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Topic: Covid 19

New York State to Conform to Federal Rules and Not Tax Forgivable PPP Loans
By Richard J. Wright, Jr. CPA on January 15, 2021

In a surprising announcement, New York State has provided updated guidance that they will now conform and adopt the federal rule contained within the CARES ACT and not tax forgivable PPP...

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Employee Retention Credit: 2021 Update
By Jonathan Tretter, CPA on January 12, 2021

If you are an employer that had a significant decline in gross receipts over the last 12 months or faced full or partial mandatory closure by government order, then the Consolidated...

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PPP Reopening: Round 1 and Round 2 PPP Loan Updates
By Richard J. Wright, Jr. CPA on January 11, 2021

Here is what we know about the PPP reopening: PPP Round 1 loans will reopen to those businesses that have not yet received a PPP loan on Monday, January 11. For the first 2 days, the SBA...

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Opportunity Zones Explained: IRS Guidance Updates
By Don Warrant, CPA on June 24, 2020

On June 4, 2020, the IRS released Notice 2020-39 which provides relief under the federal Qualified Opportunity Zone (“QOZ”) program as follows: 1.) 180-Day Investment Requirement for QOF...

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CARES Act Provides Technical Amendment to Qualified Improvement Property
By Don Warrant, CPA on April 10, 2020

Bonus Depreciation Creates an Opportunity, but Requires an Overall Tax Analysis The 2017 Tax Cuts and Jobs Act (“TCJA”)...

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