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Financial and Tax Planning Resources

Understanding Ohio’s Pass-Through Entity Tax Thumbnail

Understanding Ohio’s Pass-Through Entity Tax

The Tax Cuts and Jobs Act of 2017 imposed a $10,000 cap on the deduction of state and local taxes (SALT) for individuals who itemize their deductions. Over the years, many states have adopted a SALT Cap workaround and after the signing of Senate Bill 246 into law, Ohio now allows pass-through entities (PTEs) to elect to be taxed at the entity level starting with the 2022 tax year.

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Health Insurance Reimbursement Arrangements for Small Business Thumbnail

Health Insurance Reimbursement Arrangements for Small Business

Many of our small business clients ask if they can reimburse their employees for health insurance. Although you cannot give your employees money directly for their healthcare expenses, there is a tax advantaged health benefit that allows employers to reimburse their employees for their healthcare expenses. This benefit is called a Health Reimbursement Arrangement or an HRA.

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PPP Update: Change for Schedule C Filers Thumbnail

PPP Update: Change for Schedule C Filers

On Wednesday, March 3, 2021, the Small Business Administration (SBA) released new applications with revised calculations for the Paycheck Protection Program (PPP) loans specifically for self-employed individuals who file their business operations on Form 1040 Schedule C.

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Update: Paycheck Protection Program (PPP2) Thumbnail

Update: Paycheck Protection Program (PPP2)

The White House announced changes to the current Payroll Protection Program (PPP2) with the intent of further helping small businesses and sole proprietors. Although the program is currently open to all eligible businesses, beginning tomorrow, February 24, only business with 20 or fewer employees will be able to apply for funding.

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Maximizing the Employee Retention Credit and Paycheck Protection Program   Thumbnail

Maximizing the Employee Retention Credit and Paycheck Protection Program

Before employers rush to ask for forgiveness on their Small Business Interruption Loans issued under the Paycheck Protection Program (PPP) they may want to check their eligibility for the Employee Retention Credit (ERC) first. New legislation from the Consolidated Appropriations Act (CCA) 2021 created the opportunity for businesses to take advantage of both the PPP and the ERC.

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