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

Client Alert
March 20, 2020

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.

Priscilla GrantIRSTax DeadlineFiling DateIRS Extensioncoronavirus
Client Alert

Valley National Bank/Trulieve Loan: A Big Step Out of the Shadows

January 18, 2023In a late December press release, Trulieve announced that it had secured a $71.5 million commercial bank loan. In addition to the amount of the loan, which may be the largest commercial bank loan to date to a cannabis company, the release prominently identified Valley Bank and featured both a quote from Valley’s Senior Vice President, John Myers, and a description of the Bank’s service platform and commitment to the cannabis industry.Client Alert

The End of Non-Competes? The Impact It Will Have on the Healthcare Industry

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2022 Healthcare Recap and 2023 Healthcare Check-Up

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Direct Support Professional Retention Payments

December 19, 2022On December 15, the Ohio Senate and House passed House Bill 45, which authorizes the Department of Developmental Disabilities (DODD), in conjunction with the county boards of developmental disabilities, to launch their initiative to issue retention payments to Direct Support Professionals (DSPs). These retention payments will be distributed quarterly to participating home and community-based waiver providers to address the workforce crisis in the direct provider sector. Governor DeWine needs to sign the Bill to begin the payments, but he is expected to do so by the end of 2022.Client Alert

Real Estate Investors Position for 2023 Opportunities

December 19, 2022Real estate investors weathered another year in a post-pandemic world, with the year closing with yet another interest rate increase coupled with both uncertainty and heightened interest carrying into 2023. Just last Wednesday, the Federal Reserve raised its benchmark interest rate 0.50 percentage points, shifting the target range to 4.25% to 4.50%. The new level is the highest the fed funds rate has been since December 2007 and marks the seventh rate hike this year. So what does this mean to investors, brokers, lenders, and others in the real estate world? Read a few perspectives below from stakeholders familiar with our BMD clients and the markets in which they do business.
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