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Covid-19/Coronavirus Information

To our Valued Clients:

We hope that you are all staying healthy during this very difficult time.  We are following developments from the CDC, IRS, and the State of Ohio in an effort to provide you with the information and services that you need.  Our first priority is the health and safety of our staff and clients.

As you may know, the deadline for filing and paying federal taxes due April 15, 2020 has been pushed back to July 15, 2020.  This means that you will have an additional 90 days to both file and pay any balances due.  No extension needs to be filed to receive this additional time.  As of yet, the State of Ohio and Ohio municipalities have not adjusted their filing deadlines.  So, at this point, the deadline for both payment and filing of these returns is April 15, 2020.  We are watching this situation closely and hope to have news of state and local extensions in the near future.

Due to the Governor’s stay at home ordered issued Sunday, we are closing the office for the next two weeks and will reassess the conditions on April 6th.  During this time, we will be working from home and have access to email as well as our office phone system.  If you have any questions, please give us a call or send us an email and we will respond as quickly as possible. We are encouraging you to use alternative ways of getting your information to us and receiving information from us.

  • We have an online client portal. If you are not already registered, please email ken@davisnagycpa.com and we will create an account for you.  You are then able to upload your documents to us and we are able to upload tax returns back to you.
  • You can mail your documents to us.

We have additional information regarding unemployment benefits, sick pay, and SBA loans on our website at www.davisnagycpa.com.

Know that our thoughts are with you and your loved ones.

Sincerely,

Kathy and Sharon

Important PDF documents to download:

 

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Will Government Shutdown Affect Tax Refunds?

By Ken Berry, J.D., CPA Practice Advisor Tax Correspondent On Jan 16, 2019
Source: https://www.cpapracticeadvisor.com/news/12440133/will-government-shutdown-affect-tax-refunds

*Updated 10:01 am, ET, Jan. 16. 2019.*

Tax refunds may not be going out on time after all.

As the government shutdown approaches a full month—it’s already the longest in history—more doubt is creeping in as to whether a reduced staff at the IRS will be able to process returns and issue refunds in a timely manner. What’s more, as this is being written, there’s no end in sight to the stalemate.

When the IRS announced that tax filing season would kick off on January 28, it also stated that the shutdown wouldn’t delay tax refunds due to early filers. “We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown,” said IRS commissioner Chuck Rettig. The proclamation was made in accordance with directives from the White House.

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What Kids And Their Parents Should Know About Summer Jobs And Taxes

Image from Shutterstock

Kelly Phillips Erb Forbes Staff
Taxes
Source: https://www.forbes.com/sites/kellyphillipserb/2018/07/05/what-kids-and-their-parents-should-know-about-summer-jobs-and-taxes/#5cee24221ce4

Now that the fireworks are over and summer is officially in full swing, many high school and college students are thinking about getting a seasonal job. Whether kids are serving up slices, mowing lawns or ringing up groceries, here’s what they and their parents should know about summer jobs and taxes:

You may not owe taxes, but you may still need to fill out tax forms. Mark Luscombe, Principal Analyst, Wolters Kluwer Tax & Accounting, says that a summer job may be the first time that kids encounter a form W-4. Figuring out what to claim as an adult can be tricky, but it’s typically a little easier for children with seasonal jobs. With the increased standard deduction, he says, it’s less likely that a teen filing on his or her own will owe taxes. If you’re sure that you won’t owe taxes, Luscombe says to consider claiming an exemption from withholding. If you don’t know, claim 0 or 1, since any over-withholding should be refunded to you at tax time.Read More

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Exciting developments happening this summer!

Dear Valued Client,

Exciting developments happening this summer!

We are pleased to announce that Davis CPA and Associates, LLC is merging with Sharon L. Nagy, CPA Inc. effective July 1, 2018. We can’t wait for our clients to meet the new team and see our new location. The new practice will be known as Davis, Nagy & Company LLC and the new location will be 1270 S. Cleveland-Massillon Rd. Bldg. A Ste. 110, Copley, OH 44321.

Davis CPA and Associates, LLC brings over 53 combined years of public and private accounting and tax knowledge. Davis CPA has distinguished the service they provide to their clients by going beyond what is considered to be the “typical” CPA role.  Clients have learned to rely on the firm for their individual and business tax, payroll, and business consulting needs. Davis CPA and Associates, LLC currently has two team members, Kathy Davis, CPA and Ken Gillette. Kathy’s area of expertise is tax and business planning, while Ken’s focus is financial business planning and payroll services.
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How family businesses can plan for the future

Strategy and succession are critical for survival, and CPAs can play a key role.
By Ken Tysiac – Source
July 1, 2017

How family businesses can plan for the future
The original A.J. Bush & Co. store, founded in 1897, houses the Bush Brothers visitors center in Chestnut Hill, Tenn. (Photo courtesy of Bush’s)

Bush Brothers had reached a crossroads in the early 1990s. Founded by A.J. Bush in 1908, the family-owned vegetable canning company based in Knoxville, Tenn., was experiencing succession challenges and ready for a change in strategy.

Many of the second-generation family members had died, and it was time to pass along ownership to the third generation. The steps Bush Brothers took to survive and thrive can provide a road map for leaders of family-owned businesses eager to see the companies they have built carry on for multiple future generations.

Family-owned businesses often struggle with strategic planning, beyond establishing yearly budgets. Less than half (45%) of family businesses participating in PwC’s 2017 U.S. family business survey said they have a strategy fit for the digital age. Meanwhile, just 23% of family companies participating in the survey have a robust, documented succession plan in place, and 46% of family business leaders said they are reluctant to pass on leadership to the next generation.
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