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Alerts

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  • 10/07/2021
    Extension of Eligibility to Claim the Employee Retention Credit for 2021
    By Sarah Avery, CPA, Director

    The American Rescue Plan Act (ARPA) of 2021 extended the CARES Act Employee Retention Credit (ERC) through December 31, 2021 and expands the ERC to include wages from July 1, 2021 to December 31, 2021 (the third and fourth quarters of 2021). A tax-exempt organization may be eligible for a refundable...

  • 10/07/2021
    With 10 Days to Go, FinCEN Gets Off Fence and Extends 2020 FBAR Deadline for Hurricane Ida Victims
    By David Shuster, JD, LL.M., Principal, Director of Tax Controversy Services

    In a case of certainly too little and almost too late, the Financial Crimes Enforcement Network (“FinCEN”) announced on October 5, 2021, that victims of Hurricane Ida in certain counties in New York, New Jersey and Pennsylvania (and Louisiana) have until December 31, 2021 to file their 2020 Reports of Foreign...

  • 09/29/2021
    [Update] Tax Relief for Victims of Hurricane Ida: Certain Filing and Payment Deadlines Postponed to January 3, 2022

    IRS Adds More Counties in NY and NJ, Extends Relief to Certain Counties in PA | NJ Division of Taxation Makes Updates As Well | NYS Tax, NYC Finance, PA Revenue Department Announce Relief

  • 09/09/2021
    Tax Relief Available to Victims of Hurricane Ida
    By Michael Greenwald MPPM, CPA, Business Tax Leader 

    Some Filing and Payment Deadlines Postponed to January 3, 2022

  • 09/02/2021
    Alert: NYS Provides Details With Respect to Its Pass-Through Entity Tax
    By Tom Corrie, JD, LL.M., Principal

    On August 25, the New York State (NYS) Department of Taxation and Finance issued a Technical Memorandum (TSB-M-21(1)C, (1)I) regarding many important details necessary for the implementation of the state’s recently enacted Pass-Through Entity Tax (“PTET”) provisions. Businesses should be aware of the important points addressed in the Memorandum and summarized...

  • 08/10/2021
    IRS Notice 2021-49: Additional ERC Guidance and Clarification
    By Michael Greenwald, MPPM, CPA, Business Tax Leader

    Earlier this year, the IRS issued two notices, 2021-20 and 2021-23, attempting to provide guidance on the Employee Retention Credit (“ERC”). The current notice (which can be found here) clarifies some of the earlier issued guidance and attempts to answer questions not previously addressed. Full-time employees and full-time equivalents:One question that...

  • 08/04/2021
    The SBA Changes Its Mind: You Don’t Have to Complete a PPP Loan Necessity Questionnaire
    By Michael Greenwald, MPPM, CPA, Business Tax Leader

    Paycheck Protection Program (“PPP”) loans were created to forestall the economic catastrophe of mass layoffs due to the impact of COVID-19 on the economy. Borrowers simply had to make a good faith statement that they needed the funds because “[c]urrent economic uncertainty makes this loan request necessary to support the...

  • 07/01/2021
    HHS Issues Update on Provider Relief Funds
    By Denise McKnight, CPA, Partner

    On June 11, 2021, the Department of Health and Human Services (“HHS”) released an updated notice regarding the reporting requirements for recipients of Provider Relief Funds (“PRF”). This notice supersedes the guidance released early this year, providing updated deadlines for the use of funds and timelines for reporting to the PRF...

  • 04/22/2021
    Restaurant Revitalization Fund Begins Roll Out
    By Michael Greenwald, MPPM, CPA, Business Tax Leader

    The Small Business Administration (“SBA”) has begun releasing information on the launch of the Restaurant Revitalization Fund (“RRF”). Similar to the Shuttered Venue Operators Grant (“SVOG”) — the portal for which went live on April 8 and was quickly shutdown due to a glitch — the RRF will provide grants to...

  • 04/22/2021
    Employer Tax Credits for Paid Time Off for Employees to Get Vaccinated
    By Robert Charron, CPA, Partner in Charge of Tax Department

    To Virgil, “the greatest wealth is health.” Borrowing from the Roman poet, the American Rescue Plan Act of 2021 (“ARPA”) passed in March made some tweaks to the Emergency Paid Sick Leave Act (passed as part of the Families First Coronavirus Response Act in March 2020) to include COVID-19 testing...

