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Ohio Sales Tax Holiday

The pandemic is not stopping Ohio’s observation of its annual sales tax “holiday”. The holiday starts on Friday, August 7, 2020 at 12:00 a.m. and ends on Sunday, August 9, 2020 at 11:59 p.m.

During the holiday, the following items are exempt from sales and use tax:

  • An item of Clothing priced at $75 per item or less;
  • An item of School supplies priced at $20 per item or less; and
  • An item School instructional material priced at $20 per item or less.

Items used in a trade or business are not exempt under the sales tax holiday.

Sales Tax Holiday Frequently Asked Questions. See http://www.tax.ohio.gov/sales_and_use/salestaxholiday/holidayfaq.aspx

For additional information go to www.tax.ohio.gov or www.patriotcpa.com

 

Corona Notice

Corona Virus and Taxes: Update 5/13/2020 11:00 am

Below are the FAQ’s from irs.gov regarding Economic Impact Payments distributed to deceased taxpayers.

 Q10. Does someone who has died qualify for the Payment? (added May 6, 2020)

 A10. No. A Payment made to someone who died before receipt of the Payment should be returned to the IRS by following the instructions in the Q&A about repayments. Return the entire Payment unless the Payment was made to joint filers and one spouse had not died before receipt of the Payment, in which case, you only need to return the portion of the Payment made on account of the decedent. This amount will be $1,200 unless adjusted gross income exceeded $150,000.

 Q41. What should I do to return an Economic Impact Payment (EIP)? (updated May 11, 2020)

A41. You should return the payment as described below.

If the payment was a paper check:

  • Write “Void” in the endorsement section on the back of the check.
  • Mail the voided Treasury check to the appropriate IRS location listed below.
  • Do not staple, bend, or paper clip the check.
  • Include a note stating the reason for returning the check.

If the payment was a paper check and you have cashed it, or if the payment was a direct deposit:

  • Submit a personal check, money order, etc., to the appropriate IRS location listed below.
  • Write on the check/money order made payable to “U.S. Treasury” and write 2020EIP, and the taxpayer identification number (social security number, or individual taxpayer identification number) of the recipient of the check.
  • Include a brief explanation of the reason for returning the EIP.

For your paper check, here are the IRS mailing addresses to use based on the state:  Ohio

Kansas City Internal Revenue Service
333 W Pershing Rd.
Kansas City, MO 64108

The instructions the IRS released Wednesday do not say whether people will face consequences if they fail to return stimulus money sent to dead relatives. The IRS did not respond immediately to a request for comment on possible penalties.

Be sure to look below for prior updates and information.

Be patient, seek information, and act wisely.


Corona Virus and Taxes: Update 4/27/2020 11:00 am

President Trump on Friday, 4/24/2020, signed a $484 billion coronavirus relief bill into law following days of negotiations between Democratic and Republican leaders.

  • The bill sets aside $310 billion for the Paycheck Protection Program, with $60 billion of that money reserved for smaller businesses without existing banking relationships.
  • It also provides another $75 billion for healthcare providers and $25 billion for coronavirus testing, $11 billion of which is reserved for states.

If your business is in need of these funds and has not yet applied, we would suggest applying immediately as these funds are expected to be exhausted quickly as they were in the initial rollout.

Feel free to call with any questions or concerns.

Many of these programs, both for the individual and small business, rely on information from your 2019 tax return. So, if you have not yet filed your 2019 tax return, please get us your information as soon as possible.

Be sure to look below for prior updates and information.

Be patient, seek information, and act wisely.

Michael G. Filippo, CPA  216-486-9800

Matthew 6:33-34

 

Corona Virus and Taxes: Update 4/15/2020 11:00 am

Many taxpayers have begun to see the economic relief checks, aka stimulus payments, deposited into their accounts. Please be sure to file your 2018 or 19 tax return as soon as possible to be on record to receive yours if you qualify. Feel free to call us as we can help advise and guide you through this process.

