IRS Tax Update: Filing Deadlines Extended to February 15, 2023 for Hurricane Ian Victims

Oct 04, 2022

On September 29th, the IRS announced Hurricane Ian victims in the state of Florida will now have until February 15th, 2023, to file various federal returns.

The tax relief measure applies to businesses and individuals operating and residing in areas designated to receive disaster relief from FEMA. Those eligible must also have had a filing deadline of September 23rd, 2022, or later. In other words, any business or individual in the state of Florida that filed to extend their 2021 federal tax returns out to October 17th, 2022, will now have until February 15th, 2023, to file any returns or taxes.

For businesses, the extension relief will also apply to quarterly payroll and excise tax returns normally due on October 31, 2022, and January 31, 2023. For individuals, the tax relief applies to any quarterly estimated income tax payments due on January 17, 2023. Additionally, penalties on payroll and excise tax deposits due on or after September 23, 2022, and before October 10, 2022, will be abated as long as the deposits are made by October 10, 2022.

The IRS will automatically apply this relief measure to taxpayers with a record of address in the disaster area, meaning there is no need to contact the agency directly. However, if an affected taxpayer receives a late filing or payment notice (that had an original or extended filing, payment, or deposit due date falling within the postponement period,) the taxpayer should call the number listed on the notice as soon as possible to abate the penalty.

For more information on the tax relief measure or to see if you qualify, contact your trusted team of tax professionals at William Vaughan Company as we continue to monitor IRS updates and the situation in Florida.

Connect with us.

wvco.com

Categories: Other Resources, Tax Compliance, Tax Planning

5 Tips for Building Culture in a Disconnected Workspace

Aug 30, 2022

With the labor shortages and hiring challenges facing employers nationwide, now more than ever, companies are beginning to put their “office culture” under a microscope. But what exactly does that mean, and how important is workplace culture in relation to employee retention?

We sat down with Aaron Swiggum, managing partner at William Vaughan Company to learn what innovative techniques his leadership team has initiated within the firm to create a culture that keeps talent motived and engaged: Give your team the trust and flexibility to work remote.

“At William Vaughan Company, we give our employees the option to work from home or at any of our three offices, depending on the needs of their schedule,” said Swiggum. “To support our staff working remotely, we offer a take-home technology package fully equipped with monitors, docking stations and the like to ensure their success while off-campus.”

Create space for connections within the office.
Meanwhile, for those working on-site, Swiggum has repurposed unused office space into multi-person, collaboration rooms where our team can work together, bounce ideas off each other, and grow together as professionals. Expanding opportunities for engaging connection beyond just the traditional “water cooler” chat is crucial for the ever growing, virtual workspace.

Keep an eye on corporate culture trends to stay ahead of curve.
Corporate cultures at companies like Google and Facebook typically come to mind when you think of progressive work environments and trendy perks. But you don’t have to be a tech giant to incentivize your team. William Vaughan Company noticed what those companies were doing, then polled our team to see which perks would be most beneficial to them. “We’ve increased our maternity leave, added paternity leave for new dads, and created wellness programs that encourage healthy habits during our busiest, and often most stressful, times of the year.

Reimaging what teambuilding looks like.
Modeled after the esteemed, Seattle Fish Market, William Vaughan Company launched a program known as “Fish Groups” which aims to connect 7-8 team members who may not normally work together. Each group meets off-campus periodically throughout the quarter, allowing for deeper connections to form between colleagues that may have only previously communicated via email.

Define your core values and stick to them.
Of all the core values that define William Vaughan Company, “work hard, play hard,” “family,” and “community” are the pillars upon which we’ve built our culture. “We pride ourselves on having created a work environment where our team can have fun, participate in community service activities, and at the end of the day, feel secure about putting their families first,” Aaron says.

Although “culture” has become somewhat of an overused buzzword today, William Vaughan Company knows how important building and maintaining a positive and engaging work environment can be. According to Aaron, “when your team feels valued and supported, that directly translates into the work they’re doing for the clients. And ultimately, our goal is to help our clients and their businesses succeed, so we have to start by creating a space for our internal team to be successful.”

Connect with us.

wvco.com

Categories: Other Resources

5 Tips to Attract and Retain Talent During the Great Resignation

Jul 14, 2022

From the fading “help wanted” signs posted in windows of local businesses, to the daily news headlines, it’s no doubt the effects of The Great Resignation have permeated throughout America’s economy. And not only are companies struggling to find new talent, but even retaining their existing workforce has become a challenge; according to research, as many as 95% of employees are considering quitting their jobs or switching careers altogether.

