tax

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 [...]

IRS Completes Automatic Corrections of Tax Year 2020 Accounts Related to Unemployment Compensation2023-03-24T18:36:56-04:00

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 [...]

House passes OSCPA-supported muni tax bills2021-05-28T11:55:49-04:00

Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues

The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act is largely related to the extension and enhancement of the popular Paycheck Protection Program. The significant majority of this section of the act does not have a direct tax effect. However, because the PPP does provide for the exclusion from income of forgiven PPP [...]

Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues2021-02-08T22:19:38-05:00

President Signs Year-End Agreement on Pandemic Relief, Stimulus, and Extenders

Late in the day on December 20, 2020, leaders in Congress announced that they had reached an agreement on a new round of relief for the ongoing COVID-19 pandemic and economic stimulus. The Consolidated Appropriations Act, 2021 finally took shape after several days of negotiations between the Democrats and GOP on Capitol Hill. The passage [...]

President Signs Year-End Agreement on Pandemic Relief, Stimulus, and Extenders2021-02-08T22:13:51-05:00

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