PPP Forgiveness and Repayment: What Businesses Need to Know Now

A critical deadline is approaching for many of the businesses that have received loans under the Paycheck Protection Program (PPP), which was created in March 2020 by the CARES Act. If these borrowers don’t take action before the deadline expires, their loans will become standard loans, and the borrowers could be responsible for repaying the […]

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Funding Available for Operations and Supply Chain Management Education for Manufacturers

The Akron Chapter of the Association for Supply Chain Management (ASCM, formerly APICS) has received funding from the State of Ohio to deliver certification coursework to employees at Ohio-based manufacturing companies. The focus is for companies with 500 employees or fewer. All the company has to show is that they were negatively impacted by Covid. […]

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Managing Your Retirement Plan – How to Stay on Top of Complex Requirements

Retirement plan sponsors face greater challenges today than ever before. Regulatory scrutiny is on the rise with the Department of Labor (DOL) actively reviewing Form 5500 filings searching for evidence of noncompliance, inaccurate reporting and excessive fees. But that’s not all. In addition to staying on top of complex legal and regulatory requirements, sponsors also […]

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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

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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