The IRS has announced that New York winter storm and snowstorm victims now have until May 15, 2023 to file various federal individual and business tax returns and make tax payments. The counties include Erie, Genesee, Niagara, St. Lawrence and Suffolk Counties. No penalty will be incurred with respect to any filing and payment deadlines…
The SECURE Act…Setting Every Community Up For Retirement Enhancement (SECURE) was initially enacted in 2019. In late December 2022, Congress enacted the Consolidated Appropriations Act, a spending Bill that included significant changes to retirement planning, contributions, and distributions. Known as the Secure Act 2.0 of 2022, it includes a number of retirement, tax, and other…
Not sure whether you have taken advantage of the Employee Retention Tax Credit (ERTC or ERC)? Designed as an incentive for small businesses to keep employees on the payroll during the COVID-19 crisis, the ERC was established to help relieve some of the pressures of business owners by providing a refundable tax credit to eligible…
The IRS has announced tax relief for victims of Hurricane Ida in parts of New York and New Jersey. Individuals and businesses in certain counties within the disaster area now have until February 15, 2022, to file various individual and business tax returns and to make tax payments. This is an additional extension from the…
For those who borrowed money from the Paycheck Protection Program (PPP) in association with the Small Business Association (SBA), recipients have 10 months from the end of their 24-week covered period to apply for loan forgiveness before payments start coming due. For many, the time is now! While the SBA is trying to simplify things…
As anyone who lives in New York State and pays income taxes knows, for tax years beginning after 2017, Taxpayers were limited to a deduction of $10,000 itemized state and local tax on their federal income tax returns. Known as a “SALT” deduction, the $10,000 limitation adversely affected individuals in high tax states such as…
In late March, the State of New York extended the tax filing deadline to May 17, 2021 to match the Federal extension. At the same time, while the IRS excluded unemployment compensation from taxable income, New York State remained silent on the issue. With bills pending in the NYS Senate and Assembly, it was hoped…
Yesterday, the Senate passed the PPP Extension Act of 2021, which extends the deadline for to apply for a first or second Paycheck Protection Program (PPP) loan to May 31. The Act also gives the Small Business Administration (SBA) an additional 30 days, until June 30, to process loan applications that are received by May…
Matching the Federal move to extend the tax filing deadline to May 17, 2021, representatives from New York and New Jersey have announced that the filing deadline in those states have also been extended to May 17th. The 30 day extension is intended to help those residents still coping with complications of the COVID-19 pandemic…
The Treasury Department and Internal Revenue Service announced today that the federal 2020 income tax filing due date for individual tax returns and extensions has been extended to May 17, 2021. Individual taxpayers can also postpone federal income tax payments for the 2020 tax year until May 17th. The relief does not apply to estimated…