Client Alerts, News Articles & Blog Posts

Everything you need to know about BMD and the industry.

Economic Impact Payment is Not Taxable Income

May 12, 2020

The IRS issued COVID Tax Tip 2020-55, answering taxpayer questions about the economic impact payments.

“Are economic impact payments considered taxable income?”

The IRS stated that the economic impact payments are not considered taxable income. Therefore, individuals will not owe tax on the amount of economic impact payment received. Further, economic impact payments will not:

  • Reduce a taxpayer’s refund
  • Increase the amount a taxpayer owes when filing his/her 2020 tax return
  • Affect a person’s income for purposes of determining eligibility for federal government assistance or benefit programs.

For additional questions related to the economic impact payment or assistance filing your tax return, please contact BMD Tax Law Attorney Tracy Albanese at tlalbanese@bmdllc.com or (330) 253-9195.

Client Alert

Medicaid Announces Next Generation of Managed Care Organizations

April 13, 2021For the first time since 2005, the Ohio Department of Medicaid (“ODM”) made significant changes to the structure of the Medicaid program by finalizing the Medicaid Managed Care Procurement process. The Procurement process began in 2019 at the behest of Governor Mike DeWine who had a goal to make Medicaid managed care more focused on the health and well-being of individuals.Client Alert

BMD Appellate Win Clarifies Waiver of Contractual Right to Arbitrate

April 12, 2021Brennan, Manna & Diamond, LLC attorneys David M. Scott, Lucas K. Palmer, and Krista D. Warren prevailed before the United States Court of Appeals for the Sixth Circuit regarding if/when a party waives a contractual right to arbitrate. Borror Property Management, LLC v. Oro Karric North, LLC, No. 20-3146 (the “Decision”).Client Alert

Relief for Ohio Under the Federal American Rescue Plan Act

April 1, 2021On March 11, 2021, President Biden signed the American Rescue Plan Act (the “Act”) — a $1.9 trillion COVID-19 relief package — a significant portion of which will be directed to the State of Ohio to support economic recovery, as outlined below.Client Alert

Cleveland Manufacturer Violated OFAC Sanctions By Allowing Shipments To Iran - Know Your Customer and Know Their Customer

March 30, 2021UniControl, Inc., a Cleveland, Ohio manufacturer of process controls, airflow pressure switches, boiler controls and other instruments, agreed to pay the Office of Foreign Assets Control “OFAC,” the financial enforcement agency of the U.S. Treasury Department, $216,464 to settle its liabilities for violations of the Iran Sanctions Program. OFAC stated that “this enforcement action highlights the importance of identifying and assessing multiple warning signs that indicate a foreign trade partner may be re-exporting goods to a sanctioned jurisdiction.”Client Alert

Ohio Breach of Contract Statute of Limitations Shortened to 6 Years

March 29, 2021On March 16, 2021, Governor DeWine signed into law S.B. 13 which shortens Ohio’s statute of limitations for filing lawsuits based on breach of contract. A statute of limitation is the time period within which a party must file a lawsuit before its claim expires as a matter of law.
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