Tax changes

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…

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…

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…

How Small Businesses Can Receive Cash…An Overview of the Various Relief Programs!

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…

IRS Announces People First Initiative

The IRS has unveiled the new People First Initiative to help everyone coping with the challenges of COVID-19. Relief is provided on a variety of issues ranging from easing payment guidelines to postponing compliance actions. Specifics about the implementation will be shared soon. For more specifics on the bill click here.

Highlights of The Spending Package’s Tax Law Changes

The federal government spending package titled the Further Consolidated Appropriations Act, 2020, does more than just fund the government. It extends certain income tax provisions that had already expired or that were due to expire at the end of 2019. The agreement on the spending package also includes the Setting Every Community Up for Retirement…

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