  • 04/21/2021
    New York State Creates Elective Pass-Through Entity Tax Regime
    By Christian J. Burgos J.D., LL.M., Managing Principal and Tom Corrie JD, LL.M., Principal

    On April 19, 2021, New York State (“NYS”) Governor Andrew Cuomo signed the 2021-2022 budget bill, which includes the highly anticipated “Pass-Through Entity (PTE) Tax.” The New York PTE tax follows several other states in availing itself of the IRS’ guidance in Notice 2020-75, which permits the use of PTE tax regimes. Such...

  • 04/21/2021
    Governor Cuomo Signs New York 2021/2022 Budget Legislation
    By Christian J. Burgos J.D., LL.M., Managing Principal and Tom Corrie JD, LL.M., Principal

    Overview of Significant Changes Underway

  • 04/13/2021
    The Made in America Tax Plan (so far)
    By Michael Greenwald, MPPM, CPA, Business Tax Leader and Adnan Islam, Partner, JD, LL.M. MBA, CPA, EA

    Changes to Domestic Rates, International Provisions, Incentives and Enforcement

  • 04/09/2021
    Proposed NYS Budget for Fiscal Year Includes Major Tax Increases For the Wealthy
    By Tom Corrie, JD, LL.M., Principal

    In an attempt to take the title for highest tax rates in the country from California, New York State has introduced a proposed budget for fiscal year 2021 under which top-end earners would face combined City and State rates of from 13.5 percent to 14.8 percent. If enacted, it is...

  • 03/26/2021
    PPP Deadline Extended - You Still Have Time to Apply
    By Michael J. Greenwald, MPPM, CPA, Business Tax Leader

    Prepare your business for significant dates surrounding Paycheck Protection loan applications, Shuttered Venues Operator Grants and Restaurant Revitalization Fund Grants to determine the most effective course of action for you and your business.   PPP Application Extended As expected, the Senate has joined the House in voting to extend the deadline for Paycheck...

  • 03/19/2021
    IRS Postpones SOME Tax Due Dates
    By Michael J. Greenwald, MPPM, CPA, Business Tax Leader

    Despite continued reassurances that the IRS could handle all of the recent COVID-19 related stimulus — including another round of recovery rebate checks and advance payment of Child Tax Credits — it has bowed to the pressure from lawmakers and some professional organizations and extended some tax filing and payment...

  • 03/15/2021
    Initial Impressions of the American Rescue Plan Act of 2021
    By Michael J. Greenwald, MPPM, CPA, Business Tax Leader

    The American Rescue Plan Act of 2021 (the “Act”) is the most extensive COVID relief bill yet. Its provisions are intended to boost the economy, increase availability of COVID-19 vaccines and other emergency medical supplies, and assist schools, health centers and state and local governments in their recovery efforts. While the...

  • 03/10/2021
    What’s New with the Paycheck Protection Loan Program?
    By Michael J. Greenwald, MPPM, CPA, Business Tax Leader

    While we were all busy watching the IRS try to pivot for the changes to the Employee Retention Credit, the Small Business administration ("SBA") was making some changes of its own to the Paycheck Protection Loan Program (“PPP”). The reason for the change in this case is the Economic Aid to...

  • 03/08/2021
    IRS Issues New Employee Retention Guidance…Sort Of
    By Michael J. Greenwald, MPPM, CPA, Business Tax Leader

    In December, Congress passed the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (the “Relief Act”) which was enacted as Division EE of the Consolidated Appropriations Act, 2021 (“CAA”). Among its many beneficial provisions, the Relief Act repealed the restriction in the Coronavirus Aid, Relief, and Economic Security Act...

  • 02/18/2021
    Understanding the Reporting Requirements for Corporations who Received CARES Act Provider Relief Funds
    By Denise McKnight, CPA, Partner

    One of the many sources of support to come from the Coronavirus Aid, Relief, and Economic Security (CARES) Act is the Provider Relief Fund (PRF). Many healthcare providers, including for-profit corporations, qualify and have received these funds. The funds come with requirements on how they can be spent, how they...

