Insight

The latest industry and
company news from MWE.
banner insight - Insight

Recently In the News

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

EIDL Program Retooled for Still-Struggling Small Businesses

09 22 21 1272683483 bb 560x292 220x166 - Insight

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…

Read More
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

Ida update header 220x166 - Insight

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.

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

Selling a Home: Will You Owe Tax on the Profit?

1631220470941 220x166 - Insight

Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8% over July of 2020. The median home price was $411,200 in the Northeast, $275,300 in the Midwest, $305,200 in the South and $508,300 in…

Read More
Posted in The Bottom Line, Featured Post, Estate Planning, Featured Content

3 Essential Estate Planning Strategies Not to Be Ignored

09 09 21 1089455848 epb 560x292 220x166 - Insight

With most tax planning, there are certain strategies that are generally effective and shouldn’t be ignored. The same holds true for estate planning. Here are three essential estate planning strategies to consider that may help you achieve your goals.

Read More
Posted in Alerts, Featured Content

IRS Announces Tax Relief for New York & New Jersey Victims of Remnants of Hurricane Ida

Ida header 220x166 - Insight

Updated September 14, 2021 The IRS has recently announced that victims of remnants of Hurricane Ida that began September 1, 2021, now have until January 3, 2022, to file various individual and business tax returns and make tax payments.

Read More
Posted in Articles, Featured Content

Reap Tax Rewards from Securities Harvest This Fall

Securities Harvest header 220x166 - Insight

With autumn coming up in a couple of weeks, it’s time to think about “harvesting” capital gains or losses from sales of securities. In addition, unfavorable tax law changes proposed in President Biden’s American Families Plan (AFP) may create an added sense of urgency for some taxpayers. (See “Proposed Tax Law Changes” at right.)

Read More
Posted in The Bottom Line, Featured Post, Infographics, Featured Content

Tax Records: What to Keep, What to Toss

1630590235896 220x166 - Insight

Infographic: For how many years should you keep copies of tax returns?

Read More
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

IL PTET header 1 220x166 - Insight

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.

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

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

08 31 21 1330807591 itb 560x292 220x166 - Insight

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…

Read More
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?

1629414998355 220x166 - Insight

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…

Read More
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

PTET memo 1 220x166 - Insight

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…

Read More
Posted in Alerts, Featured Content, In The News

Baker Tilly Expands in New York with Acquisition of Margolin, Winer & Evens

MWE Logo Thumbnail 220x166 - Insight

NEW YORK (Aug. 9, 2021) – Leading advisory CPA firm Baker Tilly US, LLP (Baker Tilly) announces its intent to acquire New York-based Margolin, Winer & Evens LLP (MWE), one of the largest regional accounting and business advisory firms in the Northeast. The combination will be effective Nov. 1, 2021.

Read More
Posted in The Bottom Line, Estate Planning, Featured Content

Can a Broken Trust Be Fixed?

07 22 21 1192309704 epb 560x292 220x166 - Insight

An irrevocable trust has long been a key component of many estate plans. But what if it no longer serves your purposes? Is it too late to change it? Depending on applicable state law, you may have several options for fixing a “broken” trust.

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

There’s Currently a “Stepped-up Basis” if You Inherit Property — But Will It Last?

07 20 21 1257354272 itb 560x292 220x166 - Insight

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes.

Read More
Posted in The Bottom Line, Featured Post, Infographics, Featured Content

Install Solar Panels and Get a Tax Break

1626357284011 220x166 - Insight

Fun fact: Install solar panels and get a tax break.

Read More
Posted in The Bottom Line, Featured Post, Estate Planning, Featured Content

Heading Across State Lines With Your Trust Requires Planning

07 08 21 474781241 epb 560x292 220x166 - Insight

In some cases, it may be desirable to move a trust to a more favorable jurisdiction. But moving a trust from one state to another can present significant risks, so don’t attempt to do so without considering all the benefits, limitations and risks, and obtaining professional advice.

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

10 Facts About the Pass-through Deduction for Qualified Business Income

1625582793153 220x166 - Insight

Are you eligible to take the deduction for qualified business income (QBI)? Here are 10 facts about this valuable tax break, referred to as the pass-through deduction, QBI deduction or Section 199A deduction.

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

IRS Audits May Be Increasing, So Be Prepared

2021 irs audit LI 220x166 - Insight

The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audit these days, that will be little consolation if yours is one of them.

Read More
Posted in Featured Content, Newsletters

MWE Advisor June Highlights

MWE Logo Thumbnail 220x166 - Insight

June highlights from The MWE Advisor: Tips to lower gas costs on your summer road trip; Which states are opting out of federal unemployment benefits? 

