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    • Cassady Schiller CPAs & Advisors
      Sep 16, 2020 | Cassady Schiller CPAs & Advisors

      Critical COVID lawsuit immunity for Ohio businesse...

      On September 2, the Ohio Legislature passed critical legislation – House Bill 606 – that provides civil immunity for businesses and health care entities for actions taken during the Coronavirus pandemic. Ohio Governor DeWine signed this legislation on Monday, September 14.

      This legislation wi…

    • Cassady Schiller CPAs & Advisors
      Sep 04, 2020 | Cassady Schiller CPAs & Advisors

      Five key points about bonus depreciation

      Under current law, 100% bonus depreciation will be phased out in steps for property placed in service in calendar years 2023 through 2027. Thus, an 80% rate will apply to property placed in service in 2023, 60% in 2024, 40% in 2025, and 20% in 2026, and a 0% rate will apply in 2027 and later years….

    • Cassady Schiller CPAs & Advisors
      Sep 04, 2020 | Cassady Schiller CPAs & Advisors

      Levels of assurance: Choosing the right option for...

      The COVID-19 crisis is causing private companies to re-evaluate the type of financial statements they should generate for 2020. Some are considering downgrading to a lower level of assurance to reduce financial reporting costs — but a downgrade may compromise financial reporting quality and reli…

    • Cassady Schiller CPAs & Advisors
      Sep 02, 2020 | Cassady Schiller CPAs & Advisors

      Back-to-school tax breaks on the books

      Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. In any event, parents may be eligible for certain tax breaks to help defray the cost of education.

      Here is a summary of some of the tax breaks available for education…

    • Cassady Schiller CPAs & Advisors
      Sep 01, 2020 | Cassady Schiller CPAs & Advisors

      The IRS issues guidance on the executive action de...

      On August 28, the IRS issued guidance that provides some explanation of how employers may defer withholding and remitting an employee’s share of Social Security tax when wages are below a certain amount. The guidance in Notice 2020-65 was issued to implement President Trump’s executive action si…

    • Cassady Schiller CPAs & Advisors
      Aug 27, 2020 | Cassady Schiller CPAs & Advisors

      Will you have to pay tax on your Social Security b...

      If you’re getting close to retirement, you may wonder: Are my Social Security benefits going to be taxed? And if so, how much will you have to pay?

      It depends on your other income. If you’re taxed, between 50% and 85% of your benefits could be taxed. (This doesn’t mean you pay 85% of your b…

    • Cassady Schiller CPAs & Advisors
      Aug 26, 2020 | Cassady Schiller CPAs & Advisors

      New PPP forgiveness guidance addresses owner-emplo...

      On August 11, 2020, the SBA released additional FAQs for both the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) program.  Both updates may be found at the following links:

      FAQs for Lenders and Borrowers (Questions 50 & 51) – https://www.sba.gov/sites/default/f…

    • Cassady Schiller CPAs & Advisors
      Aug 26, 2020 | Cassady Schiller CPAs & Advisors

      CARES Act made changes to excess business losses

      The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns.

      If you hold an interest in a business, or may do so in the future,…

    • Cassady Schiller CPAs & Advisors
      Aug 17, 2020 | Cassady Schiller CPAs & Advisors

      Forecasting financial results for a start-up busin...

      There’s a bright side to today’s unprecedented market conditions: Agile people may discover opportunities to start new business ventures. Start-ups need a comprehensive business plan, including detailed financial forecasts, to drum up capital from investors and lenders. Entrepreneurs may also us…

    • Cassady Schiller CPAs & Advisors
      Aug 12, 2020 | Cassady Schiller CPAs & Advisors

      What does the executive action deferring payroll t...

