With many small businesses still struggling, and $134 Billion still left in the available fund, the House and Senate overwhelmingly voted to extend the popular Paycheck Protection Program application deadline from June 30th to until August 8th. If Congress didn’t extend the program, the money that remained as of would eventually have been returned to
Paycheck Protection Program Flexibility Act Makes Loan Forgiveness Easier
President Trump has signed bipartisan legislation to modify the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP). The Paycheck Protection Program Flexibility Act of 2020 includes several significant updates affecting both borrowers and lenders participating in the program. Key Changes Availability of Loans • The Flexibility Act extends the deadline to apply for a
New York Forward Loan Fund
New York Forward Loan Fund (NYFLF) is a new economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small residential landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE.
NYFLF targets the state’s small businesses with 20 or fewer full-time equivalent (FTE) employees (90% of all businesses), nonprofits and small residential landlords that have seen sharp reduction in rental income.
Snowbirds Between States Snared By Auditors With Red Flags
Wealthy Americans and Corporations may be unaware of another benefit of Tax Reform’s sharp cut in the tax rate: IRS Audits are down sharply due to less funding. Don’t breathe easy just yet. States are seeking to fill revenue gaps and recover tax revenue losses due to Tax Reform, so while one type of tax
Moving to Escape State Tax? Could You Pass the “Teddy Bear” Test?
Moving to Escape State Tax? Could You Pass the “Teddy Bear” Test? Are you a Northerner looking to flee to Florida to soak up sunshine and beat state income tax? Tax reform in the New York tri-state area hit high-earning residents with a new $10,000 cap on the federal tax deduction for state and local
Advantages of the Employee Retention Credit Payroll Tax Deferral
PLEASE NOTE CHANGES HAVE BEEN MADE DUE TO SUBSEQUENT LEGISLATION! The Employee Retention Credit, or ERC, is designed to help businesses keep employees on the payroll. It’s not a loan, but it is a refundable tax credit – which means that you can get money even if you don’t owe. The refundable tax credit is
PPP Loan Forgiveness Guide
You Received Your PPP Loan, Now What? Applying for PPP Loan Forgiveness – Applications for loan forgiveness will be processed by your lender. They’ll provide you with instructions on where and how to apply. Your lender is required to respond to you within 60 days. If you are initially not approved or partially approved, you
Can Your Employer Pick Up The Tab For Your Cell Phone Or Internet
YOU BET! Is your organization or some of its key employees working remotely? By now, the work should be flowing well and your employees should be transitioning nicely to performing their jobs at home. Everything probably seemed ok, up until your employees realized that according to the TCJA if they are employed they are not
What Employers Need To Know About The New Overtime Rule
Employees and employers both have been anxiously awaiting news of a promised overtime salary adjustment. On September 24th, the Department of Labor released a new rule that will increase the minimum salary requirement for the administrative, professional, and executive exemptions from $455 per week ($23,660 annualized) to $684 per week ($35,568 annualized). The Fair Labor
New York Real Estate Journal
The New York Real Estate Journal recently featured a “Ones To Watch” Spotlight, focusing on both up and coming professionals as well as industry veterans across all areas of real estate. Congratulations to Lou Fuoco CPA, CEPA, for being included in this prestigious group of “OTW” for 2019! Click here to read Lou’s full interview
