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U.S. Treasury Secretary Announces Some Relief for Taxpayers Due to Coronavirus

Client Alert
March 18, 2020

In an unprecedented move, U.S. Treasury Secretary, Steve Mnuchin, has announced some limited relief for taxpayers in light of the Coronavirus pandemic.

What It Is

The relief provides some individuals and corporations an extension of time for the payment of their 2019 taxes. An individual who owes up to $1 Million and a corporation that owes up to $10 Million may have an additional 90 days to pay their 2019 taxes without incurring any interest or penalty for late payment. The relief is automatic says Mnuchin, requiring only that you file your tax return.

What It Is Not

This is not an extension of time to file your tax return. Individuals and C corporations must file their return or file for an extension by the April 15, 2020 filing deadline.

What We Don’t Know

The one thing that was not commented on is if there will be an extension of the due date for the first quarter estimated tax payment. Typically, individuals who are required to make estimated payments must make their first payment by April 15. Hopefully, guidance on this will be issued in the coming days.

State of Ohio

At this time, the State of Ohio has not issued any statement about extending either the due date or payment date for Ohio income taxes. The Ohio Society of Certified Public Accountants has written a letter to the governor requesting that an extension be put in place and we are currently awaiting a response.

This information is all based on the press conference at which Mnuchin spoke 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.

irstax reliefcoronavirusPriscilla Grant
Client Alert

The Current State of Assignment of Benefits Litigation in Florida

August 5, 2022On May 25, 2022, Florida lawmakers approved property insurance reforms that remove attorney’s fees, with respect to assignment of benefits (“AOB”) property insurance litigation. One-way attorney’s fees are a longstanding problem in Florida and the reforms come at a time when AOB litigation increasingly affects homeowners in a negative way.Client Alert

Proposed Community Revitalization Grants for Ohio Projects

July 27, 2022Jason A. Butterworth client alert ohio tax credits historic preservation tax credits community revitalization grantsClient Alert

Ohio Senate Bill 225 Paves the Way for Greater Investment in Opportunity Zones and Historic Districts

July 26, 2022Ohio Senate Bill 225 is poised to make dramatic enhancements to certain tax credit programs in Ohio, specifically those surrounding investments in “Opportunity Funds” and historic buildings. Signed into law by Governor Mike DeWine in June 2022, the Bill is positive news for real estate developers working to revitalize Ohio communities with investment and rehabilitation projects.Client Alert

Ohio Board of Pharmacy COVID-19 Waiver Update

July 26, 2022The State of Ohio Board of Pharmacy has issued waivers throughout the COVID-19 pandemic to aid licensed practitioners in their day-to-day operations. As the pandemic has continued over the years, the State of Ohio Board of Pharmacy has intermittently reviewed the various waivers. Effective August 10, 2022, some of those waivers that were once granted have been rescinded.Client Alert

Ohio Chiropractors Can Now Provide Evaluation and Management Services to Medicaid Patients

July 21, 2022The Department of Medicaid released a statement that Medicaid will cover low-and moderate level E&M services represented by CPT codes 99202, 99203, 99212, and 99213 when performed by a chiropractor. The Department of Medicaid will cover up to three E&M services per benefit year. The Department of Medicaid plans to make these changes effective by October 1, 2022.
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