CARES Act Extension Signed Into Law

CARES Act Extension Signed Into Law

The Westerville Area Chamber of Commerce recently shared a few highlights about the CARES Act Extension that we wanted to bring to your attention: •PPP (Paycheck Protection Program) program will reopen with $284.5 billion to strengthen first time and second time...
IRS Releases 2021 Standard Mileage Rates

IRS Releases 2021 Standard Mileage Rates

The Internal Revenue Service today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.   Beginning on January 1, 2021, the standard mileage rates for...
IRS Offers Security Warnings & Scam Alerts

IRS Offers Security Warnings & Scam Alerts

The IRS wants taxpayers to know of a scam involving texts & Economic Income Payments: People get a text message saying they have “received a direct deposit of $1,200 from COVID-19 TREAS FUND. Further action is required to accept this payment… Continue here to...
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...
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...