On August 8, 2020, President Trump signed an executive memorandum calling for a payroll tax holiday for Americans making less than $104,000. This results in a deferral of the employee portion of the social security taxes owed between September 1, 2020, and December 31, 2020.

On Friday, August 28, the IRS released further guidance.

When weighing your options, it’s important to note that this is not a tax cut but a deferment.

This means that the tax will still need to be paid in 2 Read More >>

More changes, but more flexibly! Now signed by the President, the PPP Flexibility Act protects and promotes the original intent and goals of the Paycheck Protection Program: to help borrowers reach full, or almost full, loan forgiveness. While things are still not yet final, here’s what we know right now:

The Changes:

  • The Act changes the 75% payroll expenditure requirement to 60%, allowing borrowers to use 40% of funds on other allowed uses such as rent and utilities.
  • Borro
Read More >>

In addition to funding opportunities provided by the SBA, business can also take advantage of the following tax credits aimed at helping businesses through these tough times.

Employee Retention Credit

The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. The credit applies to qualified wages paid after March 12, 2020, and before January 1, 2021. Wages taken into account are not limi Read More >>

Corrigan Krause is proud to announce that Managing Director Tom Harrison recently earned the Certified Exit Planning Advisor (CEPA) designation after completing the Institute’s intensive 4-day executive MBA-style program in Atlanta, GA. Tom joins an elite group of business advisors who have received this designation and are a part of the Exit Planning Institute’s international community of CEPAs. The CEPA program is the most widely accepted and endorsed profession Read More >>

For the past 30 years, Corrigan Krause has continued to grow and expand.  Growing our team and promoting our members internally has been a top focus, which has allowed us to build the strongest and most effective team for our clients.  Over the past year, many of our employees have worked hard and shown their dedication to the firm, and this could not be more appreciated.  We are excited to announce a few recent changes to our team that will help us continue to grow and successfull Read More >>

Will Hubbard, CPA, CFE explains what changes you can expect to see with NFP reporting. 

In 2011 the FASB began a project to improve Not-for-Profits’ (NFPs) financial reporting. There are two phases to the project and phase one has since been concluded. The new standard will be effective for annual periods in fiscal years beginning after December 15, 2017 and interim periods in fiscal years beginning after December 15, 2018. Early adoption is permitted. Is your organizati Read More >>

Shirley Wu shares important updates for the Ohio Unemployment Insurance program.

Two important updates employers must note:

Quarterly Reports Must be Filed Online

  • Beginning with the first quarter 2018 reports, which are due April 30, 2018, all quarterly state unemployment tax reports must be filed online. The reports can be filed either through the Employer Resource Information Center (ERIC) at eric.ohio.gov or the Ohio Business Gateway at business.ohio.gov.

Ta Read More >>

Many celebrity deaths from Prince to Whitney Houston have highlighted what can happen to an estate in the event of an untimely death. So, how can you prepare for the unexpected? Do you know what to do when your older relative falls and breaks a bone? There can be a lot of decisions to make.  Where do you turn?

I like to use the term “Life Planning,” and this is where our Estates, Gifts and Trusts (EGT) Team thrives. There are three categories of which you can look at life planning.

  • Est
Read More >>

Robert O’Neil, CPA  explains the key changes to foreign income taxation under the “Tax Cuts and Jobs Act.”

The new tax law under the “Tax Cuts and Jobs Act” passed just before the end of the year, resulted in a lot of changes mostly taking effect as of 1/1/2018.  In addition to the many changed provisions that impact most US Taxpayers, there were also several key changes to foreign income taxation.  This article will focus on those changes that impact the small bu Read More >>

Continued Growth Allows the Firm to Expand Its Geographic Footprint

Corrigan Krause, a regional full-service accounting firm, has combined with Gorsek & Co. out of Medina, Ohio effective December 1, 2017. This allows the Westlake-based firm to better serve its client base through continued expansion and continue to add to its talented team of professionals.

This acquisition comes a year after Corrigan Krause acquired Klinc & Associates, LLC out of Solon, Ohio Read More >>