Blog
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...
Grant Relief Funds Available to Assist Local Businesses
The Westerville Area Chamber of Commerce shared this information with us, and we wanted to share it with you: There are several new grant funding programs available, and we wanted to make sure you are aware of the eligibility and time frame to apply. Please see the...
CARES Act Eases Rules for IRA and 401(k) Withdrawals
Michelle Singletary from the Washington Post reminds readers that withdrawing money from IRAs and 401(k)s under the CARES Act comes with COVID-related stipulations. Please review her list of pre-qualifications before making any withdrawals.
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
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...
Small Business Owners in Columbus & Franklin County: There is Still Time to Apply for COVID-19 Recovery Grants!
More than half of the $10.5 million of the COVID-19 Small Business Response and Recovery Fund is still available to help small (fewer than 25 employees) minority- or woman-owned businesses, according to BizJournals.com. These funds can be used to maintain jobs and...
Updates on the PPP Forgiveness Process
Banks are beginning to offer portals for businesses to begin the PPP forgiveness process. We strongly encourage our clients to continue to work closely with their bank’s forgiveness process. If you find you need accounting assistance at any point during the process,...
Reminder: Social Security Benefits May Be Taxable
Up to 50% or more of a taxpayer’s Social Security benefits may be taxable, depending on annual income. If you’d like to find out more about the details of the taxable portion of your benefits, please see this IRS brief. Please know N&Co always takes these formulas...