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…
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…
On May 11, 2021, the City Council of New York enacted a local law to establish a retirement savings program for certain employees of private entities. The “Retirement Security for All” legislation creates a mandatory auto-enrollment payroll deduction individual retirement account (“IRA”) program for employees of private sector…
The U.S. Small Business Administration (“SBA”) announced that the Restaurant Revitalization Fund (“RRF”) relief program application portal will be tested in a seven-day pilot period ahead of the official application launch. The official application launch date, however, has still yet to be announced. All eligible applicants will be able…
The 2017 Tax Act made life harder on individuals living in high tax states (such as New York, New Jersey, and California) by limiting the deduction for state and local taxes (“SALT”) to $10,000. This cap only applied to SALT deductions paid by individuals, not by corporations. On…
