Since the beginning of 2020, LMC has made significant efforts to reach out to every client about the Employee Retention Credit (ERC) program and, based on eligibility, the significant financial benefits it can provide. Recently, there have been a proliferation of companies promoting ERC credits that appear too…
The IRS has recently announced that “in the interest of sound tax administration and other factors,” taxpayers in many states will not need to report various payments on their 2022 tax returns. In short, the IRS has determined it will not challenge the taxability of payments related to…
By David Neuman, JD The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, enacted in response to the COVID-19 pandemic, allowed employers to defer the payment and deposit of the employer’s share of Social Security tax. Employers were able to take advantage of the deferral by…
By David Neuman, JD The Internal Revenue Service (“IRS”) has provided penalty relief in Notice 2022-36 for certain taxpayers from failure to file penalties and certain international information return penalties with respect to tax returns for the taxable years 2019 and 2020. In order to be eligible…
By David Neuman, JD and Alan Wong, CPA New York State has opened a “screening tool” for small businesses to determine if they qualify for the COVID-19 Capital Costs Tax Credit Program. This $250 million tax-credit program, which is being issued on a first come first serve…
In March of 2020, the federal government created the Pandemic Unemployment Assistance (“PUA”), a program that provided support for Americans who were unable to work due to the Coronavirus pandemic but did not qualify for traditional Unemployment Insurance (“UI”). Individuals who received PUA benefits on, or after December…
The COVID-19 pandemic created unprecedented problems for businesses that were required to shut down or limit operations. The government responded by enacting the Coronavirus Aid, Relief, and Economic Security Act, which created the Employee Retention Credit. This program is intended to help businesses retain their employees during the…
Do you run a company with an at-home workforce, leaving you with employees now working in another state? Are you such an employee yourself? You may be facing some tax confusion. Having some basic understanding of what happens will help businesses make the right decisions about classifying…
COVID-19 has triggered many brick-and-mortar entities to to either strengthen or create their online presence. This, in turn, has forced them to address sales tax complexities they didn’t have to contend with when all sales were local. Understanding sales tax thresholds The internet sales tax requirement is…
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…
