SBA Annouces opening of PPP direct forgiveness portal08/02/2021
WASHINGTON – The U.S. Small Business Administration (SBA) is launching a streamlined application portal to allow borrowers with Paycheck Protection Program (PPP) loans $150,000 or less through participating lenders to apply for forgiveness directly through the SBA.
IRS REFUNDS BACKLOG07/23/2021A growing backlog of unprocessed tax returns now stands at 35 million, creating ongoing refund delays for millions of taxpayers, the National Taxpayer Advocate said in a recent report. That represents an increase in the IRS' backlog of unprocessed returns from May, when it was holding 31 million returns.
COVID-19 Special update: Treatment of personal unemployment compensation by states03/29/2021
Click on the link to see current state updates
Covid 19 Special Update- Coronavirus relief for retirement plans and IRAs10/20/2020 | IRS
The Coronavirus Aid, Relief, and Economic Security (CARES) Act makes it easier for you to access your savings in Individual Retirement Arrangements (IRAs) and workplace retirement plans if you're affected by the coronavirus. This relief provides favorable tax treatment for certain withdrawals from retirement plans and IRAs, including expanded loan options.
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Year end Tax Planning 202111/23/2021 | self
As hard as it is to believe, another round of tax changes appear to be coming. And as Congress debates possible tax changes, taxpayers are left wondering what should I be expecting and what should I be doing? Without a crystal ball, it is difficult to know for sure. However, to help, we have put together this piece to highlight strategies that are worth considering.
HNW individuals: Practical planning tips for 202111/23/2021 | self
Often planning is implemented on the advice of good advisors and with the best intentions. However, many times this planning falls short because of the failure to “manage” it. Here is a list of mistakes we see so regularly that we feel compelled to point them out.
Covid-19 Special Update: State Postpones Tax Deadlines Until July 15 Due to the Coronavirus Pandemic04/01/2020
Sacramento – The Franchise Tax Board (FTB) today announced updated special tax relief for all California taxpayers due to the COVID-19 pandemic. FTB is postponing until July 15 the filing and payment deadlines for all individuals and business entities.
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Covid-19 Special Update: State extends Filing and Payment Deadlines for Sales Tax and Room Occupancy Tax04/01/2020
At the direction of Governor Ned Lamont, and in recognition of the impact of COVID-19, the Department of Revenue Services (DRS) is providing immediate administrative tax relief to Connecticut small businesses. DRS is granting an automatic extension of filing and payment deadlines for Sales Tax and Room Occupancy Tax.
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Covid-19 Special Update: Department of Revenue Services extends filing and payment deadlines for personal income tax returns to July 15, 202004/01/2020
At the direction of Governor Ned Lamont, the Connecticut Department of Revenue Services (DRS) is extending the filing and payment deadline for personal income tax returns 90 days, to July 15, 2020. The extension also applies to Connecticut estimated income tax payments for the first and second quarters of 2020.
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Covid-19 Special Update: Telecommuter Covid-19 Employer and Employee FAQ04/01/2020
As our Federal and State governments continue to react to the COVID-19 pandemic in real-time with a primary focus on limiting travel, large gatherings and the movement of our citizens, many businesses are executing contingency plans which require their employees to work remotely where possible. The reassignment of work locations and/or the displacement of workers due to health safety precautions raises many employers and employee concerns.
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Covid-19 Special Update: NJDOL Benefits and the Coronavirus: What Employees Should Know03/29/2020
New Jersey has among the most comprehensive Earned Sick Leave, Temporary Disability, and Family Leave Insurance laws in the country, which cover all employees – full-time, part-time, temporary and seasonal.
NY Passthrough Entity Tax (PTET)10/06/2021 | PTETNYSDOT
The passthrough entity tax (PTET) is an optional tax that partnerships and NY S corporations may annually elect to pay on certain income for the tax years begining on or after January 1, 2021.
The link provides Pellegrino Saccomani & Wells, CPA's, LLP presentation and additional materials.
Covid-19 Special Update: Tax relief for quarterly and annual filers sales tax vendors affected by Covid-1903/23/2020
If you are a quarterly or annual sales tax vendor, and you were unable to file or pay your March 20, 2020, sales tax return due to COVID-19, you may be eligible to apply to have penalty and interest waived. To determine whether you are eligible, see N-20-1, Announcement Regarding the Abatement of Penalties and Interest for Sales and Use Tax due to the Novel Coronavirus, COVID-19.
Covid-19 Special Update: Relief for taxpayers affected by Coronavirus Pandemic04/01/2020
Governor Northam has outlined several steps to provide tax relief to citizens during this time.
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