Insights

In response to the COVID-19 pandemic, Congress enacted the Families First Coronavirus Response Act (FFCRA).

On July 28, 2020, the Council of the District of Columbia unanimously passed the District of Columbia Low-Income Housing Tax Credit Clarification Amendment Act of 2020 (the Act) as a component of the Fiscal Year 2021 Budget Support Act of 2020 (B23-0760).

On June 24th, the Ohio Senate concurred in the Ohio House amendments and passed Amended Senate Bill 4 (S.B. 4), which will now be sent to Governor DeWine for his signature. 

Employers with PPP loans forgiven are now fully eligible to take advantage of Employer Social Security Tax deferral.

On May 28, 2020, the Ohio Board of Tax Appeals (BTA) issued a decision in Columbus City Schools Dis. Bd. of Edn. v. McClain, et al. (May 28, 2020), BTA No. 2018-649 that reverses real property tax exemptions for permanent supportive housing facilities.

On May 20th the Ohio House unanimously passed Am. Sub. H.B. 609 which establishes an amnesty program that begins on January 1, 2021 and concludes on March 31, 2021.

In 2018, the United States Supreme Court ruled in South Dakota v. Wayfair that states may charge sales tax on purchases made from out-of-state sellers, even if the seller does not have a physical presence in the state. 

The IRS has issued FAQs providing additional guidance on several aspects of the CARES Act Employee Retention Tax Credit.

On April 30 the IRS issued Notice 2020-32, which concludes that where an employer obtains forgiveness of an amount of a PPP loan, the employer may not claim a tax deduction for the eligible expenditures resulting in such forgiveness.

The COVID-19 pandemic has disrupted both our health and our economy. JobsOhio and ODSA are helping businesses cope. 

The CARES Act includes a number of tax provisions designed to provide tax relief to businesses and business owners. One such benefit is a refundable tax credit available to certain employers for wages paid during periods of partial or complete shutdown, or significant decline in gross receipts, resulting from COVID-19.

On Friday, March 27th, Governor DeWine signed House Bill 197 (H.B. 197), which enacts several provisions in response to the COVID-19 pandemic. Among the provisions, the new law permits the use of electronic communications in lieu of in-person meetings during the emergency declared by the Governor’s Executive Order 2020-01D (but not beyond December 1, 2020).

The CARES Act, which was signed into law by President Trump on March 27, 2020, dramatically extends the deadline for employers to make social security tax payments on 2020 payroll. 

The Vorys real property tax team is monitoring the COVID-19 pandemic’s effect on property tax filings and deadlines. 

In this time of broad government actions due to a declared pandemic emergency, it is important to examine your incentive agreements to understand the potential risks your company faces if your company is unable to perform key obligations. 

A complete summary of Treasury’s current guidance on the extension of federal income tax payment and filing deadlines is included in this Federal Tax Bulletin.

On Wed., March 18, Treasury released Notice 2020-17 (the “Notice”), which extends the due date for making federal income tax payments that are due on April 15, 2020.

Since the first known case of COVID-19 in the United States was discovered in late January, the federal government has taken several steps to both fight the spread of the disease and blunt its economic impact on the American economy.