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,...
Heading into March 2021, the United States had previously provided over $4 trillion in economic relief to the American people in response to the coronavirus pandemic that began to plague the country a year ago. But the U.S. government was far from done. On March 11, 2021,...
EMPLOYEE RETENTION TAX CREDIT - UPDATED EMPLOYER GUIDANCE On January 4th, 2021 Congress passed into law The Consolidated Appropriations Act to help all taxpayers impacted by the ongoing Coronavirus pandemic. This $900 Billion package included an additional round of stimulus checks to qualifying individuals, enhanced unemployment...
As we get closer to year-end and the beginning of the new year, businesses that pay vendors for labor or services should ensure they have Forms W-9’s on-file now so that Form 1099 can be issued in January. Form W-9 is a request for each...
The Federal government and NY State continue to pass laws that add layers of compliance relative to their Human Resources functions and payroll processing rules. Therefore, Fuller Lowenberg highly recommends that clients look into a payroll service that will stay on top of keeping their...
