Tax Implications of SAFE (Simple Agreement for Future Equity) Investment SAFEs (Simple Agreement for Future Equity) are a type of financing instrument used mostly by startup companies. A SAFE is considered a prepaid equity instrument, allowing investors to purchase equity…
Negotiating a Reduction of IRS Penalties Negotiating for a reduction of IRS penalties can be a challenging process, but it’s definitely possible. Here are some steps you can take: *Understand the penalties*: Make sure you understand the reasons for the…
Join us for a Fireside Chat with Richard Levychin, CPA On June 20th Join us for a Fireside Chat with Richard Levychin, CPA, which will be facilitated by Sel Watts, the current President of the EO New York chapter. An…
Employee or Independent Contractor Status Clarified Further by The U.S. Department of Labor The federal Department of Labor (“DOL”) recently issued a new rule regarding which individuals can be properly classified as independent contractors under the Fair Labor Standards Act…
Corporate Transparency Act Ruled Unconstitutional. The Impact On Beneficial Ownership Information Reporting. The US District Court for the Northern District of Alabama found the Corporate Transparency Act (“CTA”) unconstitutional. The CTA, which was enacted on January 1, 2021, requires certain…
Reminder of Annual Election of New York State and New York City Pass-through Entity Tax (PTET) The election to opt in to the New York State and New York City Pass-through Entity Tax (PTET) must be made online on an…
House Passes Bill Expanding Child Tax Credit and Business Breaks The House passed a $78 billion business and child tax break bill that would provide a boon for U.S. companies with large capital and domestic research expenditures. The measure, which…
Galleros Robinson Receives Citation From New York State Assembly For Our Commitment To Public Service.
SBA To Resume Collections Of $100,000 Or Less Past-Due EIDL Loans For Which It Had Seized Collection Activity The Small Business Administration (SBA) stopped collection activities for past-due Economic Injury Disaster Loans (EIDL), loans of $100,000 or less—totaling roughly $62…
IRS to Provide $1 Billion of Late Payment Penalty Relief to Select Taxpayers In anticipation of resuming automated collection notices during 2024, the IRS has announced $1 billion of relief for 4.7 million individuals, businesses, trusts, estates, and tax exempt…