As explained in our previous posts, on March 18th the Federal government and New York State each passed independent emergency legislation guaranteeing job protection and pay for New Yorkers who have been quarantined as a result of novel coronavirus, or COVID-19. Two days later, on...
Mayor Bill de Blasio announced on March 8 that the City will provide relief for small businesses across the City seeing a reduction in revenue because of COVID-19. Businesses with fewer than 100 employees who have seen sales decreases of 25% or more will be...
The U.S. Small Business Administration has added all counties within the State of New York as eligible for the SBA Economic Injury Disaster Loans. Below please find important information and links from the Town of Brookhaven Division of Economic Development regarding the SBA Economic...
The IRS has made an announcement to not only delay tax owed to the IRS, but has now extended the filing deadline to 7/15. It is important to note that not all states have approved such deadlines. If you are receiving or expecting to...
The Treasury, IRS and US Department of Labor have announced that small and mid sized employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees....
Important information for New York Employers about Covid-19 Paid Sick Leave; Click here to read more: Employers - Covid-19 Paid Sick Leave To address the immediate need of employees affected by COVID-19 who are subject to mandatory or precautionary orders of quarantine or isolation, the new...
TAX CHANGES DUE TO THE CORONAVIRUS On Wednesday, following President Trump’s emergency declaration under the Stafford Act on March 13, 2020, the U.S. Treasury Department and IRS released official guidance to provide relief from tax deadlines to assist in economic relief efforts related to the impact of...
There's a new question on the 2019 version of Form 1040, Schedule 1, that asks taxpayers a yes or no question as to whether they have received, sold, sent, exchanged or otherwise acquired any financial interest in any virtual currency. Click here for FAQ on Virtual...
On December 20, 2019, the federal Further Consolidated Appropriations Act of 2020 was signed into law. It includes new provisions that allow 529 Plan account owners to withdraw assets to pay for certain apprenticeship programs and to pay principal and interest on qualified higher education...
The “Setting Every Community Up for Retirement Enhancement” Act (THE SECURE ACT) can be considered one of the most significant changes to retirement plans in nearly a decade. Highlights of the bill are the following: Selected Highlights of the SECURE Act: • Required Minimum Distribution Relief for...