      On August 8, 2020, President Trump signed an executive memorandum that defers an employee’s portion of Social Security and Medicare taxes from September 1 through December 31, 2020. At this point, the taxes are just deferred, meaning they’ll still have to be paid at a later date. However, the…

    • Cassady Schiller CPAs & Advisors
      Aug 07, 2020 | Cassady Schiller CPAs & Advisors

      PPP Forgiveness FAQs (August 4, 2020)

      On August 4, 2020, the SBA released a list of FAQs related to the PPP forgiveness process. Our team has read each of these updates, along with consultation with our independent governing body, and has summarized the key highlights below. There were other clarifying points that have not altered our p…

    • Cassady Schiller CPAs & Advisors
      Aug 03, 2020 | Cassady Schiller CPAs & Advisors

      Reporting CAMs in the COVID-19 Era

      Starting in 2019, auditors’ reports for certain public companies must contain a new element: critical audit matters (CAMs). The requirement was in effect for audits of large accelerated filers (with market values of $700 million or more) in fiscal years ending on or after June 30, 2019. It goes…

    • Cassady Schiller CPAs & Advisors
      Jul 29, 2020 | Cassady Schiller CPAs & Advisors

      Are scholarships tax-free or taxable?

      COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will be facing tuition bills. If your child has been awarded a scholarship, that’s cause for celebration! But be aware that th…

    • Cassady Schiller CPAs & Advisors
      Jul 24, 2020 | Cassady Schiller CPAs & Advisors

      PPP Forgiveness Update

      Over the past several weeks, we have been recommending to clients who received a PPP loan to sit tight on filing their PPP forgiveness application. This advice stems from the expectation that the SBA will release their next round of FAQs, which should provide answers to several outstanding questions…

    • Cassady Schiller CPAs & Advisors
      Jun 19, 2020 | Cassady Schiller CPAs & Advisors

      Changes RE: PPP Forgiveness Application & NEW...

      As promised earlier this week in our announcement regarding the Department of the Treasury and Small Business Administration’s (SBA) revisions to the PPP Forgiveness Application processes, we have provided you a summary of changes below:

      EZ PPP Forgiveness Application (Form 3508EZ)

      To qual…

    • Cassady Schiller CPAs & Advisors
      Jun 18, 2020 | Cassady Schiller CPAs & Advisors

      Revised PPP Forgiveness Application & NEW EZ...

      The Department of the Treasury and Small Business Administration have released a revised version of the PPP Forgiveness Application (Form 3508), as well as, an EZ version of the PPP Forgiveness Application (Form 3508EZ).

      We have included both the form and accompanying instructions for each these…

    • Cassady Schiller CPAs & Advisors
      Jun 04, 2020 | Cassady Schiller CPAs & Advisors

      Paycheck Protection Flexibility Act

      Late last night (June 3rd), the Senate passed the Paycheck Protection Flexibility Act that the House of Representatives passed the week prior, without modification.  As such, the following changes will be available to PPP borrowers following Presidential signature:

      For those borrowers who alre…

    • Cassady Schiller CPAs & Advisors
      May 29, 2020 | Cassady Schiller CPAs & Advisors

      House Passes Bill Providing More Flexibility to PP...

      As anticipated, the House of Representatives passed legislation on Thursday, May 28, that ease some of the restrictions regarding how PPP loans may be spent.   The bill (H.R. 7010), which was passed with overwhelming bipartisan support (417-1), will still need to be passed by the Senate and signed…

    • Cassady Schiller CPAs & Advisors
      May 27, 2020 | Cassady Schiller CPAs & Advisors

      SBA Releases New Guidance for PPP Forgiveness Appl...

      On Friday, May 22, the Small Business Administration (SBA) issued new guidance related to the Paycheck Protection Program (PPP) loan forgiveness application form (attached here).  In addition, the SBA issued further guidance related to the loan review procedures and the related borrower and lender…

    • Cassady Schiller CPAs & Advisors
      May 18, 2020 | Cassady Schiller CPAs & Advisors

      SBA Releases PPP Forgiveness Application

      On Friday, May 15, the SBA released its Loan Forgiveness Application (attached here), which provides much needed guidance that borrowers and lenders have been seeking.  Below are some of the highlights:

      Step-by-Step Calculation

      The application includes step-by-step instructions on how to perf…