News & Tech Tips

We’re An Essential Business

Kathleen Hargrove on March 22, 2020

On Sunday afternoon, Ohio Gov. Mike DeWine announced a stay-at-home order — or a shelter-in-place order — across the state amid the COVID-19 coronavirus pandemic.

Under this order, only essential businesses are permitted to stay open. It goes into effect at 11:59 p.m. Monday and will remain in effect until April 6, at which point state officials will reassess.

Accounting is considered to be an essential business, so we will continue to remain open and be available to you to serve your needs.

To view the order in full and for a complete list of essential businesses, please click here.

We understand that this is a stressful time right now, and we are committed to helping you in any way that we can.

We will continue to monitor this rapidly changing situation and keep you updated on any changes.

Thank you again for your understanding and patience.

Families First Coronavirus Response Act

Kathleen Hargrove on March 21, 2020

The Senate passed the House Coronavirus Bill (The Families First Coronavirus Response Act) on Wednesday, and it has been signed into law by the President. This is the second package from Congress dealing with the Coronavirus outbreak.
 
Congress and the Administration are now working on a third phase to further stem the impact of the outbreak on families and the economy which would include stimulus checks.
This bill responds to the coronavirus outbreak by providing paid sick leave and free coronavirus testing, expanding food assistance and unemployment benefits, and requiring employers to provide additional protections for health care workers.
It also provides FY2020 appropriations to the Department of Health and Human Services for nutrition programs that assist the elderly.
The supplemental appropriations provided by the bill are designated as emergency spending, which is exempt from discretionary spending limits.
The bill modifies USDA food assistance and nutrition programs to:
  • Allow certain waivers to requirements for the school meal programs
  • Suspend the work requirements for the Supplemental Nutrition Assistance Program (SNAP, formerly known as the food stamp program)
  • Allow states to request waivers to provide certain emergency SNAP benefits
In addition, the bill requires the Occupational Safety and Health Administration to issue an emergency temporary standard that requires certain employers to develop and implement a comprehensive infectious disease exposure control plan to protect health care workers.
The bill also includes provisions that:
  • Establish a federal emergency paid leave benefits program to provide payments to employees taking unpaid leave due to the coronavirus outbreak
  • Expand unemployment benefits and provide grants to states for processing and paying claims
  • Require employers to provide paid sick leave to employees
  • Establish requirements for providing coronavirus diagnostic testing at no cost to consumers
  • Treat personal respiratory protective devices as covered countermeasures that are eligible for certain liability protections
  • Temporarily increase the Medicaid federal medical assistance percentage (FMAP)

We are continuing to monitor these rapidly changing situations, and will keep you updated on any developments.

As always, if you have any questions about how these announcements may affect you or your business, please contact your Whalen Advisor.  We are always ready and available for you during this unprecedented time.

Tax Deadline Extended

Kathleen Hargrove on March 21, 2020

Treasury Secretary Steven Mnuchin announced Friday that President Trump has directed him to move Tax Day to July 15, giving taxpayers more time to file their taxes in the midst of the coronavirus pandemic.

 

All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.

In addition, the IRS released IR-2020-58 on Saturday which has additional updates regarding this extended due date and the payment of federal income tax returns. Highlights from the notice include:

  • Due date will automatically extend from 4/15 to 7/15  – no extension forms are needed.
  • Payment, regardless of the amount, can also be deferred until 7/15, without penalties and interest.  There is no longer a $1 million or $10 million limit. This applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.
  • The period beginning on 4/15/20 and ending on 7/15/20 will be disregarded in the calculation of any penalty, interest or addition of tax for failure to file the federal income tax returns or pay the federal income tax postponed by the Notice.
  • Individuals who need an additional extension beyond 7/15 will need to file the proper extension form and pay the tax by 7/15.
  • Currently, this extension is only for those taxes due 4/15.  This means the second quarter estimates due 6/15 will still be be due by that date.
The IRS still urges those individuals who have refunds to file as soon as possible and to file electronically.  The IRS is continuing to accept tax returns and send refunds.
Please note that this extended due date is for federal returns only. Ohio and it’s municipalities have yet to announce extensions yet, but we will continue to keep an eye on this and notify you should this change. 

