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IRS New Guidance On The Employer Retention Credit

On August 4, 2021 the IRS issued notice 2021-49 providing additional guidance in regards to the Employee Retention Credit (ERC). The good news is that one of the new provisions extends the ability to claim the ERC credit on eligible wages for the 3rd and 4th payroll quarters of 2021. The notice also defines what […]

Tax Relief for New York Business Owners

New York State has enacted and the IRS has approved a “Pass Through Entity” (PTE) tax. This tax enables the business owners, be they S Corporation shareholders, LLC members or partners, to lower the income flowing to them. In essence, it provides for a work around on the $10,000 limitation of state and local taxes […]

Tax savings through the Small Business Health Options Program

We are writing to you today with new and important information about how to save on your taxes and lower your health insurance costs simultaneously. March 11, 2021, the American Rescue Plan has been signed into law, enhancing the Affordable Care Act by providing new incentives. The New York State of Health is a health plan marketplace. […]

Child Tax Credit (CTC)

The American Rescue Plan, signed into law in March, made important changes to the CTC for many taxpayers. Beside increasing the CTC, the credit is now fully refundable. The maximum annual CTC will be $3,000 per qualifying child between the ages of 6 and 17, and $3,600 per qualifying child under age 6 at the […]

5 Steps to mitigate cyber-attacks

One of our clients was hit with a ransom ware attack. The attackers demanded 3 bit coins (approximately $150,000) . Fortunately they were prepared and did not pay the ransom but the attack did cause a disruption in their business These attack are becoming more frequent and everyone needs to be prepared for an attack. […]

FEMA COVID-19 Funeral Assistance Program Blog

FEMA is now offering U.S. citizens, non-citizen nationals, or qualified aliens who incurred funeral expenses after Jan. 20, 2020 for a death in the U.S. attributed to COVID-19 funeral assistance up to $9,000 per funeral or $35,500 per application (for several funerals). To apply:visit www.DisasterAssistance.gov,or call COVID-19 Funeral Assistance Helpline at844-684-6333 (TTY: 800-462-7585).Hours of Operation: Monday […]

More about PPP and ERC

Regarding the PPP and ERC: That said we discussed two scenarios this morning. The first was a restaurant that opened up in November 2019 and their PPP 2nd draw has been rejected by BOA, Stride and Liberty banks. These banks cited SBA guidance that says if you opened in 2019 that you use the receipts you […]

More Assistance Has Arrived

Fortunately, this past week the Senate finally passed the house version of a bill to extend the 2nd Draw PPP program for another two months.   To recap, in order to qualify for the PPP 2nd Draw request a business must experience a 25% drop in revenue for a quarter in 2021 as compared to […]

Tax and Financial News Updates

1-The biggest tax news regarding the filing of your 2020 tax return contained in the recent stimulus bill passed signed by President Biden is that up to $10,200 of unemployment benefits will not be subject to federal income tax. Unfortunately, no state has yet to follow suit. The filing of some returns maybe delayed as […]

Important changes were made to the Employee Retention Credit

Important changes were made to the Employee Retention Credit (ERC) that increases its availability and benefit. The most important factors are that the credit is now available for those businesses that availed themselves of the Payroll Protection Program (PPP) and extended the credit through the second quarter of 2021. In order for a business to […]