Pandemic digest: Important updates loom

By Greg Saul, Esq., CAE, OSCPA tax policy director 

There was a flurry of developments of interest to CPAs again this week in what has become our new normal during the COVID-19 pandemic. Here is a brief rundown: 

  • Gov. Mike DeWine is expected to provide updates during his 2 p.m. briefing on May 7 about opening businesses such as restaurants, bars, childcare facilities and salons. 
  • Federal legislation has been introduced to overrule IRS Notice 2020-32 and clarify that ordinary expenses funded by Paycheck Protection Program (PPP) loans are deductible by taxpayers. The bill, S. 3612, is called the Small Business Expenses Protection Act of 2020
  • The SBA/Treasury released FAQ #43 and announced the repayment date for the PPP safe harbor is being extended from May 7 to May 14. Borrowers do not need to apply for this extension. The SBA intends to provide additional guidance before May 14 on how it will review the certification. 
  • State legislation, S.B. 308, backed by OSCPA received a hearing in the Senate Judiciary Committee on May 6. The bill provides qualified civil immunity to businesses providing goods or services during this pandemic emergency period in claims of injury, death or loss to person or property allegedly arising from the service provider’s act or omission – except in cases of willful, wanton or intentional acts.
  • Property tax relief is occurring on a county-by-county basis, and Ohio counties can extend their due dates to July 20 on their own.  However, any county that wants to extend beyond July 20 needs to receive permission from the Ohio Tax Commissioner. ODT is listing the counties that have extended their real property tax deadlines beyond July 20 to date: Belmont, Cuyahoga, Delaware, Franklin, Geauga, Montgomery, Monroe, Paulding, and Washington.
  • The Ohio Supreme Court has released a preview of the municipal income tax case ahead of the oral arguments to be held via videoconference on May 13 at 9 a.m. Be sure to read our preview story here, and catch our coverage after the event. 

To learn more about these and other issues, don’t forget to sign up for the OSCPA Town Hall on May 7 at 4:30 p.m.

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