Time Sensitive Penalty Relief for Early-Ended Employee Retention Credit Recent guidance from the IRS provides further clarification for taxpayers that expected to take advantage of the employee retention credit (ERC), which was ended on October 1, by the Infrastructure Investment…
Key Tax Provisions in the Build Back Better Act The House of Representatives recently passed the Build Back Better Act (H.R. 5376) encompasses a wide range of budget and spending provisions. It is estimated that the bill will cost almost…
FASB Declines to Extend Nonpublic Lease Accounting Standard Effective Date Private companies and not-for-profits will not see further relief from the effective date of FASB’s new lease accounting standard after the board voted unanimously to reject a request for a…
Key Tax Provisions of Infrastructure Bill Include Earned Retention Credit Termination There are relatively few tax provisions in the Infrastructure Investment and Jobs Act (H.R. 3684) that passed the House of Representatives late last week and is headed to President Joseph Biden’s desk…
Business Owners: Year-End Tax Planning Strategies Several end-of-year tax planning strategies are available to business owners to reduce their tax liability: DEFERRING INCOME Businesses using the cash method of accounting can defer income into 2022 by delaying end-of-year invoices so…
Payroll Taxes Deferred Under CARES ACT Due in December COVID-19 Business Update The Internal Revenue Service is sending notices to taxpayers who deferred their Social Security taxes last year, warning them that half the taxes will be due by the…
Trump Launches Social Media Company Through A SPAC Former President Donald Trump has merged his private entity Trump Media and Technology Group with Digital World Acquisition Corp. (DWAC), a Special Purpose Acquisition Corporation (SPAC) and will soon launch a new…
TIME SENSITIVE: Deadline for New York State Pass-Through Entity Tax Election for $10,000 SALT Limitation Workaround is October 15, 2021 The federal limitation on the deductibility of state and local taxes (SALT) negatively impacts New Yorkers, especially the owners of…
Updates on Proposed Tax Changes The latest update on the Biden administration’s proposed tax changes comes from the House Ways and Means Committee, and contains many changes to tax provisions and adds new ones. The bill is still being debated in…
IRS Announces Tax Relief for New York Victims of Remnants of Hurricane Ida Victims of remnants of Hurricane Ida that began September 1, 2021 now have until January 3, 2022, to file various individual and business tax returns and make…