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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:
…Ohio’s Annual Sales Tax Holiday Set for August 7-9
It is that time of year again... the Ohio Sales Tax Holiday is upon us.
Plan to take advantage of savings from Friday, August 7, 2020 at 12:00 a.m. to Sunday, August 9, 2020 at 11:59 p.m. However, there are some exemptions to this offering. The following are exempt from sales and use tax: An item of clothing priced at $75 or less; An item of school supplies priced at $20 or less; and. An item of school instructional material priced at $20 or less.
Items used in a trade or business are not exempt under the sales…
Now may be the time to consider business property upgrades
When the Tax Cuts and Jobs Act was passed in 2017, it contained an inadvertent drafting error by Congress. The error made it so that any qualified improvement property (QIP) placed in service after December 31, 2017, wasn’t considered eligible for 100% bonus depreciation. This typically includes upgrades to retail, restaurant and leasehold property.
As a result, businesses that owned the eligible property couldn’t take advantage of the additional tax deduction of 100% of the cost of qualifying upgrades. The problem became commonly known as the “retail glitch.”
Fortunately, when drafting the Coronavirus Aid, Relief and Economic Security Act, Congress…
PPP Loans & Tax Deductions
Tax planning and tax compliance are going to be more important than ever for any business owner continuing to weather the COVID-19 storm. Those that received a PPP loan may need to step extra lightly.
The PPP loan program presented an attractive option to business owners at a volatile time, allowing them access the needed funds to cover everything from payroll costs to mortgage interest. Hundreds of billions of dollars were loaned out. However, we learned early in the loan process that the use of these funds may cancel out other benefits afforded to the business owner.
As it stands…