As a reminder, taxpayers are eligible to take a deduction for monetary contributions made by cash, check or credit card to qualifying charities in 2021, regardless of whether you itemize your deductions. The maximum allowed deduction is $300 for single, married filing separately and head of … [Read more...] about Above-the-Line Deductions for Contributions Made in 2021
IRS audits are on the uptick, as IRS employees are returning to a more normal schedule, post pandemic. What are the top 10 areas on which auditors are focusing? Unreported income: Auditors have many techniques to search for unreported income, but among the more commonly used is the bank deposit … [Read more...] about Top IRS Audit Issues
The American Rescue Plan not only expanded the amount of the Child Tax Credit, but also created a newly advanceable monthly payment that commenced on July 15th and is expected to continue monthly for the remainder of the 2021 tax year. The advance monthly payments are new and were rolled out … [Read more...] about 2021 Child Tax Credit and Advance Payments: A Deeper Dive
The 2021-22 New York State budget legislation includes a Passthrough Entity (PTE) tax as a workaround for the $10,000 state and local tax (SALT) cap, which was enacted as part of the 2017 Tax Cuts and Jobs Act (TCJA), to limit the amount of state and local tax an individual could deduct on their … [Read more...] about New – NYS Passthrough Entity Tax, a Workaround for the SALT Cap: Is it Right For Your Business?
On Thursday, August 5, 2021, New York State announced the launch of the New York Restaurant Return-to-Work Tax Credit. This $35 million tax credit program provides an incentive to COVID-impacted restaurants to bring restaurant staff back-to-work, and to increase hiring at restaurants across the … [Read more...] about New York Restaurant Return-to-Work Tax Credit
As a result of the Covid-19 pandemic, the U.S. government has implemented a number of programs to provide economic support to businesses. The most notable has been the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provided $2.2 trillion of funding for individuals, Paycheck … [Read more...] about Single Audit: Covid-19 Relief Funds Received May Trigger Federal Single Audit