Insight

On March 27, 2020 President Trump signed into Law the Coronavirus Aid, Relief, and Economic Security Act. The sweeping legislation gives substantial relief to business owners and individuals. It is the third stimulus package passed this year to help the country recover from the effects of the coronavirus pandemic, which, for some states, has forced…

In the wake of declaring a State Disaster Emergency, New York Governor Cuomo has issued an executive order expanding the Tax Commissioner’s authority to abate late filing and payment penalties to also allow the Commissioner to abate interest on quarterly sales and use tax filings and remittances with a due date of March 20, 2020…

President Trump has signed into Law the Families First Coronavirus Response Act (FFCRA). The FFCRA requires that certain employers provide expanded paid leave and/or emergency family leave to certain employees. The requirements vary based on several factors including the employer’s number of employees, the length of time the employee has been employed by the employer…

Treasury Secretary Steven Mnuchin announced Friday, March 20th, that the Trump administration has decided to push the federal income tax filing and payment date to July 15 from April 15.

On March 18, 2020 the Secretary of the Treasury issued a notice which grants relief with respect to the timing of the payment of Federal Income Tax which would otherwise be due on April 15, 2020. The relief grants taxpayers an extension of time until July 15, 2020 to make the payment and applies to…

The Trump administration has announced that most individuals and businesses will be allowed to delay paying their federal tax bills for 90 days as part of an emergency relief plan amid the coronavirus pandemic. After the news broke, The Associated Press caught up with MWE tax partner Lance Christensen, CPA, to provide answers to…

Clients and Friends: MWE is closely monitoring the ongoing developments related to Coronavirus (COVID-19). The safety and well-being of our staff, their families and our clients is our highest priority. We want to reach out to ensure you that we are taking the necessary steps and precautions to maintain a safe and productive work environment…

MWE senior manager Rory Cahill, CPA, has been named to Long Island Business News’ most recent “Movers & Shakers” list. Rory recently joined the firm’s tax department where he specializes in tax planning and compliance for real estate clients. He has an extensive background in advising clients on the tax aspects of mergers &…

Do you conduct your business as a sole proprietorship or as a wholly owned limited liability company (LLC)? If so, you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by using an S corporation.

Can married taxpayers file separately to lower their tax bills? According to MWE tax partner Lance Christensen and senior tax manager Jennifer Bobé, it depends on a couple’s specific financial situation. Yesterday, Fox Business caught up with the pair to discuss the situations in which married couples, or soon to be divorced couples,…

MWE was recently named a Forbes Best Tax & Accounting Firm in America, landing on their inaugural 2020 list. MWE was one of over 200 firms recognized in the tax category out of 18,000+ tax & accounting firms.

February highlights from The MWE Advisor: Winners and losers of the Tax Cuts and Jobs Act two years later; A new Tax Relief Act extends various business credits and incentives for manufacturing companies.

Fun fact: Researchers have found a downside to high employment rates.

Follow us on our journey from our old office to our new home at RXR Plaza.

When the Qualified Opportunity Zone tax incentive was introduced in 2017 as part of the Tax Cuts and Jobs Act, many believed it would spark new real estate development across the country. However, enthusiasm surrounding the federal program has fizzled, especially in the Bronx. In a recent City Limits article, MWE partner Scott O’Sullivan…

Right now, you may be more concerned about your 2019 tax bill than you are about your 2020 tax situation. That’s understandable because your 2019 individual tax return is due to be filed in less than two months. However, it’s a good idea to familiarize yourself with tax-related amounts that may have changed for 2020.…

For 2020, the lifetime combined gift and estate tax exemption has reached a whopping $11.58 million ($23.16 million for married couples). As a result, under current law, few people will be subject to federal gift taxes. If your wealth is well within the exemption amount, does that mean there’s no need to file gift tax…

In its first major overhaul in more than three decades, the W-4 form, which tells employers how much federal income tax to withhold from an employee’s paycheck, has dropped the withholding allowances portion of the form. In a recent news story, MWE tax senior manager Jennifer Bobé talks to Newsday about…