Tax

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…

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…

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…

Paycheck Protection Program Runs Out Of Funding In Less Than 2 Weeks & Other News For Today!

PPP Loans We’ve been talking a lot recently about the various loans provided for in the CARES Act, particularly the Paycheck Protection Program (PPP), which in less than two weeks unfortunately ran out of the $349 billion in funding money this morning. Small businesses are continuing to submit loan applications and we understand that existing…

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…

SBA Loan Applications & Other News!

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 CARES Act and Other News

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…

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