The recently-signed Consolidated Appropriations Act of 2021 made significant changes to the rules surrounding the CARES Act Employee Retention Credit (originally a refundable payroll credit for 50% of “qualified wages”
The following information highlights the key COVID-19 related relief passed by Congress on December 21, 2020 as part of the Consolidated Appropriations Act, 2021 (a $2.3 Trillion Federal Funding and COVID relief legislation),
New York Forward Loan Fund: Small businesses and nonprofits that have received PPP loans of up to $50,000 now eligible
Empire State Development recently announced that a number of small businesses and nonprofit organizations are now eligible to receive low-interest loans through the New York Forward Loan Fund (NYFLF) if they received $50,000 or less in
Temporarily Relocating to an Out-of-State Secondary Home Due to COVID-19? You May be Subject to Double Taxation on the Same Income
As the CORONA VIRUS Pandemic spread across the United States at the end of March, much of the Country was required to shut down business operations because of governmental stay-at-home orders.
Are Expenditures Paid From Paycheck Protection Program (PPP) Loan Proceeds (That Qualify For Loan Forgiveness) Deductible For Income Tax Purposes?
Many clients and colleagues have been asking a key question regarding the PPP loan program enacted as part of the CARES Act signed into law in March, 2020. The key question is, “can I deduct the expenses that are paid with the PPP loan
Please fill out the form to download our Main Street Loans overview chart where we discuss the key features, eligibility requirements, and application details for a variety of Main Street Loan options. [contact-form-7 id="6135" title="Main St Loan Chart"]
The Federal Reserve established the Main Street Lending Program on April 9 and made modifications to some details and key terms on April 30, 2020, and again on June 8, 2020. The most recent modifications include a 2-year
COVID-19, a terrible virus which has brought unimaginable hardship to many, has changed the way we operate our businesses. We have never experienced anything like this: numerous businesses have had to shut down,
IRC Section 165(i) Special Election to Deduct Current Year Disaster Losses in Preceding Tax Year – Prager Metis
Existing tax law under IRC Section 165(i) allows a special election to deduct losses occurring in a federally declared disaster area in the tax year immediately preceding the tax year that the loss was incurred.
Join the Financial Planning Association of New Jersey and Prager Metis’ Steven Bernknopf, Edward P. Rigby, and Robbin E Caruso in the upcoming webinar on Wednesday, May 27 at 9 am.
The experts at Prager Metis have created this Frequently Asked Question sheet regarding PPP Loan Forgiveness. The answers to these questions are based on government guidance as of May 15, 2020.
The IRS has made cuts in staffing and numerous taxpayer services due to the coronavirus. E. Martin Davidoff explains the options for taxpayers needing help in this NerdWallet article by Tina Orem
The Federal Reserve established the Main Street Lending Program on April 9 and made modifications to some details and key terms on April 30, 2020.
Register Today! Join Santander and Prager Metis’ Partner’s Robert O. Mayer and Edward P. Rigby for a webinar on Monday, May 18 at 3pm ET/ 12pm PT for a Q&A session on PPP Loan Forgiveness.
Paycheck Protection Loans provide relief to businesses but with certain stipulations. Robbin Caruso recently offered her insight to Business Insider on what this means for businesses and employees.
The IRS has announced that taxpayers that wish to receive their stimulus payments via direct deposit have until noon on Wednesday, May 13th to provide their bank account details via the Get My Payment tool.
If you are a construction contractor, you have most likely read numerous articles describing the unprecedented impact of COVID-19 on your business. At this writing, Dodge Data & Analytics lists 233 “Virus vs. Construction” stories on its website.
Many taxpayers face unique circumstances which need to be taken into consideration when determining the best course of action for resolving tax issues. Robbin Caruso presents options to a taxpayer facing loss of her tax refund in the midst of the nationwide pandemic in this Accounting Today article by Roger Russell: Click Here.
Please Click here for a detailed listing of the key features, eligibility requirements and application details of relief resources provided by the CARES Act to assist businesses who have been adversely affected by the coronavirus.
The IRS recently paused tax collection activities in response to the coronavirus. Click here to read Marty’s and Robbin’s insight into what this means for those in IRS payment agreements in this recent Accounting Today article by Roger Russell: Read More.
Estate, Gift, and Income Tax Planning in the Time of COVID-19: A Primer for Families and Their Closely-Held Businesses
Covid-19 has unleashed an emotional, physical and financial assault on all of us. We are all part of the whole; but understandably, we also see the world from our own perspectives.
We have all fallen. We had a daily routine – we went to work at the office and met face to face with our team, clients, or prospects. Now, however, we work hard just to keep up our spirits and morale while working from home
Many have asked what the government has done for medium-sized businesses. On April 9, 2020, details were released by the US Treasury for a $600 billion loan program for businesses with up to 10,000 employees
The Paycheck Protection Program (PPP) created by the CARES Act provided up to $10 million at 1% interest for a maximum period of 2 years. However, it was created with the intent of companies impacted by the COVID-19
The Paycheck Protection Program (PPP) is an SBA loan program designed to help small businesses keep their workforce employed during the COVID-19 pandemic.
