The New York State Department of Taxation and Finance recently issued Notice N-21-5, providing relief to taxpayers adversely affected by Post-tropical Depression Ida, and extending the tax deadline to January 3, 2022, for the filing of certain returns and payments due on October 15, 2021. The extension applies to various…
The U.S. Small Business Administration (“SBA”) has announced new enhancements to the COVID Economic Injury Disaster Loan (“EIDL”) program, a federal disaster relief loan designed to better serve and support small businesses still reeling from the pandemic, especially hard-hit sectors such as restaurants, gyms, and hotels. The COVID EIDL…
The IRS has issued IR-2021-179 granting victims of Hurricane Ida located in New York and New Jersey to file various individual and business tax returns and make tax payments until January 3, 2022. The IRS is offering this relief to any area designated by the Federal Emergency Management Agency…
In July 2021, the California Assembly enacted California Assembly Bill 150 joining the numerous other states (including New York, New Jersey, Connecticut, Maryland, Rhode Island, etc.) that have enacted a pass-through entity (“PTE”) tax. The new law, applicable to tax years beginning on or after January 1, 2021 and ending…
In April 2021, New York State passed legislation whereby eligible pass-through entities (“PTEs”) can elect on an annual basis to compute and pay New York tax on its New York sourced business income at the entity level. The significance of this election is that the business taxes paid by an…
LM Cohen & Co., CPA (LMC) is excited to announce that we have joined one of the largest associations of CPA firms in the United States. Through our affiliation, with CPAmerica, Inc. we have instant access to the expertise and resources of more than 4,000 professionals and more than 700…
With the rise in the value of some cryptocurrencies such as Bitcoin and Ethereum, and the popularity of non-fungible tokens, we, as a firm, have received many inquiries from cryptocurrency traders and investors regarding the tax ramifications of these types of investments. With the Internal Revenue Service (“IRS”) stepping…
If you received a PPP loan, and spent the funds properly, your loan is fully forgivable. Once you have used up the PPP loan funds, you should start the PPP forgiveness process. In order for the PPP loan to be fully forgiven, the forgiveness application must be submitted within…
New York Forward Loan Fund (“NYFLF”) is an economic recovery loan program aimed at supporting New York State small businesses, nonprofits, and small landlords as they reopen after the COVID-19 outbreak. NYFLF is providing working capital loans so that small businesses, nonprofits, and small residential landlords have access to…
Starting June 10, 2021, small businesses across New York can start applying for up to $50,000 in grants as part of New York’s $800 million small business recovery grant program. Eligible small businesses, including micro-businesses and for-profit independent arts and cultural organizations, must be currently viable and have begun…
