New York Opens COVID-19 Small Business Recovery Grant Program COVID-19 Business Update Applications have opened for New York small businesses to receive grants of up to $50,000 for COVID-related expenses incurred between March 1, 2020, and April 21, 2021. Grants…
Business and Individual Tax Impact of Proposed American Families Plan On April 28, 2021, President Joe Biden announced his proposed American Families Plan. The plan will be funded by an increase in tax revenue over a 10-year period, mostly from…
IRS Issues Guidance on Correcting Excluded Deductions Due to Reliance on Old PPP Rules The IRS has released guidance in Revenue Procedure 2021-20 which will allow taxpayers who reduced their deductions for expenses paid using forgiven Paycheck Protection Plan (PPP)…
Qualifications for Employee Retention Tax Credit Greatly Enhanced for 2021 The Employee Retention Credit (“ERC”) is now available to a broader cross-section of businesses in 2021 as compared to 2020, with the potential for tens of thousands to millions in…
The Unique Tax Characteristics of Cryptocurrency The cryptocurrency market is booming, and new players are consistently entering the fray, such as financial institutions, hedge funds, and large corporations — including Tesla, which recently purchased $1.5 billion in bitcoin. As of…
Key Bullet Points of President Biden’s Tax Plan Below are the key bullet points of President Biden’s recently proposed tax plan. It is important to note that the plan could still see major changes in Congress before it is finalized:…
Biden Seeks $80 Billion to Beef Up I.R.S. Audits of High-Earners President Biden is expected to propose giving the Internal Revenue Service an extra $80 billion and more authority over the next 10 years to crack down on tax evasion…
SEC’s Recent Commentary Slows SPAC Deals Until recently, the IPO market seemed to have shifted more toward SPACs (Special Purpose Acquisition Companies), but that may be changing now with all the SEC guidance that’s been coming out in recent months.…
IRS Enables Select States to Create Workarounds for LLC and S Corporation Federal tax reform which passed on December 22, 2017 forever changed the way we look at itemized deductions found on Schedule A of Form 1040 for individual tax…
Taxpayers Will Experience Delays in IRS Processing of Tax Refunds and Quarterly Tax Payments The Internal Revenue Service (IRS) is holding approximately 29 million tax refunds that need to be processed manually because of the complexities of some of the…