Insights

When it comes to setting up a charter school in New York, there are important considerations to ensure success and sustainability.

With the second quarter employment tax return filing date approaching, it is not too late for not-for-profit organizations to explore their eligibility for the Employee Retention Tax Credit (ERTC) and/or the Employer Payroll Tax Deferral provisions under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

One of the more difficult tax issues caused by the COVID-19 pandemic has been how to determine the tax residence of individuals who are stuck in a country because of travel restrictions, as well as the businesses that employ them.

If you were hoping the IRS would further extend the July 15 deadline for individual and business tax filings because of the continued COVID-19 pandemic…you’re out of luck.

With its People First Initiative set to expire July 15, 2020, the Internal Revenue Service (IRS) has announced a new audit initiative that targets private foundations.

Does your 501(c)(7) private club hold non-member/outside events, and do these events generate a profit for the club? The IRS is now focusing closer on whether or not private clubs are properly calculating the profit and paying income tax.

By Bruce L. Blasnik, CPA, CGMA, Partner The federal Office of Management and Budget (OMB) recently released Memorandum M 20-26, dated […]

The Internal Revenue Service recently announced that anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll back those funds into a retirement account following the CARES Act RMD waiver for 2020.

Late yesterday, June 22, the SBA issued a Paycheck Protection Program (PPP) Interim Final Rule (IFR) on Revisions to Loan Forgiveness and SBA Loan Review Procedures.

The Small Business Administration (SBA) began accepting applications for new Economic Injury Disaster Loans (EIDL) and EIDL Advances beginning on June 15.

Most small businesses in New York State have required loans to recover in this pandemic. As the Small Business Administration (SBA) Paycheck Protection Program is drawing closer to its termination date of June 30, 2020, a New York State economic recovery loan program will still be available to “save the day” – or, let’s say – “save the business.” Governor Cuomo recently announced the initiation of the New York Forward Loan Fund (NYFLF).