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Parms + Company Blog
The Parms blog shares our insights about trending and time-tested topics that are important to our clients and the profession.
Ohio’s COVID-19 Tax Relief
Ohio’s Filing and Payment Extensions While certain deadlines were extended for tax returns and payments due in 2020, currently only the tax year 2020 Ohio individual income tax and school district income tax due dates have changed for returns (IT1040 and SD 100) and payments due in 2021. Please see our due dates table for more information. Continue to check this page or sign up for Tax Alerts for any future updates.
Student loan payments will resume soon. Here’s what you should do now
Come this fall, borrowers will again have to make room in their lives and budgets for monthly student loan payments. It’s been a good run. The U.S. Department of Education first gave borrowers the option of pausing their bills without interest accruing in March 2020. (Most federal student loan borrowers accepted that offer.) Many borrowers have grown accustomed to life without a hefty monthly student loan bill, and are likely not looking forward to the break ending in October. “Student loan payments have been out of sight, and out of mind,” said Elaine Griffin Rubin, senior contributor and communications specialist at Edvisors. To ease some of your anxiety (and my own!), I spoke to experts about what you need to know about the change and how to best prepare for it. When will bills be due again? In October. Your exact due date will vary depending on the time of the month you began paying your student loans. There’s still a chance borrowers could get more time: Recently, Education Secretary Miguel Cardona said [...]
Governor To Lift Most Health Restrictions
In a move that will surely benefit the restaurant, hospitality and entertainment industries, Ohio Governor Mike DeWine has announced that most COVID health restrictions, including social distancing, capacity restrictions and the mask mandate, will be lifted as of June 2. The exception will be for nursing homes and assisted living facilities. The Ohio Restaurant Association (ORA) almost immediately applauded the announcement. “Ohio has been a leader in taking a holistic approach to public health while balancing safety, economic issues, mental health and other realities that COVID restrictions brought with them,” said John Barker, president and CEO of the ORA. “Today’s announcement about ending Ohio’s health orders on June 2, 2021 is the logical next step in fully reopening our state for Ohio’s businesses and families. We are pleased to see a decline in COVID cases and hospitalizations as more Ohioans are vaccinated. “Eliminating the six-foot social distancing requirement will enable restaurant, bar and foodservice operators to return to greater sales capacity for indoor dining, which is critical to our industry’s recovery and profitability,” added Barker. [...]
House passes OSCPA-supported muni tax bills
The Ohio House on May 26 approved two OSCPA-supported bills that would make needed adjustments to municipal tax collection. The first – House Bill 157 – would address employer withholding changes made in response to the pandemic. The bill allows employers to continue (but does not require) withholding municipal income taxes based on where the employer is located through the end of 2021 but beginning in 2022 the normal 20-day withholding rule will apply at the location where the employee is working. The legislature last year passed HB 197 to quickly address a variety of pandemic-related issues. HB 157 clarifies for tax year 2021 that the original legislative intent of HB 197 was to apply solely to employer withholding and not to determine the location where a nonresident employee’s wages should be subject to tax liability, thus paving the way for remote workers to request refunds for tax year 2021. Rep. Kris Jordan, R-Ostrander, said the presumption when HB 197 was passed was that the shift for workers was temporary, and to continue collecting taxes in this way is "simply not fair to Ohio taxpayers." He said HB 157 sets a clear date to end "the unfair withholding practices," adding that the end date was a compromise between businesses [...]
AICPA & CIMA Issue New Nonauthoritative Guidance for Auditing Digital Assets
AICPA & CIMA issued nonauthoritative guidance for auditing digital assets such as cryptoassets in the areas of risk assessment, processes and controls, laws and regulations, and related parties. The guidance was added to the free practice aid Accounting for and Auditing of Digital Assets. The AICPA created the practice aid in December 2019 with nonauthoritative guidance on accounting for digital assets and then added nonauthoritative guidance on auditing digital assets in July 2020. The update released Tuesday complements the previously released guidance and is based on professional literature and experience from members of the AICPA & CIMA Digital Assets Working Group (DAWG) and AICPA & CIMA staff and is specific to the U.S. generally accepted auditing standards (GAAS). “There are challenges and unique considerations when auditing an entity that holds or transacts with digital assets,” said Diana Krupica, CPA, AICPA & CIMA lead manager–Emerging Assurance Technologies, in a news release. “From performing risk assessment procedures and understanding new processes and controls to identify related parties, it is important for auditors to look through the lens of digital [...]
2020 Recovery Rebate Credit
The first two rounds of Economic Impact Payments were advance payments of the 2020 Recovery Rebate Credit. Most eligible people already received the payments and won't include this information on their 2020 tax return. Who May Be Eligible to Claim the 2020 Recovery Rebate Credit? If you didn't get a first and second Economic Impact Payment or got less than the full amounts, you may be eligible to claim the 2020 Recovery Rebate Credit and must file a 2020 tax return even if you don't usually file a tax return. Claiming the Credit To claim the 2020 Recovery Rebate Credit, you must file a 2020 tax return, even if you aren't required to file. You must also know the amount of any first and second Economic Impact Payment you received. Filing a 2020 Tax Return File electronically and the tax software will help you figure your 2020 Recovery Rebate Credit. Get details on electronic filing options: IRS Free File Program and Free File Fillable Forms – Prepare and file your federal taxes online for free. Free Volunteer [...]
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