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.
Helpful Articles
New York State’s New COVID-19 Tax Credit for Small Businesses
Read up on New York State’s new COVID-19 tax credit for small businesses in our latest Article
October Client Bulletin
This month’s newsletter covers some of the common signs of identity theft and what you can do if you find that you’re a victim.
Recap of The House Ways and Means Committee’s Recent Tax Proposal
During the week of September 13th, the House Ways and Means Committee issued a tax proposal involving rather expansive changes to the Code in terms of increased tax rates primarily aimed at high-net-worth taxpayers and corporations. Learn more in this article.
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.
Avoiding the SALT Limitation – New York Enacts a Pass-Through Entity Tax to Help Taxpayers Work Around the SALT Limitation
The limitation on the deductibility of state and local taxes (“SALT”) at $10,000 was part of the Tax Cuts and Jobs Act back in 2017. Learn about New York’s pass-through entity tax to help you work around it.
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.
Fraud During a Pandemic – How Scammers are Using Identity Theft to Claim Unemployment Benefits
In a widespread scam, identity thieves are filing fraudulent unemployment claims and collecting benefits using the personal information of victims. Read more about this in our latest blog post.
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).