The new New York State pass-through entity tax (PTET) is an optional tax that partnerships or New York S corporations may annually elect to pay on certain income for tax years beginning on or after January 1, 2021. If a partnership or New York S corporation elects to pay PTET - partners, members or … [Read more...] about Pass-Through Entity Tax: 2022 Annual Election and Quarterly Estimates
Tax
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
New – NYS Passthrough Entity Tax, a Workaround for the SALT Cap: Is it Right For Your Business?
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?
New York Restaurant Return-to-Work Tax Credit
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
Employee Retention Tax Credit Provides Significant Financial Relief
This is just one example of how we've been able to help our clients with the Employee Retention Tax Credit (ERTC), and what a significant difference it can make for a business or not-for-profit organization. Many businesses/organizations think they are not eligible for the ERTC; but new guidelines … [Read more...] about Employee Retention Tax Credit Provides Significant Financial Relief
Two breaking Maryland tax updates: Maryland Sales Tax on Digital Products
The Maryland Legislature overrode the Governor’s veto of House Bill 932 on February 12, 2021. The override will allow for sales tax to be imposed on digital products and streaming services. Under Maryland law, the legislation takes effect 30 days after the override, so this new sales tax will be … [Read more...] about Two breaking Maryland tax updates: Maryland Sales Tax on Digital Products