Highlights Of The New Tax Reform Law
The new tax reform law, commonly called the “Tax Cuts and Jobs Act” (TCJA), is the biggest federal tax law overhaul in 31 years, and it has both good and bad news for taxpayers.
IRS Announces Tax Relief For NY Victims Of Remnants of Hurricane Ida
The IRS has announced tax relief for victims of Hurricane Ida in parts of New York and New Jersey. Individuals and businesses in certain counties within the disaster area now have until February 15, 2022, to file various individual and business tax returns and to make tax payments. This is an additional extension from the…
Have You Applied For PPP Loan Forgiveness?
For those who borrowed money from the Paycheck Protection Program (PPP) in association with the Small Business Association (SBA), recipients have 10 months from the end of their 24-week covered period to apply for loan forgiveness before payments start coming due. For many, the time is now! While the SBA is trying to simplify things…
NYS Pass-Through Entity Tax Can Provide A SALT Limitation Workaround
As anyone who lives in New York State and pays income taxes knows, for tax years beginning after 2017, Taxpayers were limited to a deduction of $10,000 itemized state and local tax on their federal income tax returns. Known as a “SALT” deduction, the $10,000 limitation adversely affected individuals in high tax states such as…
NYS To Opt Out Of Unemployment Exclusion
In late March, the State of New York extended the tax filing deadline to May 17, 2021 to match the Federal extension. At the same time, while the IRS excluded unemployment compensation from taxable income, New York State remained silent on the issue. With bills pending in the NYS Senate and Assembly, it was hoped…
Senate Passes PPP Extension Act
Yesterday, the Senate passed the PPP Extension Act of 2021, which extends the deadline for to apply for a first or second Paycheck Protection Program (PPP) loan to May 31. The Act also gives the Small Business Administration (SBA) an additional 30 days, until June 30, to process loan applications that are received by May…
NY & NJ Match Federal Move & Extend Filing Date To May 17
Matching the Federal move to extend the tax filing deadline to May 17, 2021, representatives from New York and New Jersey have announced that the filing deadline in those states have also been extended to May 17th. The 30 day extension is intended to help those residents still coping with complications of the COVID-19 pandemic…
IRS Extends Filing Deadline For Individuals To May 17, 2021
The Treasury Department and Internal Revenue Service announced today that the federal 2020 income tax filing due date for individual tax returns and extensions has been extended to May 17, 2021. Individual taxpayers can also postpone federal income tax payments for the 2020 tax year until May 17th. The relief does not apply to estimated…
Highlights Of The American Rescue Plan Act
The American Rescue Plan Act of 2021 was passed by Congress and signed into law by President Joseph R. Biden on March 11, 2021. It provides approximately $1.9 trillion in support and stimulus for individuals, businesses, other organizations, and state and local governments who have been affected by the COVID-19 pandemic. Here’s a highlight of…
Changes Announced To PPP Program To Help Small Businesses
In an effort to provide better access to PPP funding for small businesses, President Joseph Biden recently announced some changes to the PPP loan application process. Beginning today, February 24, 2021 and continuing for 14 days, the SBA will only accept applications from businesses with fewer than 20 employees. This exclusive window for small businesses…
The 2020 Flight of The Green Eye Shaded Bean Counter
When you woke up on New Year’s Day, did you ever imagine the craziness that is 2020? Did you think that we would have had to quarantine ourselves for the better part of the winter, spring and into the summer due to the scourge of a novel virus? Did you imagine record unemployment, schools and…