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Second Dividend Checks Issued to Ohio Employers

 

A second round of dividend checks from the Ohio Bureau of Workers Compensation will be mailed toOhio employers beginning this week through the end of October.  The dividends equal 100 percent of the premium employers paid in policy year 2019.

The money is being given back to employers in response to Governor DeWine's request in August that the Ohio BWC Board of Directors approve a second dividend to provide financial support for public and private employers impacted by the ongoing pandemic.

You May Qualify For Small Business Relief Grants: Mahoning & Columbiana Counties

 

 

A Small Business Relief Grant with a maximum of $10,000 is available to qualifying small businesses in Mahoning and Columbiana Counties.

Eligible business include for profit, not for profit, and sole proprietor businesses that meet the following general criteria:

IRS Issues Guidance on Implementing Payroll Tax Deferral

On Aug. 28, the IRS issued Notice 2020-65 to provide guidance on how to implement the Executive Memorandum on payroll tax deferral. This memorandum instructs the Secretary of the Treasury to defer the withholding, deposit, and payment of the tax imposed on the employee portion of the Social Security tax of 6.2%.

The employer is responsible to collect and remit any deferred taxes. 

Keep in mind that this is a deferral and nothing in the memorandum explicitly forgives this amount nor can it without an act of Congress. 

National Restaurant Association Proposes Changes to PPP Loans

The restaurant industry has suffered significantly with sales and job losses since the COVID-19 outbreak began. To show the economic impact to the industry, the National Restaurant Association prepared an infographic to report the results of a survey they conducted in April of more than 6,500 restaurant operators nationwide. 

What Employers Need To Know About The Social Security Tax Deferral

 

As you are probably aware, on Saturday President Trump issued an executive order, with an effective date of September 1, to defer the withholding, deposit, and payment of the 6.2 percent Social Security tax (employee portion). The deferral applies to compensation paid between September 1 and December 31, 2020 to any employee whose pretax wages or compensation during any biweekly pay period generally is less than $4,000. The tax payments are deferred without any penalties, interest, additional amount, or addition to the tax. Unless there is a law changing the situation, the deferred taxes will be due at the beginning of 2021.

The US Deptarment of Treasury has not released implementation instructions on this yet, but everyone needs to be cautious employing this without fully understanding the ramifications.

Significant Changes Made to the PPP by Act H.R. 7010

 

The House and Senate both passed the Paycheck Protection Program Flexibility Act, H.R. 7010, and it is expected to be signed into law by the President today.

The Act makes significant changes to the Paycheck Protection Program, making loan forgiveness much easier for many businesses struggling with meeting the original requirements and timelines. By granting greater spending and rehiring flexibility, more time to use the funds, more time to re-hire employees, and a decrease in the mandatory minimum funds to be spent on payroll costs, more borrowers will be able to meet the loan requirements and achieve complete loan forgiveness.

Tax Tips, Resources & News

Our blog, news feeds, forms, and links to helpful resources are provided to help you find the answers you seek any time of the day or night.  Please call us at 330-779-0781 for assistance.  We're here to guide you through your business and personal accounting and tax questions and obligations.

Contact

  • Address:DJL Accounting & Consulting Group, Inc.
    Cider Mill Professional Center, Building C-102
    1570 S Canfield Niles Road
    Youngstown, Ohio 44515 
  • Phone:330 779 0781