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Everything you need to know about BMD and the industry.

UPDATE: U.S. Treasury Secretary Announces Extended Tax Season

In a move for further relief for taxpayers, U.S. Treasury Secretary, Steve Mnuchin, has announced the April 15, 2020 filing deadline has been extended.

What It Is

The relief expands on the previous payment relief granted to taxpayers who have income tax payments due April 15, 2020. Now, in addition to a delay in payment, taxpayers will also not be required to file their returns until July 15, 2020. This extension is automatic and does not require the filing of the usual paperwork to obtain an extension. HOWEVER, taxpayers who wish to have the normal 6-month extension for filing their return MUST file the customary extension requests (Form 4868 or 7004) by the April 15, 2020 deadline.

State of Ohio

At this time, the State of Ohio has not issued any formal statement about extending either the due date or payment date for Ohio income taxes.  Ohio officials have said, they will “monitor IRS guidance as released” but have not committed to adopting the same deadlines and/or extensions. The Ohio Society of Certified Public Accountants has written a second letter to the governor in light of the previous payment relief granted by the IRS requesting that an extension be put in place and we are currently awaiting a response. Cities also have not made any pronouncements as their due date is tied to the State of Ohio due date.

Other States

Some other states have released guidance as to relief that they are granting taxpayers. The most up-to-date information for this is available on the American Institute of Certified Public Accountants website https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/coronavirus-state-filing-relief.pdf

This information is all based on a tweet issued by Mnuchin today. No formal guidance or announcements have come from the IRS at this time. We will continue to update you on any changes as guidance becomes available.

A New Formation Solution – is the SSLC Right for Your Business?

In early January 2021, Ohio adopted Senate Bill 276 which established a Revised Limited Liability Company Act (“ORLLCA”) as Ohio Revised Code Chapter 1706, which effectively replaces the current Ohio Limited Liability Company Act (Ohio Revised Code Chapter 1706). The ORLLCA will become effective on January 1, 2022. One of the principal changes within the ORLLCA is the ability to establish “series LLCs”. Ohio becomes the 15th state to adopt a “series LLC” (“SLLC”). The below FAQs will help you better understand the mechanics and nuances of a series LLC.

Surprise! A Cautionary Tale for Out-Of-Network Billing: The No Surprises Act and the Impact on Healthcare Providers

SURPRISE! Congress passed The No Surprises Act at the end of 2020. Providers, particularly those billing as out-of-network providers, should start thinking about strategies to comply with this new law, set to take effect on January 1, 2022. In its most basic sense, the new law prohibits providers from billing patients for more than the in-network cost-sharing amount in most situations where surprise bills happen. It specifically applies to non-government payers and the amounts will be set through a process described in the new law. In particular, the established in-network cost-sharing amount must be billed for the following services:

Ohio Enacts Substantial Changes to Employment Discrimination Laws

In January, Governor Mike DeWine signed into law the Employment Law Uniformity Act, amending the employment protections in the Ohio Civil Rights Act in several significant ways. Such changes to the state’s anti-discrimination and anti-harassment laws have been considered and debated for years and finally made their way into Ohio law. What has changed for employment claims under the amended Ohio Civil Rights Act?

OHIO ADOPTS THE SERIES LLC: Implementation of Ohio’s Revised Limited Liability Company Act is Coming

On January 7, 2021, Ohio adopted S.B. 276. The new legislation establishes the Ohio Revised Limited Liability Company Act (“ORLLCA”) which effectively replaces the current Ohio LLC Act. ORLLCA will be fully effective as of January 2022. While the new law contains numerous changes to the existing LLC landscape, below is an overview of some of the key differences under the ORLLCA.

Will Federal Legislation Open Cannabis Acquisition Floodgate?

Are potential buyers quietly lobbying at federal and state levels to kick open the door to launch a new round of strategic acquisitions? Will presently pending federal legislation, the SAFE and MORE Acts, providing safe harbor for banks and re- or de-scheduling marijuana, be sufficient to mobilize into action major non-cannabis companies that previously shunned the cannabis industry due to the unknown implications of owning businesses whose activities are illegal under federal law?