Read More
Posted in Alerts, Featured Content

MWE is Hiring! – Apply Today

MWE Logo Thumbnail 220x166 - Insight

We’re hiring all levels! – Are you or someone you know looking for an opportunity to work at a top accounting and business advisory firm? Easily apply on LinkedIn today for one of our many openings!

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

Eligible Businesses: Claim the Employee Retention Tax Credit

06 28 21 1218710519 sbtb 560x292 220x166 - Insight

The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules.

Read More
Posted in The Bottom Line, Featured Post, Small Business, Featured Content

Traveling for Business Again? What Can You Deduct?

06 21 21 102284864 sbtb 560x292 220x166 - Insight

As we continue to come out of the COVID-19 pandemic, you may be traveling again for business. Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. These rules apply if the business conducted out of town reasonably requires an overnight stay.

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

Tax-Favored Ways to Build Up a College Fund

College Fund featured 220x166 - Insight

If you’re a parent with a college-bound child, you may be concerned about being able to fund future tuition and other higher education costs. You want to take maximum advantage of tax benefits to minimize your expenses. Here are some possible options.

Read More
Posted in The Bottom Line, Featured Post, Estate Planning, Featured Content

Help Guide Your Family with a Road Map for Your Estate Plan

Estate Planning Road Map featured 220x166 - Insight

You’ve likely spent a lot of time working with your advisor to plan your estate. While documents such as your will, various trusts and a power of attorney are essential, consider adding a “road map” to your plan.

Read More
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

Estimated Tax LI 220x166 - Insight

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.

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

Plan Ahead for the 3.8% Net Investment Income Tax

06 01 21 1161082225 itb 560x292 220x166 - Insight

High-income taxpayers face a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some steps you may be able to take to reduce its impact.

Read More
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

Small SALT BLOG BUTTON - Insight

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’…

Read More
Posted in Articles, Featured Content

How Landlords Can Cope with Pandemic Fallout

Landlord LI 220x166 - Insight

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.

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

The DOL Has Withdrawn the Independent Contractor Rule

Independent Contractor featured 220x166 - Insight

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…

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

Working in the Gig Economy Results in Tax Obligations

05 11 21 1219669445 ITB 560x292 220x166 - Insight

Before the COVID-19 pandemic hit, the number of people engaged in the “gig” or sharing economy had been growing, according to several reports. And reductions in working hours during the pandemic have caused even more people to turn to gig work to make up lost income. Keep in mind that there are tax consequences for…

Read More
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

New York’s Budget Decouples From Federal Opportunity Zone Tax Benefits – Is It a Big Swing and Miss for New York Taxpayers?

OZ Featured 220x166 - Insight

As detailed in our previous post, Governor Cuomo signed the 2021-22 New York State (NYS) Budget (The Budget) last month with little fanfare. The Budget contains numerous tax provisions that have broad implications to New York taxpayers. However, one of The Budget’s potentially unfavorable tax provisions, as set forth in Section DDD of…

Read More
Posted in Alerts, Articles, Featured Content

The American Families Plan: Here’s What You Should Know About President Biden’s Proposal

AFP Featured1 220x166 - Insight

President Biden has proposed tax legislation which could significantly impact many individuals and businesses if enacted. In his April 28, 2021 address, President Biden discussed some of the proposals in his $1.8 trillion American Families Plan (AFP), which would make sweeping changes to some of the tax provisions enacted in the Tax Cuts and…

Read More
Posted in The Bottom Line, Featured Post, Small Business, Featured Content

Providing Education Assistance to Employees? Follow These Rules

1620051069034 220x166 - Insight

Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from his or her employer for educational assistance under a “qualified educational assistance program.”

Read More
Posted in The Bottom Line, Featured Post, Estate Planning, Featured Content

Should a Tax Apportionment Clause Be In Your Estate Plan?

04 22 21 1029428234 epb 560x292 220x166 - Insight

Even though the federal gift and estate tax exemption is currently very high ($11.7 million for 2021), there are families that still have to contend with significant federal estate tax liability. Plus, the exemption is scheduled to drop significantly in 2026, and reducing it sooner has been proposed. Even if you aren’t subject to federal…

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

Batter up – The NYS 2021-22 Budget – Is It a Home Run or Strike Out for New York State Taxpayers and Businesses?

NYS 2021 Budget Featured 220x166 - Insight

Spring has officially arrived – flowers are blooming, baseball has begun, and Governor Cuomo signed the 2021-22 New York State (NYS) Budget on April 19, 2021. This year, Albany has been quite engaged in its attempt to enhance New York State’s “field of taxes.”

