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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.
Taxpayers Beware of Scammers
Taxpayers should hang up if tax season scammers come calling IRS Tax Tip 2023-02, January 9, 2023 The tax filing season is a popular time for scammers to call and try to dupe unsuspecting taxpayers. These thieves often make threatening or alarming calls posing as the IRS to try to steal taxpayer money or personal information. However, it's easy for people to recognize this scam by knowing how the IRS contacts taxpayers. The IRS will never: Call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer. Generally, the IRS will first mail a bill to any taxpayer who owes taxes. Threaten to immediately bring in local police or other law enforcement groups to have the taxpayer arrested for not paying. Demand that taxes be paid without giving taxpayers the opportunity to question or appeal the amount owed. Call unexpectedly about a tax refund. Taxpayers who receive these phone calls should: Record the number and then hang up the phone immediately. Report [...]
IRS Completes Automatic Corrections of Tax Year 2020 Accounts Related to Unemployment Compensation
IR-2023-02, January 6, 2023 WASHINGTON — The Internal Revenue Service recently completed the final corrections of tax year 2020 accounts for taxpayers who overpaid their taxes on unemployment compensation they received in 2020. The American Rescue Plan Act of 2021, which became law in March 2021, excluded up to $10,200 in 2020 unemployment compensation from taxable income calculations (up to $10,200 for each spouse if married filing joint). The exclusion applied to individuals and married couples whose modified adjusted gross income was less than $150,000. To ease the burden on taxpayers, the IRS took steps to review the Forms 1040 and 1040-SR that were filed prior to the law's enactment to identify taxpayers who had already reported unemployment compensation as income and were eligible for the correction. The IRS determined the correct taxable amount of unemployment compensation and tax. Some taxpayers received refunds, while others had the overpayment applied to taxes due or other debts. In some cases, the exclusion only resulted in a reduction in their adjusted gross income. The IRS [...]
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 [...]
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