After the confusion of the first Paycheck Protection Program (PPP) Loan Forgiveness process, there is hope! The Small Business Administration (SBA) announced a new portal for borrowers of $150,000 or less in the second round of PPP loans which allows borrowers to apply directly to the SBA for forgiveness. Lenders must opt-in for borrowers [...]
Hamilton County, Ohio announced on Friday, May 8, in a COVID-19 related press conference that it will soon accept applications from small businesses located in the County for grants of up to $10,000. We anticipate more details will appear on the Hamilton County Public Health website as soon as next week. Because the federal funding [...]
MMB CPAs & Advisors is excited to welcome Eric Ginter back to our firm in the position of Tax Manager. Eric has worked in tax preparation and planning for over two decades. As with many of our employees, we were sad to see Eric leave; however, we understand life changes. We are extremely happy to [...]
Partner, John Michel, presented to local business executives and clients of Wells Fargo Advisors a presentation surrounding the recent tax developments. With the TCJA (Tax Cuts and Jobs Act), 2017 Tax Reform, lots of updates are coming to individuals and businesses alike. Here are some of the issues worthy of your attention: What's eligible or [...]
The IRS has announced new relief procedures for certain individuals who have relinquished their U.S citizenship but want to come into compliance with their U.S. income tax and reporting obligations and avoid being a "covered expatriate" under Code Sec. 877A. The new "Relief Procedures for Certain Former Citizens" are available only to individuals, not to [...]
Our 2019 Tax Planning Seminar will help you get a leg up on what’s happening in tax reform and how it affects your business. THURSDAY, NOVEMBER 7, 2019 8:30 AM – registration / networking; 9:00 AM – 10:30 AM – presentation 4350 Glendale-Milford Road, Blue Ash, Ohio Here are just a few of the topics, [...]
The IRS has reminded taxpayers—whether individuals, organizations or businesses—to develop an emergency preparedness plan as the peak of hurricane season fast approaches. Taxpayers should place original documents such as tax returns, birth certificates, deeds, titles, and insurance policies inside waterproof containers in a secure space. Duplicates of these documents should be kept with a trusted [...]
Proposed regulations would provide guidance on the inclusion of income and deduction items in the calculation of built-in gains and losses under Code Sec. 382(h). The proposed regulations would: simplify the application of Code Sec. 382; provide more certainty to taxpayers in determining built-in gains and losses for Code Sec. 382(h) purposes; and ensure that [...]
Final regulations dealing with the 100 percent bonus depreciation allowance for qualified property acquired and placed in service after September 27, 2017, allow property which is constructed under a pre-September 28, 2017 binding contract to qualify for the 100 percent rate. The final regulations adopt proposed regulations ( REG-104397-18) with certain modifications, including a revised [...]
The IRS has reminded taxpayers that the new Tax Withholding Estimator tool includes a feature designed to make it simpler for employees who received self-employment income to accurately estimate the right amount of income tax. The estimator tool is featured on the IRS webpage. The Tax Withholding Estimator is an expanded, mobile-friendly online tool that [...]
