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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 January 3, 2022, to file various individual and business tax returns and to make tax payments. In New York, the disaster area counties…

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…

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…

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