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...
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...
