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Topic: Federal And New York State Tax Benefits

SALT Deduction Limit: Avoiding the $10,000 Federal Limitation in New York
By Don Warrant, CPA on September 17, 2021

SALT Deduction Limit: Avoiding the $10,000 Federal Limitation in New York Effective for tax years beginning on or after January 1, 2021, The New York State pass-through entity tax (PTET)...

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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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The CARES Act: Elections Under Business Interest Limitation Rules Amended By IRS

On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security “CARES” Act into law. The $2 trillion CARES Act contains an array of tax provisions designed to...

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CARES Act – Economic Impact Payments
By Freed Maxick on April 16, 2020

There are still several questions regarding the payments, and the information below aims to answer some of them. On March 27, 2020, the President signed the Coronavirus Aid, Relief and...

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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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Families First Coronavirus Response Act (FFCRA)
By David Mancuso, CPA on March 30, 2020

Overview The Families FIrst Coronavirus Response Act's main focus is on two types of mandatory paid leave for employees and on tax credits to help employers pay for the mandatory paid...

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