DMS Digest 3/2/2021

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From the General Manager
Sean Brady CPA, General Manager

If you are like me, seeing “2021” on my calendar or writing it at the top of my notepad gives me hope for a year that is more “normal”. I am looking forward to the hopes of more opportunities for DMS and our client businesses. I am excited about the idea of being able to connect again “in person” with friends, family and our clients. 2020 required most of us to re-focus and re-prioritize how we did just about everything and to focus on “how do I or how does my business survive?” whereas I hope 2021 will usher an opportunity for all of us to focus on “how do I thrive?”.

A part of getting back to “normal” for us at DMS is the resurrection and release of our newsletter. The DMS team looks forward to providing relevant and fun content all throughout 2021. We hope you enjoy this and the forthcoming issues, which we plan to release on a quarterly basis.

An update on the 2nd Paycheck Protection Program:

The first quarter of 2021 gives me hope of a brighter future, but in many ways is still full of uncertainty and unprecedented challenges. If you are feeling “uncertain” with your business I want to remind you that the SBA launched the 2nd Paycheck Protection Program (PPP2) this past January. PPP2 provides funding similar to the original Paycheck Protection Program, but also offers an opportunity for even more funding for certain industries, an expanded list of “forgivable” expenses and some revisions to the previous rules that are focused to help small businesses. If you have not already received PPP2 funding or explored applying I would encourage you to consider applying for PPP2 at this time as the SBA has limited application exclusively to small businesses through March 9th with the hope of getting more money into the hands of small business owners. On March 10th the PPP2 program will be opened to all businesses for another 3 weeks, at which time the program is scheduled to end on March 31st (at least at this time).

An update on the recent Unemployment Claim notifications you may have received:

Another “uncertainty” many of us are experiencing are the recent Unemployment Claim notifications from the Ohio Department of Job and Family Services (ODJFS). We have received a number of inquiries from clients regarding unemployment claims from employees that never worked for their companies. Cases like these are running rampant in the state of Ohio. In case you receive such a notice and have a suspected unemployment fraud issue, please note the following:

  • Many companies and employees are the now the target of fraudulent claims. Last week even DMS received a claim for unemployment from an individual who never worked for our company.
  • In early February the state of Ohio launched a new resource portal to address this specific issue: https://unemploymenthelp.ohio.gov/employer/
  • To report such fraud you can use this link: https://secure.jfs.ohio.gov/Feedback/OUC/compliance-form/Index.stm
  • Per review of the FAQs in the resource portal, the State does note that “For contributory (tax-paying) employers, once we determine that a claim is fraudulent, we mutualize any charges and remove them from the employer’s account.”

If you have received such claims I recommend you use the links noted above and report the situation as soon as possible. Be prepared to be patient in hearing back from the State. It may take some time to sort out – but I would expect it will be sorted out and corrected over the next few months.

I want to wish you all the best as you move through 2021. We look forward to working alongside you this year. Remember that if you have any questions or need assistance please feel free to contact myself or your DMS accountant. We are here and look forward to helping you “thrive”!

Sean

 

Welcome to our Newest Team Member

Ralph Fairchild, CPA, DMS Management SolutionsRalph Fairchild is a Senior Accounting Manager with over 30 years of experience in both public and private sector accounting as a Certified Public Accountant. Ralph is also a Certified Valuation Analyst.
His experience includes financial statement preparation and analysis, account reconciliation, and budget analysis and variance investigation. Between private sector and public accounting he has worked with real estate, construction, manufacturing, service, and distribution companies.
Ralph received his accounting degree from Kent State University and lives in Strongsville. He has two sons, one of whom is pursuing a boxing career, and the other attends Bowling Green University. He is an avid sports fan, especially the Browns and rarely misses a home game.

QuickBooks Tip: Save Time & Money Next Year-End!

Did you experience a 1099 crunch this past January? It’s not too early to prepare for next year to make the 1099 process go more smoothly!
  • Starting today, get a W-9 from each new vendor
  • Set up the vendor in QuickBooks
  • Check the box if this vendor will receive a 1099 in January 2022
  • Scan the W-9 and attach it to the Vendor in QB
Next January when it is time to issue 1099s, you will thank yourself for performing these simple steps during 2021- it will save time and money!

Read more of this issue of the DMS Digest

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