Resources

Client Alerts, News Articles, Blog Posts, & Multimedia

Everything you need to know about BMD and the industry.

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

Protecting Your Image in the Age of AI-Generated “Deepfakes”

April 8, 2025The rapid evolution of artificial intelligence (AI) has transformed how we create and consume digital content, but it also poses significant risks. Among the most troubling developments in AI is the proliferation of AI-generated fraudulent content, often called “deepfakes”.Client Alert

Tariffs, Market Downturn, and Employment Considerations for Employers

April 7, 2025As tariffs continue to impact various industries, employers must prepare for the ripple effects these economic pressures can have on workforce management. The economic impact can dramatically impact companies’ bottom lines, and companies look to improve finances and save for the future and many will choose to reduce employee count/wages.Client Alert

Corporate Transparency Act Overhauled: U.S. Entities No Longer Required to Report

March 24, 2025The Department of Treasury has issued an interim final rule significantly altering the Corporate Transparency Act (CTA). As of March 21, 2025, all U.S.-created entities and their beneficial owners are exempt from reporting requirements. Only non-U.S. entities registered to do business in the U.S. must still report, but they are not required to disclose U.S. citizen owners. Business owners should stay informed on these changes and consult legal counsel for compliance guidance.Client Alert

ODM to Implement Medicaid Work Requirements: What Providers and Medicaid Expansion Recipients Need to Know

March 21, 2025The Ohio Department of Medicaid (ODM) has submitted a waiver to impose work requirements for Medicaid expansion recipients. If approved, the new eligibility criteria will take effect on January 1, 2026. A federal public comment period is open until April 7, 2025.Client Alert

Ohio Appellate Court Rules in Favor of Gender-Affirming Care

March 19, 2025On March 18, 2025, the 10th District Court of Appeals in Franklin County ruled that Ohio’s House Bill (HB) 68, which restricts puberty blockers and hormone therapy for minors seeking gender-affirming care, violates the Health Care Freedom Amendment and is therefore unenforceable. The court found that the law unlawfully interferes with parental rights and medical decision-making. The case, Moe v. Yost, has been remanded, and Ohio Attorney General Dave Yost intends to appeal.
Older posts