Get prepared for 2021! Check out the cost of living adjustments and see how you will be affected.
IRS Notice 2020-75 (‘the Notice”) was issued on November 9, 2020 and announced that the Department of the Treasury and the Internal Revenue Service intend to issue Proposed Regulations to clarify that State and local income taxes imposed on and paid by a partnership or an S corporation on its income are allowed as a deduction by the partnership or S corporation in computing its non-separately stated taxable income or loss for the taxable year of payment. Furthermore, the Proposed Regulations will provide certainty to individual owners of partnerships and S corporations in calculating their state and local tax deduction payments.
We are pleased to announce that Kevin Weckesser has been promoted to the role of President, effective January 1, 2021.
We are so excited to introduce you to Jonathan, one of our newest team members! He is a Senior Manager in our CFO Services group making things happen in Columbus on the daily!
The Small Business Administration (SBA) published in late October that it will begin issuing loan necessity questionnaires to Paycheck Protection Program (PPP) borrowers with PPP loans of over $2 million. The loan necessity questionnaires will be utilized by the SBA to review the PPP borrower’s good-faith certifications of economic need. There are two versions of the questionnaire: Form 3509 that will be used by for-profit borrowers, and Form 3510 that will be used by non-profit borrowers.
As a BDO alliance member, we get to pass along industry specific letters to ensure you stay ahead of in-depth updates and thought leadership in your industry. We want you to understand how your organization or organizations that you serve are impacted.
The JobsOhio Inclusion Grant has been getting off the ground the past month and may provide up to $50,000 in grant money for eligible projects.
We are so excited to introduce you to Rachel, one of our newest team members! She is a Staff Accountant in our Audit & Assurance Services group making things happen in Cincinnati on the daily!