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?
Tax
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
Maryland Digital Advertising Tax
The Maryland Legislature overrode a Governor’s veto last month of House Bill 732. The override of this bill will allow for a new tax to be imposed on digital advertising, effective for tax year 2021. This is a tax on gross receipts derived from digital advertising. The tax could apply to taxpayers … [Read more...] about Maryland Digital Advertising Tax
The SECURE Act and Retirement Considerations
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 was signed into law on December 20, 2019, and was designed to help Americans be better prepared for retirement. The SECURE Act has made several noteworthy changes to individual retirement accounts (IRAs) that should be … [Read more...] about The SECURE Act and Retirement Considerations