The pandemic has had a huge impact on the economy. The impact has been far and wide affecting individuals and businesses. State and local governments have also been severely impacted. The pandemic has created significant declines in sales and other taxes and fees because consumption of goods and services have fallen. People are staying home… [keep reading…]
Category: General
Cares Act Changes for Eligible Retirement Plans
The Coronavirus Aid, Relief, and Economic Security Act (CARES) brings changes and relief to eligible retirement plans for qualifying emergencies and adverse financial consequences related to the current pandemic. Certain highlights of the Cares Act include: The CARES Act relaxes early distribution rules allowing distributions up to $100,000, waiver of the 10% early withdrawal penalty… [keep reading…]
New York Investment Credit
One of the major benefits of being a manufacturer in New York is the various tax credits that New York offers to businesses whose primary purpose is the production of goods within the state. Among the most beneficial of these credits is the New York Investment Tax Credit (“ITC”). Manufacturers who place in service qualified… [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…]
What Does It Mean To Be A Real Estate Professional?
In order to understand what this designation means we need to look back in history to see why it is so important. Prior to 1986, real estate “tax shelters” were used to reduce the taxable income of individuals who were not engaged in the business of real estate. Anyone willing to be a landlord or… [keep reading…]
Nonprofit Board Service
Nonprofit organizations of all kinds (charities, chambers of commerce, membership organizations, etc.) need board members to help guide them. Board service can be a rewarding experience, offering an opportunity for giving back to your community, personal growth, and professional advancement. What should you consider before joining any board? Find an organization with a mission that… [keep reading…]