Posted on July 20, 2022
by
Luke Lucas
Included in New York’s 2022-2023 budget is a $250 million COVID-19 Capital Costs Tax Credit Program, offering financial assistance to help the state’s small businesses cover some of the operating costs they incurred adapting to the pandemic. The assistance comes in the form of tax credits equal to 50 percent of qualifying expenses and up […]
Posted on January 20, 2022
by
Adam Cohen
Businesses struggling to keep up with consumer demand during the current labor shortage can find relief in some of the retirement plan provisions included in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted in 2020. According to the U.S. Department of Labor, despite strong economic recovery since the start of the pandemic, […]
Posted on October 14, 2021
by
Daniel Hughes
Business owners already struggling with the continued uncertainty surrounding the pandemic are also facing the prospect of higher taxes and a resulting negative impact on company cash flow, profitability and valuations. For some, this environment will accelerate business sales or mergers and require significant alterations to existing estate plans – all of which will require […]
Taxpayers that received Paycheck Protection Program (PPP) loans to maintain and continue paying their workforce through the COVID-19 pandemic may be missing out on valuable employee retention tax credits (ERCs) equal to as much as $7,000 per employee, per quarter in 2021. Here is what eligible businesses and non-profits need to know to claim as […]
In the wake of the COVID-19 pandemic, the U.S. enacted various laws providing a variety of financial-relief measures to support businesses through the crisis period. Key among those provisions are tax credits for those businesses that retain and continue to pay qualifying wages to employees despite interruptions or their normal business operations. It is critical […]
With so much attention paid to the impact of the COVID-19 pandemic and the various forms of U.S. government stimulus, international businesses with foreign investors may have missed the passage of a new U.S. law imposing stricter anti-money-laundering compliance procedures for disclosing the identities of their beneficial owners beginning as soon as 2022. On Jan. […]
Posted on April 21, 2021
Included in the Biden Administration’s proposed budget for fiscal 2022 is an additional $1.2 billion in funding to help the IRS ramp up its tax enforcement efforts after more than a decade of spending and staffing cuts. What this means for taxpayers is a likely increase in IRS audits and heightened scrutiny of tax compliance, […]
Posted on April 07, 2021
by
Joanie Stein
The American Rescue Plan (ARP), signed into law on March 11, 2021, allows eligible taxpayers to exclude from their 2020 taxable income up to $10,200 in unemployment benefits they received last year. This relief is subject to certain restrictions and limitations as well as further changes as the IRS continues to issue guidance. Ordinarily, unemployment […]
Posted on March 30, 2021
by
Angie Adames
The IRS today updated its guidance on the previously announced extension of the federal income tax filing and payment deadlines from April 15 to May 17, 2021. In doing so, the agency has also postponed the following tax deadlines to May 17: 2020 contributions to individual retirement accounts (IRAs) and Roth IRAs and reporting and […]
Posted on March 18, 2021
by
Edward Cooper
In response to the ongoing pandemic, the U.S. government continues to postpone several critical deadlines, including recent extensions of the due date for individual federal income tax filings and the application period for paycheck protection program (PPP) loans. However, taxpayers must take special care to understand the unique applications and limitation of each announcement and […]
