Alerts
COVID-19 Updates

NMS remains open for business through this turbulent time. Please review this page for changes we have made at our offices. In the hopes it will be helpful, we will also continue to update this page with changes related to tax season and small business management caused by the coronavirus in the weeks and months to come.

 

March 31, 2020

The Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed this week to provide extensive relief for businesses and employers. Our website has more details about relief for businesses at this link and about relief for individuals here. Some of the tax-related provisions for businesses include:
  • Employee retention credit
  • Payroll and self-employment tax payment delay
  • Temporary repeal of taxable income limit for NOLs
  • Interest expense deduction temporarily increased
  • Bonus depreciation for qualified improvement property
 Please check out the links above and contact us if you have any questions about your situation.
 
 

March 29, 2020

Since many of you have been asking, we're happy to finally have information to share about this year's changes to our state and local tax deadlines: the Ohio General Assembly has extended the state filing deadline to July 15, and RITA's website says local agencies always follow the state.
 
Therefore, July 15 is now the date to remember for your federal, state and local returns and payments.
 
You can find an overview of the changes that effect individuals so far on our website here. And as always, please let us know if we can help you in any way.
 
Tax changes and small business relief are coming fast and furious these days, and NMS has them all. Follow us on social media @myNMSoffice to get the latest delivered right to your Facebook, LinkedIn or Twitter!
 
 

March 23, 2020

Gov. Mike DeWine has ordered all non-essential business closed effective Tuesday morning. Because accounting firms are designated as essential businesses, NMS continues to operate. However, we are extremely concerned for the health of our staff, clients, vendors and communities. We take very seriously our responsibility and role in reducing the spread of this virus. Therefore, effective immediately:

  1. There will be no person-to-person client meetings at any NMS office. We gladly will “meet” via telephone conference or video conference, and can communicate via email.
  2. No clients will be permitted to enter our offices. We have placed locked drop boxes at the entrance or in the vestibule of each of our five locations so that you may continue to deliver us documents. We can also, of course, still receive documents electronically (email or portal) and via U.S. mail and private delivery services (UPS, FedEx).
  3. No client may pick up documents, tax returns or other work at our offices. Depending on what is more convenient for you, we will deliver your documents instead via U.S. mail, private delivery service or electronically.
  4. Most of our staff is working from home. Please be patient with all of us as we adjust to working remotely.

NMS recognizes all the anxieties caused by this health event: over health, employment, continued business and economics. Please be assured that we will prioritize all taxes that have refunds and all business work necessary to receive aid and assistance for various aid programs.

We very much care, and greatly appreciate your continued trust in our firm. You are not just our clients - you are our family, friends and neighbors. We are all in this together, and we will all get through this together!

Wishing you and your families the best of health, NMS

 

March 21, 2020

Public and private employer insurance premium installment payments due for March, April and May may now be deferred until June 1, 2020. See this FAQ from the Ohio Bureau of Workers Compensation for details.

 

March 20, 2020

At last, official word has been released: tax returns normally due on April 15 this year will not be due until July 15, U.S Treasury Secretary Steven Mnuchin announced in a tweet.
 
The due date for some payments has been extended to July 15, as well. With this update, no taxpayers or businesses will incur interest or penalties for taking advantage of a 90-day extension to file or pay.
 
More information is expected in the days to come. We hope you find these emails helpful, and that you will let us know if there's anything we can do to help you navigate it all.
 
 

March 19, 2020

If you have a question about current unemployment benefits in these uncertain times, you have a great resource in http://jfs.ohio.gov/ouio/CoronavirusAndUI.stm, which is regularly updated with the latest.

For instance, if you have been laid off by your employment due to the pandemic, you might expedite your claim process by completing this form: http://www.odjfs.state.oh.us/forms/num/JFS00671/pdf/

Another development: If an employee is in mandatory quarantine because of suspicion of having the coronavirus, he or she is considered to be unemployed and eligible for unemployment benefits.

 

March 19, 2020

Did you know there may be low-interest federal disaster loans available for small businesses and private non-profits suffering substantial economic injury as a result of COVID-19?

- Up to $2 million
- Interest rate 3.75% fixed for small businesses, 2.75% fixed for non-profits
- Repayment terms up to 30 years
- 4 month repayment deferment
- Up to $25,000 will require no collateral; up to $25,000 can be dispersed while waiting for collateral funding

In the case you need to apply for a disaster loan, NMS would be glad to help you get the proper documentation filed.

 

March 18, 2020
 
We have been seeing some misinformation out there about Tax Day. But it is important to us that you know the facts.
 
As a result of current events, it is true that the IRS has extended the due date for some payments this year by 90 days. For more details, you may wish to check out this link from Forbes.com.
 
However, as of today, despite rumors you may have heard, the un-extended due date to file your individual tax returns remains April 15.
 
At this time we have limited guidance for deadlines pertaining to the State of Ohio or individual cities. Assume that those dates remain April 15, as well. We will attempt to keep you posted about additional changes as they occur. If you need more time, you still may consider filing for an extension.
 
Please let us know if we can help you!
 
 
 
March 16, 2020

We have received much guidance from the CDC and the Ohio Department of Health on the coronavirus (COVID-19) pandemic. Our first concern is for the health of our staff and their families, our clients and our community.

NMS remains open for business. We know our clients — business and personal — depend on our services, advice and counsel, especially in this uncertain and turbulent period. However, we have made substantial changes to our business practices until the risks of this health event subside, the goal being to minimize person-to-person contact (increase social distancing) during this period.

  1. We will only meet with our clients via teleconference or video conference. Rest assured, we will still be available when you need us. Only in-person meetings are suspended.

  2. Our five offices will remain open and staffed. However, approximately 75% of our professional staff will be working from home.

  3. By the end of this week, we will have installed drop boxes in each office lobby should you still wish to drop off documents, tax organizers, etc.

  4. Instead of calling for pick-ups, we will mail out all client work when it is complete.

We also recognize that many of our small business clients may need to participate in the economic relief programs that will be established to provide financial support during these difficult times. We are closely tracking these programs and will update you when more information becomes available.

We are working hard to continue to offer great service while providing a safe and healthy experience for our staff and clients.

On behalf of all of NMS, we wish you good health!

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