New York State Update on New Passthrough Entity Tax
New York (NY) has recently enacted a Passthrough Entity Tax (PTET) for tax years beginning after January 1, 2021. The new law, which falls under Article 22 and 24-A of the New York tax law, allows eligible partnerships and S-Corporations to make an annual election to pay this entity-level tax on behalf of their partners […]
IRS Provides Employee Retention Credit Guidance
The Internal Revenue Service (IRS) recently issued guidance with Notice 2021-49 (the Notice) regarding the employee retention credit (ERC). The Notice provides guidance for added categories of Recovery Startup Businesses and financially distressed businesses. Furthermore, the Notice clarifies some questions that apply to the ERC for 2020 and 2021 including tip wages and owner wages. […]
New Vehicle LIFO: Tax Planning for 2021
by Scott Lewis, CPA, MSA We can all agree that 2021 has been an interesting and somewhat challenging year in the automotive retail industry, specifically in maintaining new vehicle inventory. Between COVID-19 related temporary factory shutdowns by the Original Equipment Manufacturers (OEM) and their suppliers, combined with the global chip shortage, over 2 million new […]
Webinar: “The Future of Investing: The Beginning of a New Era” is now available
In case you missed it… Our webinar with Fieldpoint Private, “The Future of Investments: The Beginning of a New Era” is now available for viewing at: https://bit.ly/3ADCU8Z Thank you, Ken Rosenfield, Marc Angle, Cameron Dawson, CFA, and Paz Criado for the wonderful and very informative presentation on investing in the current market, tips for portfolios, returns […]