COVID-19 Relief Bill and Its Changes to the Employee Retention Credit
by Andreas Petrou, CPA Now that the Consolidated Appropriations Act of 2021 (The Act) has been finally signed into law, we can look into the changes of the Employee Retention Credit (ERC). Before The Act was signed, the ERC could only be claimed by employers who did not participate in the Paycheck Protection Program (PPP). […]
Consolidated Appropriations Act 2021
by Jennifer Kobylarz, CPA, MST After months of uncertainty and an ostensibly endless back and forth between the Democrats and the Republicans, Congress finally worked together to pass the Consolidated Appropriations Act, 2021 (The Act) on December 21, 2020. Portions of this Bill have been widely discussed over the past few months as business organizations, […]
New York – Corporate Income Tax: MTA Surcharge Rate Increased for 2021, Deriving Receipts Thresholds Unchanged (Dec. 18, 2020)
by Jennifer Kobylarz, CPA, MST The New York corporate franchise tax MTA surcharge rate will increase from 29.4% to 30% for tax year 2021. The rate will remain the same for future tax years, unless the Commissioner of Taxation and Finance confirms a new rate. Taxpayers should consider the 30% MTA surcharge rate when deciding on the amount of the second, third, and […]
State and Local Tax (SALT) Deductions for Individuals
by Andreas Petrou, CPA and Svetlana Romano There is some great news in the world of taxation for small businesses. As of November 9, 2020, the IRS released guidance (Notice 2020-75) which agrees that pass-through entity (PTE) businesses can claim entity-level deductions for state income tax paid under state laws. This results in shifting the […]