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...
Paycheck Protection Program Loans: Loan Forgiveness Deadlines Are Fast Approaching Established under the Coronavirus Aid, Relief and Economic Security (CARES) Act, the Paycheck Protection Program (PPP) allocated $349 billion in forgivable loans to small businesses in order to pay their employees during the COVID-19 crisis. What seemed...
Beginning July 15, 2021, the IRS will automatically begin to distribute equal, monthly payments as an advance of the 2021 Child Tax Credit that would normally be received when filing your 2021 Individual income tax return. Under the American Rescue Plan Act, if you claimed...
New York State Emergency Rental Assistance Program (ERAP) Are you or your tenant behind on rent payments? Then the New York State Emergency Rental Assistance Program could provide significant economic relief. This program is designed to help low and moderate-income households at risk of experiencing homelessness...
Pandemic Small Business Recovery Grant Program New York State has granted permission to Empire State Development, the state’s primary business-aid agency, to begin accepting applications and making more than $800 million available in grants for small-businesses. The window to apply for this grant has been open...
Charge Ready NY Rebate New York State Energy Research & Development Authority (NYSERDA) Charge Ready NY is offering rebates of $4,000 to public and private organizations that install Level 2 Electric Vehicle (EV) charging stations at public parking facilities, workplaces, and multifamily apartment buildings. The rebate...
New York State Pass-Through Entity Tax Under the Tax Cuts and Job Act that was passed in 2017, each individual taxpayer was limited to $10,000 of State and Local Taxes (“SALT”) to be allowed as an itemized deduction on their personal Federal tax return. Since then,...