Join us Tuesday April 14th at 9am ET for ‘A Business Owner’s Guide to Loans’. Hosted by NJBIA, this webinar’s presenters include Robbin Caruso, Edward Rigby, and Al Titone, SBA District Director of New Jersey,
COVID-19 International Tax & Travel Considerations: What Cross-Border Businesses, Employers and Employees Need to Know
For almost a year, a friend and his wife who reside in New York, had been planning a trip to Peru, including a cruise around South America. Their scheduled departure date: March 12, 2020. With the COVID-19 news getting worse by the day, the
IR-2020-66: IRS extends more tax deadlines to cover individuals, trusts, estates corporations and others
The IRS expands additional relief for taxpayers due to Coronavirus Pandemic with Notice 2020-23 which expands prior relief to include a deferral of any Federal tax return or other form filing obligation originally (or pursuant to an extension) due on or after April 1, 2020, and before July 15, 2020 to July 15, 2020. Read More.
On March 31, 2020, the United States Department of the Treasury released its initial guidance for nonprofit organizations concerning the recently signed Coronavirus Aid, Relief, and Economic Security Act, or the “CARES Act.”
The CARES Act contains provisions that allow individuals to withdraw money from 401K retirement plans and IRAs prematurely without penalty. Partner Robbin Caruso recently
Register today for the upcoming webinar hosted by @NJBIA, titled CFO in a Box: What Business Owners Need to Know During This Tumultuous Time.
The recently passed CARES (Coronavirus Aid, Relief, and Economic Security) Act provides financial relief to individuals and businesses. This stimulus package also contains several important changes impacting qualified retirement plans.
On March 27, 2020, just a week ago at this writing, the Congress passed and the president signed into law the Coronavirus Aid, Relief, and Economic Security Act, or the “CARES Act.”
On Monday, March 30th, the IRS began to implement actions to pause collection activities for many taxpayers to help alleviate economic pressures due to the current COVID-19 related crisis.
On March 31, 2020, the Treasury Department and the IRS issued IR-2020-62. This notice describes the procedure for obtaining advanced payment of the Employee Retention Credit under the CARES Act
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act, or the “CARES Act.” The Act is a $2.2 trillion relief bill in response to the coronavirus outbreak and is the largest relief bill
Small businesses and sole proprietorships affected by the coronavirus pandemic can apply for loans under the Federal Paycheck Protection Program beginning April 3.
The CARES Act suspended required minimum distributions from 401(k) and 403(b) and individual retirement accounts. How does this provision affect those who have already taken a 2020
When the second plane hit, we all went over to this big window in the office and looked out. In the distance, we could see the smoke from the burning towers just before they collapsed.
During uncertain times, you need a team you can trust. At Prager Metis, we have a COVID-19 Crisis Response Team ready to help you navigate through the challenges surrounding crisis management,
Below are some relief resources for low or no-interest loans and grants which are presently being offered to businesses in New York City which have been affected by COVID-19.
On March 27, 2020, Congress passed and the President signed a $2.2 trillion stimulus bill. Part of the bill provides a one-time direct payment to eligible individuals.
The CARES Act temporarily repeals the 80 percent of taxable income limitation enacted by the Tax Cuts and Jobs Act, which was generally effective for taxpayers beginning after December 31, 2017.
As news and updates occur in the entertainment industry, please visit our resource center for the latest updates and resources available: Click Here. Please reach out to our team of professionals for further assistance.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on Friday, March 27, 2020, infusing $2 trillion into our economy.
NYS Dept. of Labor is currently offers a Shared Work Program which can help businesses keep trained staff and avoid layoffs resulting from COVID-19 shutdowns. Details of the program can be found here: Click Here.
It's no surprise that every sector of the healthcare industry is on the front lines of the coronavirus pandemic. Visit our resource center for the latest news affecting the industry and what the public can do to help. Helpful Links:
At PM Business Advisors, we are committed to doing our part to help prevent the spread of Coronavirus (COVID-19) within our communities, and we are continuously monitoring this evolving situation
IRS Commissioner Chuck Rettig announced provisions of the People First Initiative relating to postponement of certain payments to Installment Agreements and Offers in Compromise and enforcement actions.
If nothing else, the coronavirus, or COVID-19 has made clear just how socially engaged Americans are, human-to-human, despite the purported dominance of the “virtual life” on social media.
Treasury Secretary Steve Mnuchin announced today the extension of the tax filing date from April 15 to July 15. While tax payments due on April 15 had been previously extended to July 15
The SBA has declared the State of New Jersey a disaster state in wake of the Coronavirus pandemic. This declaration allows impacted NJ small business owners to apply for low-interest Economic Injury Disaster Loans (EIDLs)
Our everyday lives have changed dramatically over the last few weeks as we work together to minimize the impact of the COVID-19 pandemic. We know these efforts are necessary, but they also have come at a cost.
The IRS has established a Coronavirus Tax Relief resource page for taxpayers and businesses affected by COVID-19.
The following States have issued updated tax deadline information for those affected by Covid-19.
Questions from employers and employees about coronavirus (COVID-19) pandemic are multiplying almost as fast as the virus itself.
In light of the evolving situation revolving around Coronavirus, the US Small Business Administration will be providing disaster loans for small businesses impacted by Coronavirus.
The California Franchise Tax Board (FTB) announced that tax extensions would be offered to California taxpayers affected by the COVID-19 pandemic.
At a press conference on Tuesday, March 17, Treasury Secretary Steve Mnuchin announced that payment of federal taxes due on 4/15/2020 will be deferred by 90 days in response to the coronavirus outbreak.
We are continuing to monitor and respond to the situation surrounding the coronavirus (COVID-19) and want to assure you that we are committed to maintaining the health and well-being of our team members, clients, colleagues, and their famil