NYS Budget Bill Includes Tax Increases for High Income Individual and Business Taxpayers Along with Other Significant Tax Code Changes The fiscal year 2021-2022 New York Budget Bill was approved after passing through the Senate and Assembly. The legislation, which…
IRS Launches Operation Hidden Treasure to Capture Taxable Income Not Reported From Cryptocurrency Transactions The Internal Revenue Service (IRS) is focusing on the millions of taxpayers who have failed to report taxable transactions that they engaged in through their use…
New Bill Looks to Move First Quarter Estimated Tax Payment to May 15 Representative Lloyd Smucker (R-Pennsylvania) has introduced legislation to delay the deadline for the first quarter’s estimated tax payment deadline until May 17 in line with a request…
NYS Addresses Limitation on SALT Deduction for Pass-Through Entity Owners Starting 2022 The federal limitation on the deductibility of state and local taxes (SALT) negatively impacts New Yorkers, especially the owners of pass-through entities (PTEs), e.g., partnerships and S corporations.…
IRS Clarifies Which Meals Qualify for Temporary 100% Expense Deduction The IRS has released guidance explaining when the temporary 100% deduction for restaurant meals is available and when the 50% limitation on the deduction for food and beverages continues to…
Biden Infrastructure Proposal Would Generate Significant Corporate Tax Increases President Joseph Biden recently unveiled his $2.25 trillion infrastructure proposal, which would be paid for, in part, by corporate tax increases. While many of the details have yet to be provided,…
Bill to Extend PPP Application Deadline to May 31 Passes Senate; Awaits President Biden’s Expected Signature COVID-19 Business Update A bill to move the Paycheck Protection Program (PPP) application deadline from March 31 to May 31 won approval in the…
Single Audit Submission Extension OMB issued Memo 20-21 to Federal agencies instruction allowing recipients and sub-recipients that have not yet filed their single audits with the Federal Audit Clearinghouse as of the date of the issuance of OMB Memo M-20-21…
EIDL Loan Limit Raised to $500,000 COVID-19 Business Update Tax Group Starting the week of April 6, the loan limit for COVID-19 Economic Injury Disaster Loans (EIDL) will jump from six months of economic injury with a maximum loan amount…
New York and Many Other States Follows IRS and Extends Income Tax Filing Deadline to May 17 The New York State Department of Taxation and Finance has extended the state income tax filing deadline for individuals to May 17, 2021,…