Here Come the Child Tax Credit Payments: What You Need to Know

The first advance payments under the temporarily expanded child tax credit (CTC) will begin to arrive for nearly 39 million households in mid-July 2021 — unless, that is, they opt out. Most eligible families won’t need to do anything to receive the payments, but you need to understand the implications and why advance payments might […]

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How to Claim the Employee Retention Tax Credit using Form 941-X

You determined that your Company is eligible for the employee retention credit (“ERC”) and you have calculated the 2020 ERC based on the qualified wages and qualified health plan expenses.  So how do I claim the credit and submit the appropriate paperwork to the IRS if I already filed Form 941? The answer is you need […]

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Force Majeure:

Protecting Yourself against Divine Intervention

June 2021

Defining ‘Force Majeure’ in a post-Covid landscape In 2020, the Covid-19 pandemic tanked economies, disrupted global supply chains and brought businesses to their knees. With the advent of regulations enforcing […]

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IRS Cryptocurrency Crackdown

I previously wrote an article on the taxation of cryptocurrency, available for review by clicking here. It details the tax ramifications and tax treatment of cryptocurrency property owned by a taxpayer. While the tax rules pertaining to cryptocurrency have not changed, compliance enforcement pertaining to complete and accurate reporting of virtual currency transactions is expected to […]

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SCOTUS Personal Jurisdiction Decision Has Far-Reaching Implications

On March 25, 2021, in the case of Ford Motor Co. v. Montana Eighth Judicial District Court et al. the Supreme Court of the United States rejected arguments by Ford Motor Company (Ford) that they should not be subject to personal jurisdiction in two product liability cases (one in Montana and one in Minnesota) because they are […]

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National Taxpayer Advocate Service Warns of 2019 and 2020 Tax Trap for Refunds

To help taxpayers during the COVID-19 pandemic, the IRS postponed the 2019 tax return filing deadline from April 15 to July 15, 2020 and postponed the 2020 deadline from April 15 to May 17, 2021.  While such postponements may seem insignificant, due to the Internal Revenue Code (Code) and IRS rules, the National Taxpayer Advocate […]

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Summer Parenting Time During and After a Divorce

With the recent lifting of travel restrictions and school letting out for the summer, parents might be planning last minute family vacations. For parents with minor children who are separated, going through a divorce, or already divorced, they do not only need to plan their trip around their own schedule, but also the schedule of […]

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Ohio Announces 2021 Back-to-School Sales and Use Tax Holiday

By: Jonathan Wolnik Ohio will once again provide back-to-school shoppers with an August sales tax holiday.  The holiday will begin on Friday, August 6, 2021 at 12 AM and will end on Sunday, August 8, 2021 at 11:59 PM.  During the sales tax holiday, only the following items will be exempt from sales and use tax, […]

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Restaurant Revitalization Fund Draft Application Released by the SBA

By: Kyle P. Graham On March 11, the American Rescue Plan Act of 2021 (ARPA) created the $28.6 billion Restaurant Revitalization Fund (RRF) to provide grants to restaurants sustaining financial losses due to the COVID-19 pandemic.  Under this program, an entity that owns a place of business where the public or patrons assemble for the primary […]

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Ohio Enacts Senate Bill 57: Real Estate Property Tax Relief

By: Adam Glassman To address ongoing concerns of property devaluation as a result of the COVID-19 pandemic, the Ohio legislature enacted Senate Bill 57 (“SB 57”). This legislation gives real property taxpayers in Ohio the opportunity to file special COVID related complaints for the 2020 tax year if the pandemic led to a decrease in a […]

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One Year After Bostock – the Practical Implications of the Supreme Court’s Landmark Decision

By: Jack E. Moran A recent decision from an appellate court shows that there is language embedded within a U.S. Supreme Court decision from one year ago that may change how courts determine if employers can be liable for discrimination and retaliation in the workplace.  While plenty has already been written about the decision in Bostock v. Clayton County, […]

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RIGHTS OF MINORITY SHAREHOLDERS IN A CLOSELY-HELD CORPORATION

What is a Close Corporation? Under Ohio law, a “close corporation” is defined as a corporation with a relatively small number of shareholders, whose shares are generally not traded on national securities exchanges or regularly quoted on over-the-counter markets.[1] A close corporation is also frequently characterized by an identity of management and ownership,[2] being comprised of a […]

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