The Danger of Bonus Depreciation on Passive Investments in New York
WFFA partner, Jason Ackerman, explains what bonus depreciation means for a New York taxpayer.
Author Archives: Jason Ackerman
New York Pass Through Entity Tax Update & How to Actually Make the Election
New York state has finally answered our questions regarding the new Pass Through Entity Tax (i.e. the SALT workaround), which can help you decrease your tax bill. The election to opt in to this new tax must be made by October 15th, 2021. This article will walk you through exactly how to make the election on the NYS website.
For the Love of a Child (and Dependent Care Tax Credit)
Read about the American Rescue Plan Act of 2021 and its updates to the the Child and Dependent Care Credit in our latest blog post.
Attention New Yorkers – Tax Changes Coming Your Way
New York state has revealed its new budget, along with several tax changes. We cover the tax highlights that may be relevant to your wallet and your business.
PPP Update and a Second Stimulus Bill – Congress Decides to Act!
Congress passed a second major stimulus to help the economy survive COVID, and there are major PPP and non-PPP ramifications to be aware of, especially for small businesses.
Changes to Form 1099-MISC, Introducing Form 1099-NEC
2020 is bringing changes to an IRS reporting requirement that affects businesses that make payments to independent contractors, freelancers, or others that provide services to your company (other than as an employee).
PPP Update – When Is My PPP Forgiveness Taxable?
Congress made its original intention clear – the PPP was to be a forgivable loan that, upon forgiveness, would generate tax-free income. The IRS had other plans. Learn more in our latest blog post.
Navigating Your 2020 Tax Plan
As we near the end of 2020, it is time to start thinking about what tax planning strategies should be put in place before year-end to minimize your tax burden. Check out our 2020 tax planning guide in our latest blog post.
Your Team is a Wheel (and Sometimes a Football Team) The importance of building your company’s support team (and how to aggressively mix metaphors)
Every business and every business owner should have an external support team. Learn how to create one in our latest blog post.
PPP Update – Forgiveness Help for Small Businesses with PPPs of $50,000 or Less
The SBA and Treasury released (yet) another update to the PPP rules, this time focusing on helping the smallest borrowers, those with PPP loans of $50,000 or less.