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.

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.

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.

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.

May highlight from The MWE Advisor: Eligible parents will begin receiving advance Child Tax Credits starting July 15th.

The U.S. Department of Labor (DOL) announced that it has withdrawn the “independent contractor rule” to maintain workers’ rights to the minimum wage and overtime compensation protections under the Fair Labor Standards Act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…

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…

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…

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…

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.”

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…

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.”

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

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.

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.

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.

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…

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.

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

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.

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…

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.

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.

Updated: January 7, 2021 On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, 2021 (“The Act”). This was the fourth stimulus package passed in 2020 and comes after months of protracted negotiations. The Act contains numerous tax and nontax provisions and includes several extensions of popular provisions of earlier COVID relief…