Grant Relief Funds Available to Assist Local Businesses

Grant Relief Funds Available to Assist Local Businesses

The Westerville Area Chamber of Commerce shared this information with us, and we wanted to share it with you:

There are several new grant funding programs available, and we wanted to make sure you are aware of the eligibility and time frame to apply.

Please see the five (5) programs to consider based on your eligibility.  We encourage you to apply.

Gov. DeWine announced new CARES funding.  See two programs below:

$125M to establish Small Business Relief Grant program, providing grants to eligible small businesses

The Small Business Relief Program will provide $10K to eligible businesses, with no more than 25 employees
Can be used for […] Read more

Thinking About Forming a New Charity?

Thinking About Forming a New Charity?

We see a lot of interest in forming nonprofit organizations around our clients’ interests and favorite causes. Does your organization qualify as a charity?

The IRS lays out specific stipulations for organizations that want 501(c)3 status in their latest Tax Tip.  If you have a charity or are interested in creating one, these guidelines and links can help you through the initial process.

If you need a tax return prepared for your charitable organization, we are available to assist with that. Just give us a call at 614-891-5423.

[…] Read more

529 Distributions & College Refunds

529 Distributions & College Refunds

Important to remember as we try to get our college students back to school:  Distributions from 529 plans must be used to pay qualifying expenses incurred during the tax year.

If you receive a refund of tuition, fees, or room and board paid from 529 plan funds, put that money back into the 529 plan within 60 days.

See this article for more specifics.

[…] Read more

Small Business Owners in Columbus & Franklin County:  There is Still Time to Apply for COVID-19 Recovery Grants!

Small Business Owners in Columbus & Franklin County: There is Still Time to Apply for COVID-19 Recovery Grants!

More than half of the $10.5 million of the COVID-19 Small Business Response and Recovery Fund is still available to help small (fewer than 25 employees) minority- or woman-owned businesses, according to BizJournals.com. These funds can be used to maintain jobs and operations, purchase personal protective equipment and provide low-interest loans for expansion. The new deadline to apply is September 11, 2020.

Click here for more information or to apply.

[…] Read more

Updates on the PPP Forgiveness Process

Updates on the PPP Forgiveness Process

Banks are beginning to offer portals for businesses to begin the PPP forgiveness process. We strongly encourage our clients to continue to work closely with their bank’s forgiveness process. If you find you need accounting assistance at any point during the process, please feel free to reach out to us.

Thanks to our friends at GBQ for providing a nice summary of the US Treasury Department’s release of FAQs from 8/4/20. We want to point out these top three clarifications for use of PPP funds:

Business interest for real estate loans or equipment (fixed asset) loans can be paid with PPP funds. […] Read more

Reminder: Social Security Benefits May Be Taxable

Reminder: Social Security Benefits May Be Taxable

Up to 50% or more of a taxpayer’s Social Security benefits may be taxable, depending on annual income. If you’d like to find out more about the details of the taxable portion of your benefits, please see this IRS brief.

Please know N&Co always takes these formulas into consideration when calculating your taxes, but we wanted to share the information with you as well.

[…] Read more

Major Changes to Retirement Plans Due to COVID-19

Major Changes to Retirement Plans Due to COVID-19

According to the IRS, qualified individuals affected by COVID-19 may be able to withdraw up to $100,000 from their eligible retirement plans, including IRAs, between January 1 and December 30, 2020.

These coronavirus-related distributions aren’t subject to the 10% additional tax that generally applies to distributions made before reaching age 59 and a half, but they are still subject to regular tax. Taxpayers can include coronavirus-related distributions as income on tax returns over a three-year period. They must repay the distribution to a plan or IRA within three years.
Some plans may have relaxed rules on plan loan amounts and repayment terms. […] Read more