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...
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...
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...
Many businesses starting to re-open are not at 100% capacity or are subject to restrictions which causes them to need less labor. In New York, there is a Shared Work program which allows employers to keep their employees while allowing them to receive partial Unemployment...
Extension for the Abatement of Penalties and Interest for Sales and Use Tax due to the Novel Coronavirus, COVID-19 The Tax Commissioner’s authority to abate interest, in addition to late filing and payment penalties, for taxpayers who were required to file returns and remit sales and use taxes...
The Tax Commissioner’s authority to abate interest, in addition to late filing and payment penalties, for taxpayers who were required to file returns and remit sales and use taxes by March 20, 2020, for the sales tax quarterly period that ended February 29, 2020, was scheduled to expire...
New York Forward Loan Fund (NYFLF) is a new economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE. NYFLF targets the state’s small businesses with 20 or fewer...
