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Posted in The Bottom Line, Featured Post, General Business, Small Business, Featured Content

EIDL Program Retooled for Still-Struggling Small Businesses

For many small businesses, the grand reopening is still on hold. The rapid spread of the Delta variant of COVID-19 has mired a variety of companies in diminished revenue and serious staffing shortages. In response, the Small Business Administration (SBA) has retooled its Economic Injury Disaster Loan (EIDL) program to offer targeted relief to eligible…

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Posted in The Bottom Line, Featured Post, State & Local Strategies, Corporate Income Tax, Income and Franchise, Personal Income Tax, Property and Other State/Local Tax Issues, Featured Content

Hurricane Ida Tax Relief – New Jersey Provides “Big Apple-like” Relief While New York State and City “Cherry Pick” Taxpayer Relief

As noted in our recent alert, IR-2021-179 {“Tax Relief”} as initially issued and updated, provides comprehensive relief to business and individual taxpayers affected by Hurricane Ida in the Tri-State area.

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Posted in The Bottom Line, Featured Post, State & Local Strategies, Corporate Income Tax, Income and Franchise, Personal Income Tax, Featured Content

Illinois Enacts Elective Pass-through Entity Tax and Enters the PTET Highway

On August 27, 2021, Illinois governor J.B. Pritzker signed P.A. 102-658 (S.B. 2531), Laws 2021 {“Bill”}, that establishes an elective Pass-through Entity Tax (PTET) for partnerships and S corporations. The Bill permits PTEs to pay an elective tax on income earned or received in the state.

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Posted in The Bottom Line, Featured Post, Individual Tax Brief, Featured Content

You Can Only Claim a Casualty Loss Tax Deduction in Certain Situations

In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But there…

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Posted in The Bottom Line, Featured Post, Accounting & Auditing, Featured Content

Private Companies: Are You on Track to Meet the 2022 Deadline for the Updated Lease Standard?

Updated accounting rules for long-term leases took effect in 2019 for public companies. Now, after several deferrals by the Financial Accounting Standards Board (FASB), private companies and private not-for-profit entities must follow suit, starting in fiscal year 2022. The updated guidance requires these organizations to report — for the first time — the full magnitude…

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Posted in The Bottom Line, Featured Post, State & Local Strategies, Corporate Income Tax, Income and Franchise, Personal Income Tax, Featured Content

New York Pass-through Entity Tax Guidance – A Complex Roadmap for Those Considering Venturing Into New York’s PTET Highway

Just in time for Labor Day, on August 25, 2021, New York State (NYS) issued Technical Memorandum TSB-M-21(1)C, (1)I, {“TSB”). The TSB is New York’s initial guidance in addressing the myriad of technical and procedural issues since New York adopted its elective Pass-through Entity Tax (PTET). The TSB provides comprehensive guidance on…

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Posted in The Bottom Line, Featured Post, State & Local Strategies, Corporate Income Tax, Personal Income Tax, Featured Content

Owners of Pass-Through Entities Electing the NY PTE Tax – Your NY Personal Estimated Tax Payments Must Be Calculated Without a PTET Credit

New York State (NYS) second quarter Personal Income Tax Estimated Payments are due on June 15, 2021. This year, for owners, partners and shareholders of Pass-through Entities (PTE) that are considering electing to be subject to New York State’s Pass-through Entity Tax (PTET), there’s an important wrinkle in the calculation of these estimated payments.

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Posted in The Bottom Line, Featured Post, State & Local Strategies, Corporate Income Tax, Income and Franchise, Personal Income Tax, Featured Content

New York’s Pass-through Entity Tax – Potential Lower Federal Tax Benefits to S Corporation Shareholders

New York’s Pass-through Entity Tax (PTET) may result in significantly lower Federal tax benefits for certain electing S corporations. The potential Federal tax benefits of the New York State (NYS) PTET for resident shareholders of S corporations with low NYS Business Apportionment Percentages (BAP) may be significantly lower than initially expected. Why? The PTET provisions’…

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Posted in Articles, Featured Content

How Landlords Can Cope with Pandemic Fallout

How can tenants pay their regular monthly rent bills if they’re out of work? As unemployment skyrocketed due to the COVID-19 pandemic, Congress enacted a series of laws designed to provide relief to renters and protection from potential eviction. But these relief measures often left owners of residential rental properties holding the bag.

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Posted in The Bottom Line, General Business, Individual Tax Brief, Small Business, Alerts, Featured Content

The DOL Has Withdrawn the Independent Contractor Rule

The U.S. Department of Labor (DOL) announced that it has withdrawn the “independent contractor rule” to maintain workers’ rights to the minimum wage and overtime compensation protections under the Fair Labor Standards Act (FLSA). The rule was enacted by the department under the Trump administration and would have generally considered “gig economy” and certain…

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