The following link will get you to the IRS “get my payment” site in order to check

  • Your payment status
  • Your payment type
  • Whether the IRS needs more information from you, including bank account information

https://www.irs.gov/coronavirus/get-my-payment

Important Information for Small Businesses

The following is an update from the U.S. Small Business Administration

On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted.

To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.

Be sure to look below for prior updates and information.

Be patient, seek information, and act wisely.

Michael G. Filippo, CPA
216-486-9800
Isaiah 41:13
Gal 2:16


Corona Virus and Taxes: Update 4/4/2020 11:00 am

Below are some questions and answers provided by the IRS regarding the economic impact payments for individuals.

I have a tax filing obligation but have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?

Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can* to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return.

I need to file a tax return. How long are the economic impact payments available?

For those concerned about visiting a tax professional* to get help with a tax return, these economic impact payments will be available throughout the rest of 2020.

*Feel free to call us at 216-486-9800, we can help.

How will the IRS know where to send my payment?

The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.

For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.

The IRS does not have my direct deposit information. What can I do?

The Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online in order to receive payments immediately as opposed to checks in the mail.

I am not typically required to file a tax return. Can I still receive my payment?

Yes. The IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate Economic Impact Payments to recipients of benefits reflected in the Form SSA-1099 or Form RRB-1099 who are not required to file a tax return and did not file a return for 2018 or 2019. This includes senior citizens, Social Security recipients and railroad retirees who are not otherwise required to file a tax return.

Since the IRS would not have information regarding any dependents for these people, each person would receive $1,200 per person, without the additional amount for any dependents at this time.

Be sure to look below for prior updates and information.

Be patient, seek information, and act wisely.

Michael G. Filippo, CPA
216-486-9800
1 Chron 29:12
Jeremiah 29:11


Corona Virus and Taxes: Update 4/1/2020 2:00 pm

As a result of the current corona virus situation, many changes, incentives and relief bills are being implemented by our government authorities at all levels.

There are programs for both individuals and businesses.

Two different programs for businesses are the Paycheck Protection Program and the Economic Injury Disaster Loan EIDL (with $10,000.00 advance).

Below are some resources that may be able to provide you with assistance working through the various programs.

Be sure to look below for prior updates and information.

Be patient, seek information, and act wisely.

Michael G. Filippo, CPA
216-486-9800
1 Chron 29:12
Heb 13:1-8


Corona Virus and Taxes: Update 3/26/2020 11:00 am

As we progress through these challenging days, we will try to keep you informed with the changes and support the State and Federal government is providing to individuals and small businesses. Please go to the following site for the most current information.

https://coronavirus.ohio.gov/wps/portal/gov/covid-19/home/Resources-for-Economic-Support/

Also, Ohio has followed the Federal government’s lead in moving the Ohio state income tax filing deadline from April 15, 2020 to July 15, 2020.

Although the deadline has been changed, we are still working diligently to complete our client’s tax returns by April 15.

Where is your trust?
In a Country? In a Government? In a Church? In a Doctor? In a CPA?
Proverbs 3:5-6
Where is your hope?
Ephesians 2


Corona Virus and Taxes: Update 3/20/2020 12:30 am

The deadline for individuals and businesses to file their income taxes will shift from April 15 to July 15, Treasury Secretary Steven Mnuchin said on Twitter Friday.

Steven Mnuchin@stevenmnuchin1

At @realDonaldTrump’s direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.

10:04 AM – Mar 20, 2020

As of today, March 20th, we are still hard at work preparing and completing tax returns.

Due to the coronavirus and the concerns, health, and well being of our clients, we have developed a few measures to limit your potential exposure to the virus.

Please call the office in order for us to talk you through these different options.

One such option is that we have implemented a secure portal that has the capability of easily transferring documents to and from our office.

Again, this is being done for our client’s health concerns. We are here to help. Please call so that we can discuss what will work best for you.

 Michael G. Filippo, CPA  www.patriotcpa.com

Patriot Tax & Accounting Service, LLC     216-486-9800 


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