Payroll Tax Update NYS Paid Sick Leave: New York’s paid sick leave law requires employers to provide up to 56 hours (7 days) of paid sick leave to employees, in addition to New York State provisions providing up to 14 hours of emergency sick time due to Covid-19. This requirement is based on the … [Read more...] about Annual Payroll Tax and Form 1099 Update
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Part II: Cutting Ties with New York State – Statutory Residence Test
By Melissa S. Howell, CPA, Principal In our summer newsletter, we discussed cutting ties with New York State and highlighted the two tests used by the New York Tax Department for determining residency. We explored in some detail the first test, the Domicile Test and what steps an individual … [Read more...] about Part II: Cutting Ties with New York State – Statutory Residence Test
Required Minimum Distributions: Temporary Waiver Lifted & 2021 Refresher
By Michele Loretto, CPA, Manager The CARES Act provided taxpayers with temporary relief in 2020 from the requirement that retirees and beneficiaries of inherited IRAs withdraw and pay tax on their required minimum distributions (RMDs). The Act also provided relief for retirement age employees … [Read more...] about Required Minimum Distributions: Temporary Waiver Lifted & 2021 Refresher
NYS Pass-Through Entity Tax: Next Steps
By Joseph M. Becht, CPA, CGMA, Senior Manager The pass-through entity tax (PTET) created under new Tax Law Article 24-A is an optional tax that eligible New York S corporations and partnerships may annually elect to pay on certain income for tax years beginning on or after January 1, 2021. If … [Read more...] about NYS Pass-Through Entity Tax: Next Steps
Tools, Tips and Tidbits for 2022
By Jenny Willis, Supervising Senior Accountant Tax Year 2022 Key Amounts Standard Deduction - Married filing jointly — $25,900 - Married filing separately — $12,950 - Head of household — $19,400 - Single — $12,950 Child Tax Credit (fully refundable) - Children ages 5 and under: … [Read more...] about Tools, Tips and Tidbits for 2022
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