Next year taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to $20,500. The agency also announced cost of living adjustments that may affect pension plan and other retirement-related savings next year. 

Here are the highlights of changes for 2022:

The Ohio Department of Taxation is lowering the threshold for the electronic filing of W-2 and 1099-R information for calendar year 2021 information (submitted in 2022).  

Valley Partners will be administering the new Mahoning County Small Business Relief Fund II, thanks to an award provided by the Mahoning County Commissioners through their American Rescue Plan monies in the amount of $1 million dollars. Grants up to $10,000 will be available to eligible small businesses within Mahoning County and awarded on a first come-first serve basis. 

Applications will be accepted for first-time grant recipients starting today, November 1st, and will be open to all businesses on November 8.

Eligibility Requirements

The Small Business Administration will directly help borrowers complete the PPP forgiveness application for loans that are under $150,000.  Attached is a power point explaining the process.

The Ohio Bureau of Workers Compensation will be changing to a new email delivery system in the coming days.

Beginning August 2, 2021, you’ll receive your email notices from GovDelivery. This new email delivery system has a different look and feel than what you’re used to.

The state of Ohio will begin accepting applications Tuesday, June 29, for four grant programs that target businesses that have suffered significant losses during the COVID-19 pandemic.
 
The programs are:

A MESSAGE FROM SEAN KENNEDY, EVP OF PUBLIC AFFAIRS, NATIONAL RESTAURANT ASSOCIATION

Marriage changes many things and taxes is one of them. Newlyweds should know how tying the knot can affect their tax situation.

Registration for the Restaurant Revitalization Fund (RRF) will begin Friday, April 30 at 9 a.m. EDT and SBA will begin accepting applications via the application portal on Monday, May 3 at 12 p.m. EDT. The application portal will remain open to any eligible establishment until all funds are exhausted.

The SBA has just released a program guide and sample application for the Restaurant Revitalization Fund (RRF). RRF provides emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by COVID-19.