A Quick Guide on Cryptocurrency Including Related Tax Matters This purpose of the series of FAQs below is to, first, provide a basic introduction to cryptocurrency and then address the tax attributes that will impact taxpayers when filing their returns.…
SEC Proposes Rule That Would Require Public Companies to Disclose Emissions The Securities and Exchange Commission (SEC) has announced a proposed rule that would require all publicly traded companies to disclose their greenhouse gas emissions and attendant risks in the financial statements that…
SBA Further Extends Deferment Period for EIDL Payments to 30 Months After the Date of the Loan The US Small Business Administration (SBA) has extended the deferment period for COVID-19 Economic Injury Disaster Loan (EIDL) payments for the third time…
New York State Pass-Through Entity Tax (PTET) Election for 2022 Due March 15th Over the past few weeks, the New York State Department of Taxation has provided updates on Pass-Through Entity Taxes (PTET), which are designed to ameliorate the $10,000…
IRS Sets Sights on Nonfungible Token (NFT) Investors Investors and creators of nonfungible tokens (NFT), a market that has ballooned to $44 billion, face billions of dollars in taxes and federal tax rates as high as 37%. Internal Revenue Service…
IRS to Commence Accepting 2021 Tax Returns Starting January 24 In News Release IR-2022-08, the IRS stated that it will begin accepting and processing 2021 tax returns starting January 24th. This date will allow it time to perform necessary programming and testing in…
Hurricane Ida Tax Relief Extended to February 15 For Part or All of Six Qualifying States Victims of Hurricane Ida in six states now have until February 15, 2022, extended from January 3, to file various individual and business tax…
Economic Disaster Injury Loan (EIDL) Application Deadline is December 31, 2021 COVID-19 Business Update This is a reminder that the deadline to apply for the COVID Economic Injury Disaster Loan (EIDL) is December 31, 2021. EIDL loan applications will be…
S-Corporation Home Office Deductions, Reimbursements, and Expenses If you are an employee of your own S corporation, you have a couple of choices for handling the costs of a qualifying home office: The S corporation can pay you rent for…
New York Pass-Through Entity Tax (PTET) Estimated Tax Payment Reminder The New York State Department of Taxation and Finance is making available the option for taxpayers who have elected into the Pass-Through Entity Tax (PTET) for the 2021 tax year…