News & Guidance
Understanding accounting rules and tax law is no easy task. As recent legislation shows, the law is always changing too! The information below is designed to serve as a quick reference tool, not accounting or tax guidance.
If you have questions concerning any of the information below, we suggest you call our office.
IRS Limitation Changes For 2021
The IRS has released various rates and limitations for 2021 that you might find helpful. [READ MORE]
Consolidated Appropriations Act, 2021
On December 27, 2020, the President signed into law a new stimulus package that includes many key business provisions - including a new Payroll Protection Program (PPP2). [READ MORE]
PPP Flexibility Act
On June 5, 2020, the Paycheck Protection Program Flexibility Act of 2020 was signed into law. This law allows PPP receipients the opportunity to utilize PPP loan funds over an extended period of time which increases the potential for forgiveness. Key Provisions include [READ MORE]
Economic Impact Payments
To provide relief to individuals as a result of the ongoing Covid-19 Coronavirus pandemic, the IRS is issuing economic impact payments to individuals who have filed a tax return in the past two year. Subject to income limitations, many taxpayers have already begun to receive payments [READ MORE]
CARES Act - Payroll Protection Program
Signed into law on March 27, 2020, the CARES Act, and associated Payroll Protection Program is unlike any other economic stimulus program we have seen. Eligible businesses and self employed individuals can obtain a loan of up to 2.5 times their average monthly payroll costs, and are eligible to have a portion of their loan forgiven, simply by continuing to pay their employees [READ MORE]
Families First Coronavirus Response Act
To provide relief to employees and small and midsize businesses due to the ongoing Covid-19 Coronavirus pandemic, President Trump signed the Families First Coronavirus Response Act on March 18, 2020. Key components of this relief legislation include [READ MORE]
Small Business Administration Disaster Loan Program
In response to the Covid-19 Coronavirus Pandemic, the Small Business Administration (SBA) has launched a special loan program for businesses directly impacted. For a summary of information on the program [READ MORE]
Many business owners across the country have been impacted by the sudden closure of Mypayrollhr. If you had funds frozen, or have employees still impacted from the withdrawals that took place on September 5, 2019 - please be sure to provide a victim’s impact statement to the FBI. [FBI FORM]
Ten Things Taxpayers Should know
It’s the time of the year when many taxpayers choose a tax preparer to help file a tax return. These taxpayers should choose their tax return preparer wisely. This is because taxpayers are responsible for all the information on their income tax return. That’s true no matter who prepares the return. [READ MORE]
Is it possible that you could have unclaimed funds?
Many organizations are required by law to report dormant accounts to the State Comptroller. In addition, organizations are then required to notify you by mail and publish information in newspapers. Despite such efforts, funds still remain unclaimed and are then turned over to the Office of the State Comptroller. [READ MORE]
Credit Card Surcharges
In October 2018, the New York State Court of Appeals rules that New York State Merchant Businesses can legally pass on their credit card processing fees to their credit card customer and still comply with the New York's General Business Law Section 518, as ong as they disclose the dollar and cents price charged to the credit card customer. They must comply with each of the credit card companies requirements and consumer diclosure guidelines. [READ MORE]
2018 Tax Cuts and Jobs Act
On January 1, 2018, the most significant change to tax law in the past 30 years went into effect. Known as the Tax Cuts and Jobs Act (TCJA) Law, this law provides sweeping changes to how businesses and individuals are taxed. [READ MORE]
For more information on any of these topics, contact us at 518.270.9243.