Articles

The Employee Retention Credit (ERC) started out as something of a secret. Originally part of the CARES Act, the ERC was limited in 2020 and only available to organizations which did not receive Paycheck Protection Program (PPP) loans.

The version passed by the Senate is similar to the prior draft version, although with key changes on the tax side.

A rare unanimous New York Supreme Court Appellate Division decision has resulted in potential personal income tax refund opportunities to those domiciled outside of New York but who have vacation homes in the State.

Many local governments receive grants which can be a significant portion of their funding sources.

This week, the Senate released draft legislative language on a reconciliation bill apparently agreed to by Senate Majority Leader Chuck Schumer and West Virginia Senator Joe Manchin, whose objections had been one of the main stumbling blocks to prior legislative plans proposed by the Biden administration and other members of Congress.

As the 3rd quarter of 2022 commences, tax planning and year-ending strategies may be best to be considered now.

For estates that are not normally required to file tax returns because their value is under the filing threshold, IRS Rev. Proc. 2022-32 increases the time to elect portability of a deceased spouse’s unused exclusion amount (known as DSUE) from two to five years after the decedent’s date of death.

The speed and accuracy delivered by all forms of cyber machinations is undeniable. However, although cyber risk cannot be totally eliminated – at least at this stage of development and as evidenced by this issue of Cyber Roundup – it can be mitigated.

The Forms 5500/5500-SF/5500-EZ and Form instructions for the 2021 plan year were released by the Department of Labor (DOL), in conjunction with the Internal Revenue Service (IRS) and the Pension Benefit Guaranty Corporation (PBGC).

Sponsors of group health plans should be familiar with the requirement for the annual filing of tax forms with the IRS (Forms 1094-C/1095-C).

States continue to address the lack of retirement plan offerings for their residents.

In a recent little-publicized mandate, New York State Governor Kathleen Hochul formally rescinded Executive Order 38 (EO 38). EO 38 was previously put into effect by former New York State Governor Andrew Cuomo on January 18, 2012.