Potential NOL Carryback Limitations for NYC Partnerships and LLCs Under the CARES Act, a net operating loss (NOL) generated in 2020 can be carried back as much as five years which will allow taxpayers to receive tax refunds based on the…
Former Baseball Star Alex Rodriguez Files With SEC To Form $575 Million SPAC In a filing with the Securities and Exchange Commission former baseball star Alex Rodriguez has launched Slam Corporation, a Special Purpose Acquisition Corporation (SPAC). SPACs are investment…
Richard Levychin, CPA Participant in a Small Business Strategy Session Hosted by the Brooklyn Navy Yard Development Corporation on February 2. Galleros Robinson Partner, Richard Levychin, CPA, was a participant in a Small Business Strategy session hosted by the Brooklyn…
Democrats Considering Repealing SALT Deduction Cap via Pandemic Relief Bill COVID-19 Business Update Tax Group Democrats in Congress are considering adding a provision to the next pandemic relief bill that would repeal the $10,000 federal cap on deductions for state…
Shuttered Venue Operators Program Scheduled to Open in Early April 2020 COVID-19 Business Update Tax Group The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, P.L. 116-260, the COVID-19 relief bill that was signed into law in late December 2020 included…
Calculating PPP Payroll Costs For a Partnership or LLC When Applying for a PPP 2 Loan COVID-19 Business Update Tax Group Below are the steps for calculating Payroll Protection Plan (PPP) payroll costs when applying for a PPP 2 loan:…
President Biden’s Key Income Tax Proposals Below you will find a quick summary of President Biden’s key income tax proposals. Please note the following summary is based on the current proposal. Galleros Robinson’s tax specialists will be monitoring developments of…
PPP Loan Forgiveness Rules for S Corporations COVID-19 Business Update Owners of 5 percent or more of an S corporation who are also employees are eligible for Payroll Protection Plan (PPP) loan forgiveness of up to 20.83% of their employee…
NYS Income Tax Treatment of PPP Loan Forgiveness & PPP Related Expenses COVID-19 Business Update Tax Group New York State will not tax the income from the forgiveness of PPP loans, nor disallow any of the deductions related to this…
IRS Will Start Processing 2020 Tax Returns on February 12th The IRS will start accepting and processing 2020 tax returns on Friday, February 12th. This is later than in most previous years when tax return processing started in January. The…