  • 02/09/2021
    City of Philadelphia Makes Tax Refunds Easier During Difficult COVID Times
    By Christian J. Burgos, J.D., LL.M., Managing Principal, Co-Leader State and Local Tax

    On January 26, 2020, the City of Philadelphia (the “City”) released guidance announcing that employers would be able to file mass tax refund requests on behalf of their non-Philadelphia resident employees for the City’s requisite Wage Tax withholding. The new guidance is only applicable to the 2020 tax year and...

  • 02/09/2021
    Get to Know the New York Forward Loan Fund
    By Christian J. Burgos, J.D., LL.M., Managing Principal, Co-Leader State and Local Tax

    The New York Forward Loan Fund (“NYFLF”) is an economic recovery program that administers affordable, non-forgivable working capital loans. The program makes loans of up to $100,000 available to New York small businesses, nonprofits and small landlords, as they reopen after the COVID-19 outbreak and New York State on PAUSE...

  • 02/01/2021
    Introducing the Improved Employee Retention Credit
    By Michael J. Greenwald, MPPM, CPA, Business Tax Leader

    The CARES Act passed last March contained a number of important stimulus provisions. Among these were the Paycheck Protection Program (“PPP”) loans and the Employee Retention Credit (“ERC”). At that time, employers were limited to one or the other. For most, the PPP loans were more beneficial and, as a...

  • 01/28/2021
    The IRS Extends Deadlines Again for Qualified Opportunity Funds and Investors
    By Steven Bokiess

    To meet the compliance requirements of the Qualified Opportunity Zone (“QOZ”) program, Qualified Opportunity Funds (“QOFs”) and their investors must meet specific deadlines. In recognition of the economic disruption caused by the coronavirus pandemic, the IRS extended many of these deadlines in Notice 2020-39 issued in June, 2020. In its...

  • 01/22/2021
    SBA Issues Updated Economic Aid Act PPP Loan Forgiveness Guidance

    On December 27, 2020, Congress enacted the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “Economic Aid Act”) – part of the Consolidated Appropriations Act of 2021 – which included a number of changes to the Paycheck Protection Program (“PPP”). Most of these changes center around eligibility...

  • 01/10/2021
    Next Wave of PPP Loan Applications Begins
    By Michael J. Greenwald MPPM, CPA, Business Tax Leader

    The Treasury Department and the Small Business Administration (“SBA”) have announced that they will begin accepting applications for new Paycheck Protection Program (“PPP”) Loans from some borrowers beginning Monday, January 11th. The Second Draw Application can be found here. There is also a revised application for First Draw PPP Loans...

  • 12/24/2020
    Additional Tax Related Provisions of the Consolidated Appropriations Act, 2021
    By Michael J. Greenwald, MPPM, CPA, Business Tax Leader 

    The initial attention generated by the Consolidated Appropriations Act, 2021 (“the Act”) focused on the economic relief provisions – enhancement and expansion of the Paycheck Protection Loan program, extension of unemployment benefits, a second round of stimulus checks, etc. – but the Act also addressed a number of tax and...

  • 12/22/2020
    Congress Finally Passes the Emergency Coronavirus Relief Act of 2020
    By Author: Michael Greenwald, MPPM, CPA, Business Tax Leader

    Like college students right before winter break, the 116th Congress closed its term with one last all-nighter. And, while the Consolidated Appropriations Act, 2021 does not include many relief provisions deemed vital by Democrat or Republican representatives and senators, there is still much that both sides agreed was necessary –...

  • 11/19/2020
    Latest IRS Guidance Dashes Hopes of Deducting Expenses Paid with PPP Loans
    By Michael Greenwald, MPPM, CPA, Business Tax Leader

    The Paycheck Protection Program (“PPP”), passed as part of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), was a welcome relief for small businesses, providing a financial lifeline through the recession caused by COVID-19. The fact that forgiven loans wouldn’t be taxable income made PPP even more useful....

