On August 25, 2021, the NYS COVID-19 Small Business Recovery Grant Program expanded its criteria for grant eligibility. Specifically, the grant program now allows businesses to apply with: Annual gross receipts of less than $2,500,000, and Who received PPP funds in amounts of $250,000 or less. Please see below for more details. The program is… [keep reading…]
Category: Tax
NY PTE Tax – Update
New for the 2021 tax filing, New York implemented a Pass-Through Entity Tax (PTET) that is an optional program allowing a pass through entity to pay NYS taxes, provide a full Federal Tax Deduction on those taxes, and provide a credit for taxes paid on the owners/members/partners tax returns. You can find a summary of… [keep reading…]
The NYS COVID-19 Small Business Recovery Grant Program
The NYS COVID-19 Small Business Recovery Grant Program offers approximately $800 million in funding for qualified small businesses and organizations. The businesses must have been in operation on or before March 1, 2019 and continue to operate as of the date of the application. The program is now accepting applications at: https://nysmallbusinessrecovery.com/ Grant Amounts Grant… [keep reading…]
Thinking About Renting Your Residence or Vacation Home?
If you’ve ever considered renting out your family’s vacation home, or your personal residence, you’re in luck! The IRS has special provisions in the tax code for both vacation home rentals and the short-term rental of your personal residence that could result in you receiving tax-free income. There is a special section in the Internal… [keep reading…]
2020 Income Tax Refunds
The IRS has acknowledged that numerous 2020 refunds have been held up and are still being processed, with even some taxpayers that filed at the start of the filing season still waiting for their refunds. The IRS has clarified that some tax returns take longer to process than others, including when a return: Includes errors… [keep reading…]
New York State’s Pass Through Entity (PTE) Tax
A controversial provision of the Tax Cuts and Jobs Act (TCJA) limited the itemized deductions related to state taxes (real property taxes plus state & local income taxes). Since its enactment, individual taxpayers have been limited to a maximum deduction of $10,000 on their federal income tax return. A number of states responded by enacting… [keep reading…]
What you should know about the Advanced Child Tax Credit Payments starting in July 2021
The American Rescue Plan Act (ARPA) of 2021 expands the Child Tax Credit (CTC) for Tax Years 2021, which means the credit for qualifying children is fully refundable and taxpayers can benefit from the credit even if you do not have earned income or don’t owe any income taxes. The credit will also include children… [keep reading…]
New York State Tax Treatment of Unemployment Compensation
The American Rescue Plan Act of 2021 enacted by Congress allows certain individuals to exclude up to $10,200 of unemployment compensation on their 2020 federal personal tax returns. New York State recently issued guidance indicating that the state is decoupled from this federal law, and therefore any unemployment compensation that is excluded from federal gross… [keep reading…]
Tax Planning Ideas for Businesses & Individuals
With tax year 2020 coming to a close here are some tax planning ideas for Businesses & Individuals Business Planning Review your accounting method: Businesses typically use either an accrual method of accounting or the cash basis. Under an accrual method, income and expense is recognized when: 1) All events have occurred to deduct the… [keep reading…]
New Form for 2020
New for 2020 – the IRS has created a new Form for 2020 to report Miscellaneous Compensation only – This is Form 1099 NEC (Non-Employee Compensation). The 1099 MISC. has been revised and box numbers rearranged and is still applicable for other reporting. To get more information about the 1099-NEC please view it HERE. You… [keep reading…]