The Employee Retention Credit (ERTC/ERC) is a fully refundable Internal Revenue Service (IRS) payroll tax credit. The IRS urges employers to take advantage of this credit to help keep employees on the payroll as they try to keep their doors open during the pandemic....
Business Tax
How will President Biden’s tax plan impact my taxes?
President Joseph Biden’s 2022 Budget Proposal includes two plans that will directly impact taxpayers throughout the country: the American Jobs Plan and American Families Plan. The following will discuss some of the basics of these plans and how they would impact both...
Is New York’s Pass-Through Entity Tax a SALT cap workaround?
New York’s Pass-Through Entity Tax (PTET) is an optional tax available for partnerships and S corporations. When used wisely, election of the PTET may help to bypass the Tax Cuts and Jobs Act’s (TCJA) $10,000 state and local tax (SALT) limitation. How does this work?...
Have New York and California taxes led to a mass exodus?
The basic tax structure in the United States went through a major overhaul with the Tax Cuts and Jobs Act (TCJA) about three years ago. One major change involved limits on the deductions taxpayers could take on their federal tax returns for state and local tax...
IRS announces changes to employee retention credit program
The Internal Revenue Service (IRS) recently announced updates to its employee retention credit (ERC) program. The agency clarifies the updates are specifically for the first and second quarters of 2021. The credit, as noted in a recent publication in the Journal of...
Two tips to convert a side hustle into a successful business
Technology advances have arguably made the ability to start a business easier than ever before. We can start our own websites and expand our markets throughout the country, and even globally, with little more than a push of a button. Taking these steps may seem...
NY man sentenced to 18 months imprisonment for tax evasion
A local court recently sentenced a businessman with a thriving law practice in New York to over one-year imprisonment for tax evasion. The government accused the businessman, who specialized in bankruptcy and criminal defense matters, of tax evasion in both his...
Coronavirus laws trigger need to review tax returns: Part 4
Lawmakers recently passed tax laws to address the economic impact of the current coronavirus pandemic. Previous posts in this series discussed the impact of these laws on net operating losses (NOL), real estate qualified improvement property (QIP) and excess business...
Coronavirus laws trigger need to review tax returns: Part 2
As noted in Part 1, the Coronavirus Aid, Relief, and Economic Security (CARES) Act resulted in changes that impact past tax filings. The previous post delved into the impact of these changes on net operating losses (NOLs). This post will discuss how the law impacts...
Coronavirus laws trigger need to review tax returns: Part 1
The United States government passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law to help provide financial stability during these uncertain times. The piece of legislation led to many changes — changes that could directly impact tax returns...