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
There have been many recent news stories on how the IRS is cracking down on businesses claiming Employee Retention Tax Credits (ERTCs) based on improper positions related to eligibility requirements and credit calculations. On October 21st, the IRS issued a press release warning employers to be … [Read more...] about IRS Warns Employers About Third Parties Promoting Improper ERTC Claims
The New York budget legislation enacted in 2021 included an expansion of the Excelsior Jobs Program for green projects. The Excelsior Jobs Program provides job creation and investment incentives for businesses in targeted industries in the form of refundable tax credits that can be claimed over a … [Read more...] about New York Expands Excelsior Jobs Program for Green Projects
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
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
The American Rescue Plan included a significant overhaul of the child tax credit. It not only expanded the amount of the credit, but it also created a newly advanceable monthly payment; and many taxpayers will see the impact of these changes very soon. Expanded Child Tax Credit For 2021, the … [Read more...] about Enhanced Child Tax Credit is Here!