Read More
Posted in The Bottom Line, Featured Post, Infographics, Featured Content

Why Both Consumers and Retailers Have Embraced POS Lending

POS push 192x166 - Insight

Infographic: Are you ready to buy now, pay later?

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

The New Jersey BAIT Due Date Extensions – A Potential “Bait and Switch” for the Unwary

NJ BAIT Featured 220x166 - Insight

The New Jersey BAIT As many may be aware, in early 2020, New Jersey enacted P.L.2019, c.320 the Pass-Through Business Alternative Income Tax (BAIT) Act, effective for tax years beginning on or after January 1, 2020.

Read More
Posted in Alerts, Articles, Featured Content

PPP Application Deadline Extended in New Law

Featured  PPP Application Deadline Extended in New Law 220x166 - Insight

On March 30, 2021, President Biden signed legislation to extend the application period of the popular Paycheck Protection Program (PPP) through May 31, 2021. This followed a bipartisan 92-7 vote in the U.S. Senate to pass the Paycheck Protection Program Extension Act of 2021.

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

New COVID-19 Relief Law Extends Employee Retention Credit

03 17 21 1187323735 bb 560x292 220x166 - Insight

Many businesses have retained employees during the COVID-19 pandemic and enjoyed tax relief with the help of the employee retention credit (ERC). The recent signing of the American Rescue Plan Act (ARPA) brings good news: the ERC has been extended yet again.

Read More
Posted in Alerts, Articles, Featured Content

New COVID-19-Relief: The American Rescue Plan

Featured1 New COVID 19 Relief Signed The American Rescue Plan 220x166 - Insight

On March 11, 2021, President Biden signed the American Rescue Plan (“The Act”) into law. The Act provides $1.9 trillion of relief and is the third COVID-19 bill signed to help Americans since last March. The Act allocates money for stimulus payments and unemployment benefits, vaccines, schools, small businesses, and more. The following is a summary of…

Read More
Posted in Alerts, Featured Content

IRS Extends the Tax Paying and Filing Deadline for Individuals

Tax deadline moved featured 220x166 - Insight

Updated: March 22, 2021 THE INTERNAL REVENUE SERVICE HAS ANNOUNCED THAT INDIVIDUAL TAXPAYERS WILL BE GRANTED A LIMITED EXTENSION OF TIME UNTIL MAY 17, 2021 WITHIN WHICH TO FILE THEIR 2020 FORM 1040.

Read More
Posted in The Bottom Line, Featured Post, Infographics, Featured Content

Does Daylight Saving Time Save on Energy Costs?

dst push 192x166 - Insight

Fun fact: Why some legislators in one state want to give up Daylight Saving Time.

Read More
Posted in The Bottom Line, Featured Post, Estate Planning, Featured Content

Take control of your charitable donations using restrictions

1614265652892 220x166 - Insight

Did you know that you can put restrictions on charitable donations you make through your estate? If you want the peace of mind that your donations are used to fulfill your intended charitable purposes, you’ll need to take the steps to add restrictions.

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

Work Opportunity Tax Credit extended through 2025

03 01 21 1138022497 sbtb 560x292 220x166 - Insight

Are you a business owner thinking about hiring? Be aware that a recent law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a tax credit known as the Work Opportunity Tax Credit (WOTC) that’s worth as much as $2,400 to $9,600 for eligible employees. The credit is…

Read More
Posted in Alerts, Articles, Featured Content

Act Fast: PPP Changes Provide Greater Access for Smallest Businesses

020421 1222018169 1 lores EG 180x166 - Insight

The Biden Administration announced changes to the Paycheck Protection Program (PPP) to increase lending to smaller businesses and help ensure equitable distribution of loans to them. But qualified businesses may want to act fast because there is a short period when PPP loan applications will exclusively be accepted from businesses with fewer than 20 employees.

Read More
Posted in Alerts, Featured Content

MWE Named a 2021 Forbes Best Tax & Accounting Firm

MWE Logo Thumbnail 220x166 - Insight

For the second year in a row, MWE was named a Forbes Best Tax & Accounting Firm in America. MWE was one over 170 firms recognized in both the tax and accounting categories out of 18,000+ tax & accounting firms.

Read More
Contact Us
reCAPTCHA
ajax loader - Insight
Long Island

1500 RXR Plaza - West Tower, Uniondale, NY 11556
T 516.747.2000 // F 516.747.6707

New York City

757 Third Avenue, Suite 2002, New York, NY 10017
T 212.973.1000 // F 212.973.1004

Grand Cayman

27 Hospital Road, Fifth Floor, P.O. Box 1748GT
George Town, Grand Cayman, Cayman Islands, B.W.I