Beware Scams Related to the Economic Impact Payments

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

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

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.

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!

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

IRS Releases Mileage Rates for 2020

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

Storytelling: Why Some Business Ideas Catch On–And Others Don’t

Storytelling: Why Some Business Ideas Catch On–And Others Don’t

Sometimes the success of a business idea and gathering support for it is accomplished through great storytelling, says Carmine Gallo, author of The Storyteller’s Secret: From TED Speakers to Business Legends, Why Some Ideas Catch On and Others Don’t. According to Gallo, people connect to stories featuring heroes and villains, capturing struggles and failures, and ending, ultimately, with a triumphant victory. These stories don’t have to be fictional fairytales—they can be the narrative you use to garner support among your employees for a new idea or process. Gallo recalls how former Apple co-founder Steve Jobs used stories when launching a […] Read more

Lessons from Horses: Equines Inspire Business Leadership

Lessons from Horses: Equines Inspire Business Leadership

Neurosurgeon, professor and horseman Allan J. Hamilton elaborates in his new book, Lead With Your Heart: Lessons From a Life with Horses, on the leadership lessons he’s learned through his work with horses. Hamilton makes five important points:

Agendas hurt relationships: you can’t force something (like productivity) according to a timeline. Remember to consider the welfare and well-being of your employees first and you’ll create a loyal workforce.
Find the curve of compromise: If, as a leader, you find yourself creating a line of resistance, switch gears and think of alternatives that will allow the other party to be willing to flow […] Read more