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

Help guide your family with a road map for your estate plan

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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.

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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

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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, Individual Tax Brief, Featured Content

Plan ahead for the 3.8% Net Investment Income Tax

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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.

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Posted in Articles, Featured Content

How Landlords Can Cope with Pandemic Fallout

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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 Featured Content, Newsletters

MWE Advisor May Highlights

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

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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

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

Working in the gig economy results in tax obligations

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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…

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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

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

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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…

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Posted in Alerts, Articles, Featured Content

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

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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…

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

Providing education assistance to employees? Follow these rules

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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.”

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

Should a tax apportionment clause be in your estate plan?

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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…

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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?

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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.”

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

Why both consumers and retailers have embraced POS lending

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

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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

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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.

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Posted in Alerts, Articles, Featured Content

PPP Application Deadline Extended in New Law

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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.

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

New COVID-19 relief law extends employee retention credit

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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.

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Posted in Alerts, Articles, Featured Content

New COVID-19-Relief: The American Rescue Plan

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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…

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Posted in Alerts, Featured Content

IRS Extends the Tax Paying and Filing Deadline for Individuals

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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.

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

Does daylight saving time save on energy costs?

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

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

Take control of your charitable donations using restrictions

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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.

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

Work Opportunity Tax Credit extended through 2025

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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…

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Posted in Alerts, Articles, Featured Content

Act Fast: PPP Changes Provide Greater Access for Smallest Businesses

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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.

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Posted in Alerts, Featured Content

MWE Named a 2021 Forbes Best Tax & Accounting Firm

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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.

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Posted in Alerts, Articles, Featured Content

COVID-19-Related Relief Is Signed Into Law

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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…

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