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.
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.
Have you received a notice about a $100 Biennial Fee for NYS? Wondering if it is legit? Send it over and let us help you determine whether it’s official before making any payments!
When is the right time to have your small business taxed as an S-Corp? We look at some the pros and cons to consider when weighing this change.
Update: The IRS recently released guidance related to the 20% QBI deduction. In this article we dig into the concept of aggregation and what it means for owners of multiple related businesses.
Our May client bulletin looks at C-Corps vs. S-Corps/LLCs when it comes to Qualified Small Business Stock, taxes on lottery and gambling winnings, and handling health insurance through divorce.