In an effort to understand what these trends mean for Ohio businesses, William Vaughan Company teamed up with regional leaders to host a panel discussion where we discussed innovative techniques companies are starting to employ in order to attract and retain talent. Here are our top 5 takeaways:

  1. Expand your search to include traditionally untapped talent populations.
    Every 1 out of 4 adults in the United States is currently living with a disability, however, in 2021 only 19 percent of those individuals were gainfully employed. Making small changes to your workspace to accommodate these individuals can often be funded by grants and opens up an entirely new pool of talent from which to pull. Other talent pool opportunities include the previously incarcerated or second chance communities which is roughly 70 million Americans, and the veteran population. Thinking outside the box and investing in untapped talent could be a real solution in an extremely competitive job market.
  2. Be proactive in recruiting by keeping your “talent pipeline” full.
    Just as companies keep track of pending deals in their sales pipeline, keeping track of applicants in a “talent pipeline” is equally as beneficial. While an applicant may not be the right fit for an existing job opening, keeping their information on-hand for a future job posting could prove to be useful.
  3. Check-in with new hires within the first 90 days.
    Studies show the majority of turnover happens within the first 90 days of employment. Improving onboarding procedures and checking-in with new hires within that 90-day window is crucial to employee retention.
  4. Get involved on local school boards.
    Last year alone, 80 percent of local college graduates relocated for work. Making connections with board members at local high schools and universities has proven to be a great way for businesses to get their foot in the door with up-and-coming talent.
  5. Leverage professional connections.
    While recruiting firms and temp agencies may provide some momentary workload relief, leveraging connections with industry-specific business consultants may lead to finding that perfect, long-team hire. For example, William Vaughan Company offers CFO, Controller & Bookkeeper Placement services that help our clients make the right decisions for their long-term objectives.

Interested in hearing the entire discussion? Visit our Youtube channel for the full recording. To learn more about William Vaughan Company’s onboarding and placement guarantee, be sure to reach out to our team of trusted business consultants.

Connect With Us.
wvco.com

Categories: Other Resources

Fueling Growth With A JobsOhio Inclusion Grant

Jul 09, 2021

The JobsOhio Inclusion Grant program was established in 2020 with the goal of providing financial support for eligible projects in designated distressed communities and/or for businesses owned by underrepresented populations across the state, including minority, veteran, and women-owned businesses.

Locally, the Toledo Regional Growth Partnership and William Vaughan Company have assisted qualifying organizations in receiving upwards of $25,000 to help facilitate growth.

How do I qualify?

To qualify for the Inclusion Grant, a company must:

  • Meet one of the 2 criteria – 1.) Be owned by an underrepresented population – which includes race, ethnicity, gender, veterans, and those with disabilities, or 2.) located in a qualified distressed community as defined by the Economic Innovation Group.
  • Be a targeted industry including Advanced Manufacturing, Aerospace and Aviation, Automotive, Energy and Chemicals, Financial Services, Healthcare, Food and Agribusiness, Logistics and Distribution, Technology, Military, and Federal.
  • Ineligible companies include retail or operations that include point-of-final-purchase transactions at a facility open to the public or other population-driven businesses that derive most of their sales from in-person delivery of services or products. For example, restaurants, hair salons, physician’s offices, retail stores, daycares, etc. For a full list of ineligible businesses, visit the JobsOhio website.
  • Additionally, companies must have been in operation for at least one (1) year and be able to demonstrate $100,000 in annual revenues.

What can the grant fund be used for?
Funds may be put towards eligible costs including fixed-asset investment in machinery and equipment, real estate investments, and training costs, among other items including:

  • Land
  • Building
  • Leasehold improvements
  • Machinery and equipment
  • Moving and relocation costs of machinery and equipment related to the project
  • Infrastructure
  • Site development
  • Revitalization costs including demolition, renovation, and environmental remediation
  • Fees and material costs related to planning and feasibility studies
  • Engineering services
  • Employee training costs
  • Information technology including hardware and industry-specific software.

A full list of eligible costs can be found on the website noted below.

What should I do next?

Visit the JobsOhio Inclusion Grant Program website. Ensure you meet the criteria to be eligible. The Grant is reimbursement-based and requires supporting documentation including proof of payment.

Contact your William Vaughan Company representative or call our office number below to receive assistance in applying for this useful grant.

Connect With Us.
wvco.com | 419.891.1040

Categories: COVID-19, Other Resources

Ohio Small Business Grants Available Starting June 29

Jun 28, 2021

The Ohio Development Services Agency released eligibility information for a series of small business grants available starting Tuesday, June 29. Below you will find information regarding each of these grants including eligibility, qualifications, and fund usage.

Food & Beverage Establishment Grant
This program provides grants up to $30,000 to restaurants, bars, coffee shops, and other food and drinking businesses affected by the COVID-19 pandemic. The dollar amount of each grant will be determined by the business’s loss of revenue in 2020.