  • 11/16/2020
    IRS Issues Guidance Confirming Deductibility of State Tax Payments by Pass-Through Entities Not Subject to SALT CAP
    By By Christian J. Burgos, J.D., LL.M., Managing Principal and Tom Corrie, JD, LL.M., Principal

    On November 9, 2020, the Internal Revenue Service (“IRS”) issued Notice 2020-75 (“Notice”), which announced that proposed regulations will be forthcoming, clarifying the deductibility of “state and local income taxes imposed on and paid by a partnership or an S corporation” (collectively, “Pass-Through Entities” or “PTEs”) on its non-separately stated...

  • 11/05/2020
    SBA Creates New PPP Uncertainty with its Uncertainty Certification Forms
    By Jeffrey Resnick, CPA, Partner and Michael J. Greenwald, MPPM, CPA, Business Tax Leader

    Over the course of the Paycheck Protection Program (“PPP”), the Small Business Administration (“SBA”) has released guidance in the form of FAQs. In April and May, guidance was released on Borrowers’ good faith certification of their eligibility for PPP loans and explained how the SBA would review such good-faith certification. Last...

  • 10/13/2020
    How COVID-19 Relief Programs Impact Your Pension Plan Administration

    Various forms of government relief have been issued in an effort to soften the economic impact of COVID-19. As the IRS and Treasury have released guidance governing the implementation of programs like the CARES Act and Paycheck Protection Program (“PPP”) have evolved, the impact on your business’ pension administration has...

  • 10/10/2020
    The SBA Releases More PPP Loan Guidance Affecting Loan Forgiveness and Changes of Ownership

    It has been six weeks since we last heard from the SBA and Treasury with regard to Paycheck Protection Loan forgiveness despite the fact that the guidance released to that point left many questions unanswered. Well, in the past week the Administration released guidance dealing with changes of ownership of an...

  • 08/31/2020
    Treasury Issues Guidance on Payroll Tax Withholding Deferral
    By Michael J. Greenwald, MPPM, CPA, Partner, Business Entity Tax Practice Leader

    With four days to spare before the effective date of Tuesday, September 1, Treasury finally released guidance implementing the President’s August 8 Executive Order allowing taxpayers to defer withholding of the employee’s portion of Social Security taxes. At two and a half pages, (double spaced with wide borders) the guidance...

  • 08/27/2020
    The SBA’s Latest Guidance Analyzed
    By Michael J. Greenwald, MPPM, CPA, Partner, Business Entity Tax Practice Leader

    Why Borrowers May Have to Rethink Their Approach to Loan Forgiveness

  • 08/12/2020
    Sailing Through Uncharted Waters: Working Remotely During the Pandemic and New York’s “Convenience of the Employer Rule”

    As taxpayers continue to wrestle with the challenges brought about by the COVID-19 pandemic, one important question remains, how will working from home affect them from a state and local tax perspective? Their concern generally centers around the possibility of being taxed on the same income by more than one...

  • 08/10/2020
    IRS Publishes Final Regulations on SALT Cap Workarounds

    Last week, the Treasury and IRS announced final regulations limiting the effectiveness of certain State and Local Tax (“SALT”) cap workarounds. Following the December 2017 enactment of the Tax Cuts and Jobs Act (“TCJA”), which limited individuals’ itemized deductions for state and local taxes to $10,000 ($5,000 for married persons filing separately),...

  • 08/07/2020
    SBA Issues Yet Another PPP Loan Forgiveness FAQ

    As the Small Business Administration (SBA) gets ready to accept lenders’ Paycheck Protection Program (PPP) loan forgiveness applications on August 10, the Administration and Treasury issued guidance in the form of 10 pages of Frequently Asked Questions (“FAQ”) designed to further aid borrowers and lenders with the forgiveness process. Click here...

  • 07/31/2020
    IRS Clears Up Some Confusion on Business Interest Deductions
    By Michael J. Greenwald, MPPM, CPA, Partner, Business Entity Tax Practice Leader

    The Tax Cuts and Jobs Act (“TCJA”) was the most sweeping overhaul of the Internal Revenue Code since President Reagan’s Tax Reform Act of 1986. Given the fact that there were no hearings on TCJA and little advance legislative planning, many of the law’s provisions required regulatory clarification. However, the...

  • 07/28/2020
    IRS Finally Releases Business Interest Expense Regulations

    On July 28, the Internal Revenue Service finally released its guidance on the deductibility of business interest. We expected this release in March. However, the pandemic put the IRS on hold and then Congress made changes to the law in the Coronavirus Aid, Relief and Economic Security (“CARES”) Act. The new...

