The US Department of Labor has announced that four states will be subject to a FUTA Credit reduction; California, Connecticut, Illinois, and New York. These states had outstanding loans from the Federal Unemployment Trust Fund as of November 10, 2022. These loans all stem from...
As part of the Fiscal Year 2023 New York State Executive Budget legislation, $1.2 billion in funding has been allocated for the payment of bonuses for certain frontline healthcare workers. This was made available to recognize the efforts of the health care and mental hygiene...
Background The New York State Unemployment Insurance (UI) Fund is funded directly by Employer Contributions on their Quarterly Payroll Tax Returns (NYS-45). When an individual claims unemployment, NYS will pay out the benefits from the NYS UI Fund, and the respective employer will be assessed an...
New York State has announced another program designed to help small businesses that have been, and continue to be, impacted by the COVID-19 Pandemic. The COVID-19 Capital Costs Tax Credit Program has made $250 million available to small businesses that made investments to comply with...
In April 2022, New York State passed its fiscal State Budget Bill which included significant changes to the Pass-Through Entity Tax. Below is a summary of changes that will take effect both this year and for 2023. NYS PTET Extension Deadline Subsequent legislation has now changed the...
The New York State 2022-2023 Fiscal Year budge has included a one year, $2.2 billion program that will help taxpayers offset some of the financial pressure from the coronavirus pandemic and inflation. The process for mailing out these checks has already started, and some taxpayers...
This upcoming year will be the first full year of the New York State Pass-Through Entity (PTE) Tax and there are new procedures that need to be considered. If you are interested in more information from when this was first introduced, please read our previous...
Earlier this year, New York State enacted an optional pass-through entity tax ("PTET") which can be used as a possible workaround for owners of passthrough entities effected by the $10,000 limitation of State and Local Taxes ("SALT") passed under the Tax Cuts and Job Act...
The Internal Revenue Service and the Treasury Department have made adjustments to the Paid Leave Tax Credit to now allow employers to claim a tax credit for providing paid time-off to employees that take either themselves or a family/household member to get vaccinated for COVID-19,...
SBA Paycheck Protection Program - Direct Forgiveness Portal The SBA has officially launched a streamlined application portal to allow businesses with a Paycheck Protection Program (PPP) Loan of $150,000 or less to apply for forgiveness directly through the SBA. The Direct Borrower Forgiveness process is an...