IRS Announces Tax Relief for Tennessee Victims

Kathleen Hargrove on March 10, 2020

Victims of the severe storms, tornadoes, and flooding last week in Tennessee may qualify for tax relief from the IRS.
Following the recent disaster declaration for individual assistance issued by the Federal Emergency Management Agency, the IRS has announced that affected taxpayers in certain areas will receive tax relief.
Individuals and households who reside or have a business in Davidson, Putnam and Wilson counties may qualify for tax relief.
The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after March 3, 2020, and before July 15, 2020, are granted additional time to file through July 15, 2020.
The July 15, 2020 relief applies to the individual income tax returns due on April 15, 2020 and quarterly estimated income tax payments due on April 15, 2020, and June 15, 2020,and to quarterly payroll and excise tax returns normally due on April 30, 2020. It also applies to tax-exempt organizations, operating on a calendar-year basis, that have a 2019 return due on May 15, 2020. Among other things, affected taxpayers will also have until July 15, 2020 to make their 2019 IRA contributions. In addition, penalties on payroll and excise tax deposits due on or after March 3, 2020 and before March 18, 2020, will be abated as long as the tax deposits were made by March 18, 2020.
If an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date that falls within the postponement period, the taxpayer should call the telephone number on the notice to have the IRS abate the penalty.
The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief, but affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 866-562-5227 to request this tax relief.
As always, if you have any questions about how this announcement may effect you or your business, please contact your Whalen Advisor. 
 
SOURCE:

2020 Census: What You Need To Know

Kathleen Hargrove on February 13, 2020

We recently had Mark Boyd, a partnership specialist with the U.S. Census Bureau, in to present some key information to our staff regarding the upcoming decennial survey. He made us aware of the importance of the data that is collected and what all this is used for, as well as provided pointers on keeping this information safe and protected from fraudsters.
The census provides critical data that lawmakers, business owners, teachers, and many others use to provide daily services, products, and support for you and your community. Every year, billions of dollars in federal funding go to hospitals, fire departments, schools, roads, and other resources based on census data. In addition, the results of the census also determine the number of seats each state will have in the U.S. House of Representatives, and they are used to draw congressional and state legislative districts.
With any sharing of data and personal information, there is always concern over privacy and security. Here are some helpful tips we learned that we wanted to share with you to help keep your information safe:
Avoiding Scams Online
Phishing emails often direct you to a website that looks real but is fake-and may be infected with malware.
It is important to know that the Census Bureau will not send unsolicited emails to request your participation in the 2020 Census. Further, during the 2020 Census, the Census Bureau will never ask for:
  • Your Social Security number
  • Your bank account or credit card numbers
  • Money or donations
In addition, the Census Bureau will not contact you on behalf of a political party.
Staying Safe at Home
If someone visits your home to collect a response for the 2020 Census, you can do the following to verify their identity:
  • First, check to make sure that they have a valid ID badge, with their photograph, a U.S. Department of Commerce watermark, and an expiration date.
  • If you still have questions about their identity, you can call 800-923-8282 to speak with a local Census Bureau representative.

 

Reporting Suspected Fraud
If you suspect fraud, call 800-923-8282 to speak with a local Census Bureau representative. If it is determined that the visitor who came to your door does not work for the Census Bureau, contact your local police department.

Whalen CPAs
250 W. Old Wilson Bridge Rd., Suite 300
Worthington, OH 43085-2215
(614) 396-4200

© 2024 Whalen CPAs. All Rights Reserved.

The content provided on whalencpa.com is intended for informational purposes only. Before any action is taken based on this information, personalized advice should be obtained from a Whalen CPAs professional. Information obtained on whalencpa.com does not constitute professional advice or create a professional relationship with Whalen CPAs. Learn more.