  • Eligible businesses for this grant include food service contractors, caterers, mobile food services, bars, taverns, nightclubs, full-service restaurants, limited-service restaurants, cafeterias, coffee shops, and businesses that do not otherwise qualify for the Entertainment Venue Grant because they earn more than 50 percent of their revenue from the sale of food and/or beverages.
  • Eligible businesses must have experienced at least a 10 percent reduction in revenue in 2020 at one or more Ohio locations.
  • Grant funds can be used to reimburse eligible businesses for the following expenses relating to their Ohio business location as long as the costs do not violate state or federal law and are not otherwise specified as ineligible costs:
    • Personal protective equipment to protect employees, customers, or clients from COVID-19.
    • Measures taken to protect employees, customers, or clients from COVID-19.
    • Utility payments.
    • Mortgage or rent payments for business premises (personal residences explicitly excluded).
    • Salaries, wages, or compensation paid to contractors or employees, including an employer’s share of health insurance costs.
    • Business supplies or equipment

Grants will be awarded on a first-come, first-served basis under the guidelines outlined, here.

Lodging Grant
This program provides grants up to $30,000 to hotels, motels, and bed and breakfast operations affected by the COVID-19 pandemic. The dollar amount of individual grants to qualifying businesses will be determined by the business’s decline in occupancy rate in 2020.

  • The business must have at least one Ohio location that has been in operation since at least Dec. 1, 2019, and must have a hotel/motel license from the Ohio Department of Commerce.
  • Businesses can be a hotel, motel, or bed and breakfast.
  • The business must have experienced at least a 10%reduction in occupancy in 2020 as a result of COVID-19.
  • Grant funds can be used to reimburse eligible businesses for the following expenses not otherwise specified as ineligible costs:
    • Personal protective equipment to protect employees, customers, or clients from COVID-19.
    • Measures taken to protect employees, customers, or clients from COVID-19.
    • Utility payments
    • Business supplies or equipment.
    • Mortgage or rent payments for business premises (personal residences explicitly excluded).
    • Salaries, wages, or compensation paid to contractors or employees, including an employer’s share of health insurance costs

Grants will be awarded on a first-come, first-served basis under the guidelines outlined here.

New Small Business Grant
Grants of up to $10,000 to small businesses established between Jan. 1, 2020, and Dec. 31, 2020, under this program.

  • The business must be a for-profit entity that started operations between Jan. 1, 2020, and Dec. 31, 2020, and that has at least two and no more than 25 Ohio employees paid via W2 wages as of Jan. 1, 2021.
  • The business must have a physical location in Ohio and experienced revenue loss or unplanned costs because of the COVID-19 pandemic.
  • A lengthy list of ineligible businesses includes those that previously received the Small Business Relief Grant; are a nonprofit entity; are publicly traded; are operated by a governmental agency or entity; are a club; are primarily engaged in political or lobbying activities or political issue advocacy; operate as a sexually oriented business; engage in conduct regulated by the Ohio Casino Control Commission or the Ohio State Racing Commission. A complete list can be found here.
  • Grant funds can be used to reimburse eligible businesses for the following expenses:
    • Personal protective equipment to protect employees, customers, or clients from COVID-19.
    • Measures taken to protect employees, customers, or clients from COVID-19.
    • Mortgage or rent payments for business premises (personal residences explicitly excluded).
    • Utility payments.
    • Salaries, wages, or compensation paid to contractors or employees, including an employer’s share of health insurance costs.
    • Business supplies or equipment.

Additional grants, including the Entertainment Venue Grant which provides up to $30,000 to theaters, music venues, spectator sports venues, museums, and other entertainment establishments affected by the COVID-19 pandemic, are available through the Ohio Development Service Agency website.

What should I do next?
Beginning Tuesday, June 29, 2021, businesses can apply at BusinessHelp.Ohio.Gov. To access the application, individuals will be required to log in using an existing OH|ID or create a new OH|ID, which provides users with secure access to state of Ohio services and programs. For more information on creating an OH|ID, visit OHID.Ohio.Gov/. For help in creating an OH|ID account, click here.

After an application is approved, businesses also will be required to provide an Ohio Supplier ID assigned by the Ohio Office of Budget and Management. If the applicant business does not currently have an Ohio Supplier ID, the business will be required to register at Supplier.Ohio.Gov. A Supplier ID is required so that grant funds can be distributed by direct deposit.

If you require assistance or have general questions about your application, our team is ready to help. Contact our restaurant practice leader, Kristin Metzger below.

Connect With Us.

 

Kristin Metzger, CPA
Restaurant Practice Leader
kristin.metzger@wvco.com | 419.891.1040

Categories: COVID-19, Other Resources, Restaurant & Hospitality

Next Page