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…
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…
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…
No, it isn’t an April Fools prank. There are ways small businesses can receive cash in a short period of time. There are a number of loans and other programs available, however, keep in mind that businesses may not apply for different loans to cover the same costs. Let’s compare the Economic Injury Disaster Loan…
Everyone has questions about the Coronavirus Aid, Relief and Economic Security (CARES) Act that was passed by Congress and signed by the President last Friday. It is a voluminous bill of over 800 pages and provides $2 trillion designed to provide relief for American workers, businesses, hospitals, government, and certain nonprofits and other employers. A…
The Coronavirus Aid, Relief and Economic Security (CARES) Act that was passed by Congress and signed by the President is a $2 trillion package designed to provide relief for American workers, businesses, hospitals, government, and certain nonprofits and other employers. A voluminous bill of over 880 pages, we will do our best to summarize it…
On Wednesday evening, the Senate passed a $2 trillion stimulus package which is designed to provide relief for American workers, businesses, hospitals and government which are sorely in need during the coronavirus pandemic. It was approved unanimously by a 96-0 vote, and now must be voted on by Congress. That vote is expected on Friday….
As previously discussed, we are continuing to keep you abreast of a fluid situation that changes by the minute. The IRS will allow Taxpayers to defer payments for their 2019 tax returns until July 15. This is subject to certain caps: Individuals can defer payments up to $1 million and corporations can defer payments up…