The Families First Coronavirus Response Act The Families First Coronavirus Response Act (the Act) which was recently passed will take effect April 2, 2020. Here is our summary of the key provisions of the Act that will impact employers. 1.…
New York City Small Business Grant and Zero Interest Loan Programs NYC Employee Retention Grant Program Application Now Open! This grants offers small businesses and nonprofits with fewer than 5 employees a grant to cover 40% of payroll costs (up…
SEC Amends Audit Requirements for Public Companies with Less Than $100 Million in Revenue The Securities and Exchange Commission will exempt smaller public companies with less than $100 million in annual revenue from the requirement for an attestation of their…
IRA Rules Have Changed Under the SECURE Act There are important new rules to be aware of as it relates to individual retirement accounts (IRAs) that were included as part of the Setting Every Community Up for Retirement Enhancement Act…
Opportunity to Expense Select Inventory Items Under the Tax Cuts and Jobs Act, a retail owner can write off inventory in the year it is purchased, as long as the item is under $2,500 and their average annual gross receipts for…
Entities Now Able to E File Applications For Tax-Exempt Status With IRS Entities will now be able to electronically apply for tax-exempt status with the Internal Revenue Service with a newly revised form 1023. The new e-filed form, however, is…
A Quick Overview on the Tax Advantages and Disadvantages of the LLC, C Corp. and S Corp. Structures LLC (Limited Liability Company) An LLC’s profits and losses flow through to its owners’ (known as “members”) personal tax returns. Note that…
Key Components of the Recently Enacted Setting Every Community Up for Retirement Enhancement (SECURE) Act Below are the key components of the recently enacted Setting Every Community Up for Retirement Enhancement (SECURE) Act: Ability to make changes to safe-harbor retirement…
New Jersey Bypasses SALT Cap With Passage of Pass-Through Business Alternative Income Tax Act The State of New Jersey recently passed The Pass-Through Business Alternative Income Tax Act which permits flow-through businesses in New Jersey, such as sub-S corporations, partnerships,…
Investors in Real Estate Investment Trusts (REITs) Enjoy Enhanced Opportunities Under The Tax Cuts and Jobs Act The Tax Cuts and Jobs Act (TCJA) has created increased opportunities tax wise for investors in real estate investment trusts (REITs). REITs are…