  • 06/25/2020
    The SBA Issues Yet Another PPP Loan Forgiveness Application Update
    By By Michael J. Greenwald, MPPM, CPA, Partner, Business Entity Tax Practice Leader and Jeffrey Resnick, CPA, Partner

    In a departure from its previous practice, the Small Business Administration (“SBA”) chose to release its latest update – clarifications to the Interim and Final Rules on forgiveness application timelines, owner compensation and other aspects of the forgiveness process – on a Monday night (June 22). The release provides revisions...

  • 06/19/2020
    SBA Updates PPP Loan Forgiveness Process for PPPFA Changes
    By Michael J. Greenwald, MPPM, CPA, Partner, Business Entity Tax Practice Leader and Jeffrey Resnick, CPA, Partner

    It’s been a busy week for those of us involved with the Paycheck Protection Program (“PPP”). Late Tuesday evening, the Small Business Administration (“SBA”) and Treasury released an updated PPP Loan Forgiveness Application, a simplified Application, and instructions for both to account for the changes to PPP in the new...

  • 06/11/2020
    Do States CARES [Act]?

    The COVID-19 pandemic has caused a monumental fiscal crisis not seen in the U.S. since the Great Depression. In response, the federal government passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a tax and spending bill intended to provide much-needed economic relief. To date, the CARES Act is...

  • 06/11/2020
    Taxing Nonresidents in the Time of a Pandemic: New York vs. New Jersey

    Conceptually, state income taxes imposed on nonresidents is straightforward. Under the Due Process and Commerce Clauses of the U.S. Constitution, states may levy taxes on nonresidents’ income earned within the state boundaries. Said differently, if one works, carries on business, or engages in professional activities within a state, he is...

  • 06/04/2020
    Congress Passes the Paycheck Protection Program Flexibility Act

    The Paycheck Protection Program (“PPP”) enacted in late March was intended to be a lifeline for small businesses. Experience showed that in its rush to be helpful, Congress left some gaps and traps for the unwary. Treasury and the Small Business Administration (“SBA”), in efforts to fill the gaps, created...

  • 05/25/2020
    Further SBA Guidance on PPP Loan Forgiveness as of May 22, 2020

    Acknowledging that all gave some and some gave all, allow us to take a moment to thank those of you who served or had family members who made the ultimate sacrifice in service to our country – whether on the battlefield, or in the battle we now face. On Memorial Day...

  • 05/16/2020
    SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application

    Fortunately, borrowers now have official guidance regarding Paycheck Protection Program (“PPP”) loan forgiveness in the form of an application with detailed instructions. The Small Business Administration (“SBA”) said they will also issue regulations and guidance to further assist borrowers as they complete their applications. Lenders will also receive further guidance on...

  • 05/13/2020
    New PPP Guidance: Safe Harbor for Good Faith Certification

    The Small Business Administration (“SBA”) has released additional guidance attempting to clarify how it will view the good faith certification required of the Paycheck Protection Program’s (“PPP”) loan borrowers. The Administration previously advised borrowers that if they did not have a good faith basis for their certification of need they...

  • 05/13/2020
    SBA Publishes Interim Final Rule on PPP Loans and Partner Compensation

    On May 13, the SBA released an Interim Final Rule (“IFR”) which will enable certain partnerships that applied for Paycheck Protection Program (“PPP”) loans but did not include partner income in their loan amount to go back to their lender and get an additional disbursement. If a partnership received a PPP...

  • 05/01/2020
    IRS Releases Guidance on Deductibility of PPP Expenses
    By Michael J. Greenwald, MPPM, CPA, Partner, Barry S. Sziklay, CPA, ABV, CFF, PFS, Partner and Alan Goldenberg, JD, MBA, LL.M., Principal

    Since the CARES Act was passed, taxpayers and their advisors have wondered if expenses paid for with Paycheck Protection Program (“PPP”) loan funds that were ultimately forgiven will still be deductible for income tax purposes. The IRS has just released guidance (Internal Revenue Notice 2020-32) which states that no deduction will...