorney General Dave Yost is urging all Ohioans who have received notices regarding overpayment of unemployment compensation benefits to appeal their cases if they believe the notices were sent in error. “It’s no secret that despite the state’s Herculean efforts, it was crushed with the unprecedented volume of new claims flooding…
New PPP Rules Provide Employers with More Options On June 5, 2020, the President signed the Paycheck Protection Flexibility Act (PPF) which loosens many of the requirements for existing and future borrowers to obtain forgiveness on Paycheck Protection Program (PPP) loans. The law takes effect immediately and clarifies that the deadline to apply for a…
What if I Offered to Rehire Employees and they Refuse? The loan forgiveness portion of the Paycheck Protection Program (PPP) Small Business Administration (SBA) loans will permit Employers who borrowed during the Covid-19 crisis to have up to 100% of the balance of a loan forgiven if the employer-borrower meets certain criteria. Generally, these criteria…
This is a squirrelly story just to make you smile… Was working from home today. After a 2 hour Zoom B2B Connect meeting, and talking with a new client from California who read my blog and spending a couple hours doing billable legal work, I went outside to help Sharon with some yard work. No…
The Small Business Administration (SBA) extended the repayment deadline for Payroll Protection Program (PPP) for businesses that initially took a PPP loan, but did not meet the self-certification requirements at the time that they applied for the loan. The deadline is now automatically extended from May 7, 2020, to May 14, 2020. Companies that were…
With the constant changes due to COVID-19, business owners and employees alike are trying to figure out how to navigate the Paycheck Protection Program and related laws. Join us for a 1-hour webinar on Wednesday, May 6th at 2:30pm EST, to answer some of the most common questions. Presentation by Brixey & Meyer and Pickrel,…
As employees return back to work, health screenings are highly advised by the CDC. A local company, FirstLight Home Care, is stepping up to help meet the need. FirstLight was founded by a team of professionals and caregivers with over 105 years of experience in operating successful health care and elder care service organizations. They…