News & Events

NorthCoast 99

Ciuni & Panichi, Inc. is honored to be named to the NorthCoast 99 for the second year in a row.  NorthCoast 99 is an annual recognition program that honors 99 great workplaces for top talent in Northeast Ohio. 

As a reward for logging extra hours during tax season, employees at Ciuni & Panichi can take advantage of six half days on Fridays in July and August.  The office closes at 12:30 p.m., giving workers an early jump on some weekend relaxation.

More information on NorthCoast 99 here.

Important Tax Updates

Extended Net Operating Loss Carry Back Period

Available to All Taxpayers

All taxpayers, without regard to their gross receipts, are allowed to carry back a net operating loss arising in 2009 for three, four, or five years.

Only Eligible Small Businesses (ESM) can elect the longer carry back in both 2008 and 2009.  Simply stated, an ESB is a company whose average gross receipts for the period of three years is $15,000,000 or less.

Increase in Penalty for Failure to File a Partnership or

S Corporation Return

For Partnership and S Corporation returns, the penalty increases from $89 per partner/shareholder per month the failure to file continues, to $195 per partner/shareholder per month the failure to file continues, not to exceed 12 months.  This becomes effective for tax years beginning January 1, 2010.

Mandatory E-Filing is Coming for Paid Preparers

The IRS will require all federal individual, estate, and trust returns prepared after December 31, 2010, by paid preparers to be filed electronically. The State of Ohio has already mandated electronic filing of personal income tax returns prepared after December 31, 2009. As a result, we at Ciuni & Panichi, Inc. will be filing personal income tax returns electronically this coming tax season.

If you have any questions on these new tax laws, please feel free to contact your tax professional at Ciuni & Panichi, Inc. 216-831-7171 or jkomos@cp-advisors.com