Employee retention credit temporary hold
December 2023
IRS putting temporary hold on Employee Retention Credit.
Student Loan Forgiveness – October 2022
October 2022
The 2022 tax filing season begins on January 24, 2022; however, existing backlogs and longstanding operational problems at the IRS, aggravated by the coronavirus pandemic, are likely to make for a frustrating income tax filing…
Energy Tax Credits – May 2022
May 2022
The 2022 tax filing season begins on January 24, 2022; however, existing backlogs and longstanding operational problems at the IRS, aggravated by the coronavirus pandemic, are likely to make for a frustrating income tax filing…
Important Facts for the 2022 Tax Filing Season for 2021 Tax Returns
January 2022
The 2022 tax filing season begins on January 24, 2022; however, existing backlogs and longstanding operational problems at the IRS, aggravated by the coronavirus pandemic, are likely to make for a frustrating income tax filing…
Third Stimulus Payment Letter from the IRS
January 2022
The IRS began issuing Letter 6475, Your Third Economic Impact Payment, in late January 2022 to individuals who received a third-round economic impact payment in 2021. While
NY Pass-through entity Tax Payment
October 2021
The PTET election should be made by New York entities that have New York partners or shareholders that have their state and local taxes limited by the SALT cap deduction.
Employee Retention Tax Credit Rules for First and Second Quarter 2021
July 2021
The Consolidated Appropriations Act, 2021 (“CAA”) provides relief to individuals, businesses, health care providers, and others impacted by the COVID-19 pandemic.
Electing out of CPAR on Form 1065
February 2021
The IRS recently instituted CPAR to generate more tax revenue from auditing large partnerships. The IRS estimates the new CPAR rules will generate about $9.3 billion in tax revenue for the US government without changing…
Qualified Opportunity Zone Use of Capital Rules
October 2020
The Tax Cuts and Jobs Act enacted new Sec. 1400Z-2, which provides several benefits designed to encourage investment in low-income communities that are designated as qualified opportunity zones (QOZs).
NY Pass-through Entity Tax Payment
December 2021
A payment of the estimated tax liability for the Pass-through Entity Tax (“PTET”) needs to be made by December 31, 2021, to be deductible by the pass-through entity (“PTE”) in 2021.
Revocation of Irrevocable Trusts
November 2021
Under both New York and Pennsylvania law, an irrevocable trust can be terminated only if the grantor and all the beneficiaries involved consent to the trust termination.
Employee Retention Tax Credit Expanded for 2021
February 2021
On December 27, 2020, President Trump signed the Consolidated Appropriations Act into law, which includes various forms of COVID-19 relief (the “New Stimulus Act”).
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