Tax

NEW YORK STATE ENACTS ITS OWN PASS-THROUGH ENTITY TAX

Governor Cuomo signed the New York State Fiscal Year 2021-2022 budget bill on April 19, 2021. Included in this bill is New York State’s version of a pass-through entity (PTE) tax. New York is the final state in the tri-state area to pass such legislation. Similar to New Jersey’s version, eligible entities need to make Read More…

TAX DAY EXTENDED FOR INDIVIDUAL TAXPAYERS

The anticipated April 15th deadline to file individual income tax returns and payments has been extended by the Treasury Department and Internal Revenue Service to Monday, May 17, 2021.  Without filing an extension, individual’s income tax filings, and payments are not due until May 17th.  This relief does not apply to estimated tax payments that Read More…

THE LONG-TERM IMPACT OF CARES ACT LOANS AND DISTRIBUTIONS ON RETIREMENT SAVINGS

The Coronavirus Aid, Relief and Economic Security (CARES) Act allowed plan sponsors to relax loan and distribution rules in 2020, giving participants greater access to funds during the pandemic. These provisions were implemented to provide relief as many employees do not have adequate short-term savings. Employee Benefit Research Institute (EBRI) has found that only one Read More…

EMPLOYEE RETENTION CREDIT – WHAT’S NEW

On December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA, 2021) was signed into law.  The CAA, 2021 Act greatly expanded the Employee Retention Credit (ERC).  The credit is now available to more businesses and extends the date for wages paid through June 30, 2021. Under the CARES Act, the ERC was available to qualified Read More…

PPP LOANS ROUND 2

Congress expanded the Paycheck Protection Program (PPP) established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act with the passage of the Consolidated Appropriations Act on December 27, 2020. The Consolidated Appropriations Act also clarifies the deductibility of certain expenses paid for with funds from a loan under PPP and tax impact on income Read More…

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