Blog: On The Plus Side


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On the Plus Side

Parms + Company Blog

The Parms blog shares our insights about trending and time-tested topics that are important to our clients and the profession.

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. [...]

May 31st, 2021|Categories: News|Tags: , , , , , , , , |0 Comments

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 [...]

May 17th, 2021|Categories: News, Tax|Tags: , , |0 Comments

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 [...]

May 3rd, 2021|Categories: Audit, News|Tags: , , , , |0 Comments

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 [...]

April 19th, 2021|Categories: Tax|Tags: , , , , , |0 Comments

The IRS extended the federal tax deadline. Here’s when state returns are due

The tax season might be a little more complicated for filers in certain states. The recent move by the IRS to extend the filing season to May 17 from April 15 only applies to federal income tax returns. That deadline doesn’t always align with due dates for state income taxes. Most states have followed the IRS and moved the deadline for income tax returns to May 17. But a handful of states still have different deadlines that impact millions of taxpayers. Hawaii, Iowa, Maryland, and Oklahoma have state income tax deadlines that differ from the May 17 federal filing date. And, the deadline in Arizona could soon change. Taxpayers in Hawaii have less time to prepare and file their state returns -- the state deadline is April 30. In 2019, there were 1.1 million taxpayers in Hawaii, according to IRS data. Others don’t have to file their state taxes until after the federal deadline. Maryland’s state Tax Day is July 15, and Oklahoma’s is June 15. That’s good news for Maryland’s nearly 5 [...]

April 5th, 2021|Categories: News, Tax|Tags: , , |0 Comments

IRS Warns Taxpayers of “Ghost” Return Preparers

The IRS has reminded taxpayers to avoid "ghost" tax return preparers whose refusal to sign returns can cause an array of problems. Filing a valid and accurate tax return is important because the taxpayer is ultimately responsible for it. Ghost preparers get their name because they do not sign tax returns they prepare. Like a ghost, they try to be invisible to the fact that they have prepared the return and will print the return and get the taxpayer to sign and mail it. Similarly, for e-filed returns, the ghost preparer will prepare but refuse to digitally sign it as the paid preparer. By law, anyone who is paid to prepare or assist in the preparation of a federal tax return must have a valid Preparer Tax Identification Number or PTIN. Accordingly, paid preparers must sign and include their PTIN on the return. Not signing a return is a red flag that the paid preparer may be looking to make a fast buck by promising a big refund or charging fees based [...]

March 22nd, 2021|Categories: Tax|Tags: , , , |0 Comments

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