NY Gov. Kathy Hochul announced this week that applications are now being accepted from small businesses that have successfully completed the prescreening process to become certified for the COVID-19 Capital Costs Tax Credit Program, where small businesses are eligible for a tax credit of 50% of … [Read more...] about Applications Now Being Accepted for NY COVID-19 Capital Costs Tax Credit Program
COVID EIDL Deadline is December 31, 2021
The deadline to apply for the COVID Economic Injury Disaster Loan (EIDL) is Friday, December 31, 2021. COVID EIDL is a low-interest, fixed-rate, long-term loan made by the U.S. Small Business Administration (SBA) to help small businesses and other entities overcome the effects of the pandemic by … [Read more...] about COVID EIDL Deadline is December 31, 2021
New York Treatment of Unemployment Compensation
The New York State Department of Taxation and Finance recently updated their New York State tax implications of recent federal COVID relief webpage, adding the following FAQ to their list of Frequently Asked Questions about how the State will treat specific relief provisions for tax purposes. The … [Read more...] about New York Treatment of Unemployment Compensation
Tax Increases Highlight FY 2022 New York Budget
On Wednesday, April 7, 2021, the New York State legislature passed a $212 billion budget bill for the 2022 fiscal year. The enacted budget legislation (the “budget”) includes the following tax increases for both businesses and high-income individuals: Increases the business income tax rate from … [Read more...] about Tax Increases Highlight FY 2022 New York Budget
Congress Passes $1.9 Trillion American Rescue Plan
The U.S. House of Representatives voted today to approve the amendments made to the $1.9 trillion American Rescue Plan Act of 2021 (H.R. 1319) legislation by the U.S. Senate on March 6. The new stimulus package was introduced by the Biden Administration in January and extends several provisions of … [Read more...] about Congress Passes $1.9 Trillion American Rescue Plan
President Biden Announces Changes to PPP
Today, the Biden Administration announced several reforms to further target relief to America’s smallest businesses and to ensure that Paycheck Protection Program (PPP) funds are distributed equitably. These reforms include the following changes intended to eliminate barriers that disproportionately … [Read more...] about President Biden Announces Changes to PPP