Blog - Nichols & Company CPAs

Beware Scams Related to the Economic Impact Payments

As the distribution of federal government’s economic impact checks nears, so do the scams. Here are some quick tips to remember:

1) If you are eligible for a check, it will be direct deposited to the account on file on your last tax return. If you don’t have an account on file, it will be mailed to the last address on file.
NOTE: If you’d like to add or update your direct deposit information, you can add it to a newly designed secure portal on IRS.gov in mid-April. NO ONE WILL CONTACT YOU TO UPDATE THIS INFORMATION.

2) Seniors who haven’t been required to file in recent […] Read more

An Update of Recent Tax Changes Due to Coronavirus

2019 Personal tax returns do not need to be filed until 7/15/20.
2019 taxes due, as well as 1st quarter estimated tax payments, are not due until 7/15/20.
NOTE: 2nd quarter estimated tax payments are still currently due on 6/15/20!
2019 IRA & HSA payments can be made as late as 7/15/20.
The IRS has added a special coronavirus page to its site if you need more information: https://www.irs.gov/coronavirus
For those in Ohio, the Ohio legislature will be meeting today to consider changing the Ohio tax filing date. It currently remains at 4/15/20.

For more CPA “insider information,” you are welcome to check out this article from WesternCPE.com.

[…] Read more

Latest Information from the US Small Business Administration

The US Small Business Administration (SBA) will work with borrowers directly. (UPDATE: Please click here for the SBA’s Disaster Assistance Loan Application.) The state of Ohio has to declare an emergency (they anticipate that to happen this week) before businesses can apply. Businesses requesting $25,000 or below will not have to pledge collateral. Requests over $25,000 will require collateral. All requests will be underwritten by the SBA but we do not yet know what the criteria will be.

Please see links at the bottom of this post for additional information.

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All federal agencies are working together to protect public health, including the […] Read more

New Procedures for a Smooth Tax Season at Nichols & Co.

Dear Valued Clients,

By now, I am sure that all of us are keenly aware of the spread of the Coronavirus (COVID-19) and the devastating effects it can have. We are committed to high-quality customer service with low-touch, best practices for the remainder of the tax season. If you have already picked up your completed tax returns, there is no reason to read further. We appreciate your promptness and your business.

If you need to get us your tax return information:
We are here to serve you and we urge you to provide us your tax documents in one of three […] Read more

We are still here to serve!

In light of the recent closures and developments related to the coronavirus (COVID-19), we wanted to assure you that we are right here working on tax returns and open to serve you!

For those clients who would like to minimize contact with others, 2019 tax documents can be mailed to us or dropped off via our drop slot in the front vestibule. We do suggest you bundle all of your documents into a sealed envelope with current contact information included or clearly marked on the outside.

We are regularly disinfecting public office areas and, of course, following strict cleaning protocol.

Once your return […] Read more

Big News for Our Firm

Nichols & Company, CPAs is pleased to announce that an established Worthington, Ohio CPA firm will be joining our office.

Joseph Schaefer, CPA and Deborah Kohman, CPA, of Schaefer and Associates, CPAs, will continue to provide tax & accounting support to their current clients.

“Joe and I have similar approaches to helping people,” said Gwen Nichols, CPA and firm president. “We are pleased that our firm was chosen as the new home for Joe and his valued clients and employees.”

“We welcome this merger with Nichols & Company,” said Joe. “Their staff is well-positioned to allow us to provide a greater level of […] Read more

IRS Releases Mileage Rates for 2020

The IRS recently released the mileage rates for 2020. Beginning Jan. 1, the business mileage rate decreased one-half of a cent for business travel driven and three cents for medical and certain moving expenses as compared to the rates for 2019. The charitable rate is set by statute and remains unchanged.

2020 mileage rates:

57.5 cents per mile driven for business travel

17 cents per mile driven for medical travel

14 cents per mile driven in service of charitable organizations

More details can be found here.

[…] Read more

New Ohio Laws for Pass-Through Entities

Many of our clients are pass-through entities and sole-proprietorships. Ohio tax law has been very generous to these entities over the past several years, but there are now some changes to those laws.

Part of the value of a CPA relationship is knowing that we will monitor tax law changes and always help our clients manage change.

Enjoy the article…or not. Our clients don’t have to read this!

[…] Read more

Meet Our Staff — Cara Vanasdale, Director of Client Care

Meet Cara Vanasdale, Director of Client Care.

Cara joined the N&Co team in 2014 and, over the years, moved to serving as the Director of Client Care. In this position, she oversees the front desk staff, as well as the website and office marketing efforts.

When she’s not working or driving her kids places, Cara enjoys travelling, reading and attending her kids’ sporting events.

[…] Read more

Meet Our Staff — Robin Pryfogle in Client Services

Meet Robin Pryfogle in Client Services.

In her 4+ years with N&Co, Robin has demonstrated her flexibility as she’s moved, as needed, through a variety of positions ranging from client coordinator to managing assembly to her current position in corporate bookkeeping. Robin’s background is in customer service/operations management, so the client is always first and foremost in her mind.

When not making her way through QuickBooks files or reconciling business accounts, Robin enjoys attending her kids’ sporting activities, travelling and gardening. Robin is also an avid dog owner.

[…] Read more