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.
Author Archives: Jason Ackerman
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.
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.
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.
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).
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.
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.
Every business and every business owner should have an external support team. Learn how to create one in our latest blog post.
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.
Now that the deadline to submit PPP loan applications is behind us, it’s time to focus on having these loans forgiven. The SBA and Treasury recently released an FAQ covering PPP forgiveness, so we want to quickly recap what we learned and talk about how it affects you and your PPP.