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COVID-19 Updates & Resources
We are Here to Help you Navigate Through the COVID-19 Pandemic
The spread of COVID-19 has caused confusion, uncertainty and insecurity for just about every company throughout the United States and across the globe. Holbrook & Manter is here to help you navigate through these troubled times with up-to-date accounting resources, useful online tools and simplified explanations that tell you exactly what these government-issued updates mean for you, your business and your employees.
Helpful Resources and Websites:
…When is employer-provided life insurance taxable?
If your company benefits include group term life insurance paid by your employer, a portion of the premiums paid for the coverage may be taxable. Depending on the amount of coverage you’re provided, some of it may create undesirable income tax consequences for you.
The cost of the first $50,000 of group term life insurance coverage that your employer pays for is excluded from taxable income and doesn't add anything to your income tax bill. That’s good news. But the employer-paid cost of group term coverage over $50,000 is taxable income to you. That means it will be included in…
The Upcoming Ohio Sales Tax Holiday
Ohio is offering a sales tax holiday again this year!
Mark your calendars for Friday, August 6, 2021 at 12:00 a.m. to Sunday, August 8, 2021 at 11:59 p.m.
The savings available during the holiday include the following items being exempt from sales and use tax:
Items of clothing priced at $75 or less
School supplies priced at $20 or less
School instructional material priced at $20 or less
Keep in mind that items used in a trade of business
Keep in mind, items used in a trade or business are…
Update on the Inflation Reduction Act of 2022 & the FY2022 Budget Reconciliation Bill
We are monitoring developments regarding a vote that will take place in the Senate next week. The vote relates to the Inflation Reduction Act of 2022 and the FY2022 Budget Reconciliation Bill.
Much attention is being given to this vote, not only due to the changes it could bring about for many taxpayers, but also because Senator Joe Manchin (D-W.Va) has announced his now supports the legislation after recently taking a strong stance against it. His previous sticking point was wanting the legislation to outline lowering prescription drug prices and healthcare costs.
However now, to the surprise of many, Sen.…