Blog
Attention All New Small Business Owners & Current Restaurant/Bar Owners in Ohio: Ohio Releasing Additional Grants Today
The State of Ohio recently announced the launch of four new small business grant programs: Food and Beverage Establishment Grant Lodging Grant Entertainment Venue Grant and New Small Business Grant (for businesses that started in 2020) These grants range from up to...
Still Waiting For Your Tax Refund?
Nichols & Company ensures that the IRS accepts your return electronically; but after that point, they do not communicate with us about the status of your return. We have heard from our clients and in the news that the IRS is slow to process returns and issue...
New Tax Year 2021 Changes Brought About By the American Rescue Plan
The American Rescue Plan provides some great benefits for working parents with young children: The child care credit has been expanded. The new law increases the amount of the credit, as well as the percentage of employment-related expenses for qualifying care...
Consolidated Appropriations Act Provides Relief to Individuals and Businesses
On Sunday, December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA 2021) was signed into law. A $900 billion emergency relief package is included as part of this omnibus spending bill. It is intended to assist individuals and businesses during the ongoing...
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...
Temporary Special Rules for Health & Dependent Care Flexible Spending Arrangements
The CARES Act extensions and pandemic provisions bill allows taxpayers to roll over unused amounts in their health and dependent care flexible spending arrangements from 2020 to 2021 and from 2021 to 2022. This provision also permits employers to allow employees to...
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...
A New, Necessary Tax Document: IRS Notice 1444 – Your Economic Impact Payment Statement
As we quickly approach the beginning of the 2020 tax season, we wanted to make our clients aware that this year we also will need your IRS Notice 1444, the statement of your Economic Income Payment. This notice provides information about the amount of your payment,...
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...