To Lend is Human; To Forgive, Divine - SBA Issues Application for PPP Loan Forgiveness
PDF/Printer Friendly Version The Small Business Administration (SBA) has released the application form for forgiveness of loans received under the Paycheck Protection Program (PPP). As discussed in an earlier Buzz (Federal CARES Act, Tax and Loan Provisions for Business, 4/7/2020), the federal CARES Act established PPP as a program in which small businesses and non-profits could borrow money for certain costs and have those loans forgiven if the borrowed funds were used for s
Payment Due Dates Extended for 2nd Half of Tax Year 2019 Ohio Real Property Taxes and Assessments
PDF/Printer Friendly Version One of the ongoing concerns on the minds of real property owners during this pandemic has been whether the due date for the payment of real property taxes and assessments for the second half portion of Tax Year 2019 would be extended. On May 6, 2020, the Ohio Department of Taxation approved extensions of the deadlines for the collection of real property tax for the following Ohio counties: Belmont (from July 20, 2020 to August 21, 2020) Cuyahoga (
How Should the Net Worth Base be Calculated in Unitary Groups?
PDF/Printer Friendly Version Two recent cases from Michigan – TCF National Bank v. Dept. of Treasury (Nos. 344892 & 344906, Mich. App. 12/12/19) and Comerica, Inc. v. Dept. of Treasury (No. 344754, Mich. App. 4/16/20) exhibit the intricacies of calculating the net worth base for taxes on financial institutions. Both of these decisions involved the Michigan Business Tax (“MBT”), which included a franchise tax applicable between January 1, 2008 and December 31, 2011 to financia
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