Partnering for Success

At Parms + Company, that’s how we see it. Our relationships with clients are partnerships – collaborating to apply our knowledge, experience, and perspective for your success.

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Client Testimonials

“Parms + Company offers a personal approach to accounting services and shows genuine interest in our business. The fact that we’ve been a client of Parms + Company for 30 years is proof of their quality service. With larger firms, you’re just another client. But not with Parms + Company. They give us exceptional service, and we are happy to continue this successful relationship with them..”

Sommerville Funeral Services

Akron, OH

“Parms + Company has completed our financial audit for the past two years. After speaking with a few companies who had experience with them, it was clear that Parms was highly recommended. They have done a great job.”

Bill Grindle

CEO / Executive Director

“When I was the Executive Director of the Central Ohio Community Improvement Corporation, Parms + Company served as our auditor. When I began as Executive Director, the books had been poorly maintained. Parms + Company provided invaluable assistance in helping me resolve this matter. I would recommend them whole-heartedly to everyone.”

Joel Teaford

Executive Director

Making An Impact In Our Communities

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Meet Our Founder

John Parms, Founder and Managing Partner

News You Can Use…

The 411 on PPP

Last week, Congress passed the PPP Extension of 2021 to allow an additional 60 days for small businesses, non-profits, and CPAs to complete existing and file new Paycheck Protection Program (PPP) loan applications. The extension to May 31 has long been supported by the AICPA.

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Tax Day for Individuals Extended to May 17

WASHINGTON — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.

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1099-NEC Form

There is a new form that the IRS has unveiled for the 2020 tax season and beyond. It’s called a 1099-NEC. A copy of the form and its related instructions are available on the IRS.gov website.

Prior to the presence of this form, any non-employee compensation paid out of your business that exceeded $600 in any year to a non-corporate service provider had to be reported on form 1099-MISC. You will now have to report those payments on form 1099-NEC.

Whether you have a service provider prepare these types of reporting forms or if you preparing them yourself, make sure you are aware of the 1099-NEC’s requirements and that you are completing the form correctly.

As a note:

The 1099-MISC form is still to be used to report things such as rents paid, prizes and awards, etc.

COVID-19-Related Tax Relief Act

The COVID-19-Related Tax Relief Act includes the extensions and expansions of tax-relief contained in the Families First Coronavirus Response Act and the CARES Act. It also includes some new provisions aimed at providing tax relief to taxpayers suffering medical and economic hardships due to the ongoing COVID-19 pandemic

Recovery Rebates/Direct Stimulus Payments

Just as with the CARES Act in March, the act includes a direct payment to taxpayers in an effort to stimulate a flagging economy. The provision was a late addition to the package, in response to demands from several lawmakers on both sides of the aisle.

Unlike the Economic Impact Payments (also known as Recovery Rebate Credits) provided in the CARES Act, these payments are only $600 per individual, where the earlier round in the spring provided a $1,200 payment per individual. However, families can claim the full $600 amount for child dependents, where the credit was limited to $500 for children in the previous round of payments.

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