Now That Your Business Is Opening Back Up, What Employee Concerns Will You Face?

Now That Your Business Is Opening Back Up, What Employee Concerns Will You Face?

We are always here to address the accounting needs of our business clients, but we are also aware that now, more than ever, businesses are facing some new HR concerns. Business owners have new responsibilities, designed to keep employees and customers safe. Also some employers who are ready to open their doors are finding they have employees who do not want to return to work. Click these links to find insights from Sharon Delay at GO-HR for employers who are dealing with those issues.

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Receive an Economic Impact Payment in Error?

Receive an Economic Impact Payment in Error?

If you received an Economic Impact Payment (aka: federal stimulus check) in error, you should return the payment as described below:

If the payment was a paper check:

Write “Void” in the endorsement section on the back of the check.
Mail the voided Treasury check immediately to the appropriate IRS location listed below.
Don’t staple, bend, or paper clip the check.
Include a note stating the reason for returning the check.

If the payment was a paper check and you have cashed it, or if the payment was a direct deposit:

Submit a personal check, money order, etc. immediately to the appropriate IRS location listed below.
Write on […] Read more

Several Ohio Counties Have Granted Extensions to Pay Property Taxes

Several Ohio Counties Have Granted Extensions to Pay Property Taxes

Note: each county appears to have their own new due date!

Belmont (from July 20, 2020 to August 21, 2020)

Cuyahoga (from July 20, 2020 to August 13, 2020)

Delaware (from July 20, 2020 to August 20, 2020)

Franklin (from July 20, 2020 to August 5, 2020)

Geauga (from July 20, 2020 to July 22, 2020)

Montgomery (from July 20, 2020 to August 14, 2020)

Monroe (from July 20, 2020 to August 19, 2020)

Paulding (from July 20, 2020 to August 17, 2020)

Washington (from July 20, 2020 to August 14, 2020)

Additional updates about Ohio’s COVID-19 relief efforts can be found here.

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CARES Act Changes To RMDs For 2020

CARES Act Changes To RMDs For 2020

2020 is a unique year as far as required minimum distributions (RMDs) are concerned. The CARES Act has suspended the requirement for most 2020 IRA distributions–including some 2019 distributions that you might have personally elected to delay until 2020. For our retirees who must take annual withdrawals from their retirement accounts, here is a huge tax saving opportunity for 2020!

Please see this article from Forbes for more details about these suspended RMDs.

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Second Quarter Estimated Tax Payments Now Due July 15th

Second Quarter Estimated Tax Payments Now Due July 15th

Late last week the federal government extended the due date for the 2020 second quarter estimated tax payment from June 15 to July 15. This means that individual tax returns, as well as individual first quarter and second quarter estimated tax payments are now all due on July 15.

Additionally, trusts, estates, corporations, and other non-corporate tax filers with filing or payment due dates between April 1 and before July 15 are now also extended to July 15.

When paying individual taxes and estimates, taxpayers have the option to send the IRS a check, or payments also can be made electronically through […] Read more

Economic Impact Checks for Non-Filers: How to Provide Your Current Information to the IRS

Economic Impact Checks for Non-Filers: How to Provide Your Current Information to the IRS

At Nichols & Company, we know many of you are assisting elderly parents or grandparents right now. In an effort to support you, we wanted to share that the IRS has launched a new tool to assist non-filers in registering their current information for their Economic Impact Payment.

The new tool, created in conjunction with FreeFile Alliance, is designed for those who were not required to file a 2018 or 2019 tax return. The Non-Filers: Enter Payment Info tool allows these non-filers to supply the IRS with their current address, number of dependents and direct deposit information.

Distribution of Economic Impact Payments to […] Read more