Taxpayers affected by the Covid-19 pandemic will be relieved of certain listed failure-to-file penalties relating to 2019 and 2020 tax returns without having to request the relief. For income tax filers to qualify for this penalty relief, any “eligible income tax return” must be filed on or before September 30, 2022. Common eligible returns include: Form 1040, U.S. Individual Income Tax Return Form 1041, U.S. Income Tax Return for Estates and Trusts; Form 990-PF, Return of Private Foundation; Form 1120, U.S. Corporation Income Tax Return; Form 1120-S, U.S. Income Tax Return for an S corporation, and Form 1065, U.S. Return […]
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COVID-19: Tax News
Report of Taxable 2020 Unemployment Insurance Benefits for New Yorkers
March 1, 2021As a result of the pandemic and the economic crisis, many New Yorkers received unemployment benefits in 2020. Under current law, these benefits are fully taxable for federal and New York State income tax purposes. Form 1099-G provides the total amount of money that recipients were paid in benefits from NYS DOL in 2020, as well as any adjustments or tax withholding made to their benefits. New York State will not automatically send Form 1099-G to taxpayers. There are two ways for you to obtain it: Go to your online account at labor.ny.gov/signin to download, or If you do not have […]
More [+]Employee Retention Credit: Potential Refund for Qualifying Businesses
January 8, 2021The recent Consolidated Appropriations Act signed into law on December 27, 2020 made significant changes to the Employee Retention Credit (ERC) which could result in tax refunds for qualifying businesses. In order to claim the ERC employers must meet one of the following criteria: Your business operations were either fully or partially suspended due to a government order at any time during 2020 or January 1 through June 30, 2021. Your business experienced a decrease in gross receipts of 50% in any 2020 calendar quarter compared to the same calendar quarter of 2019. Your business experienced a decrease in gross […]
More [+]Congress Passes New Stimulus Bill
December 28, 2020At Gettry Marcus CPA, P.C. we continue to stay up to date on the recent developments regarding the relief efforts put forth by Congress with respect to the Covid-19 pandemic. On December 27, 2020, the President signed into law the new Emergency Relief Bill of 2020. See the below link from the Journal of Accountancy for a summary of the new legislation as it affects PPP loans: https://www.journalofaccountancy.com/news/2020/dec/covid-19-relief-bill-addresses-key-ppp-issues.html If you would like additional information on specific impacts to your business contact Gabe Shurek or Nicholas Backmann, the authors of this article.
More [+]Income Tax Provisions of The Consolidated Appropriations Act, 2021
On December 21, Congress passed The Consolidated Appropriations Act, 2021 (CAA 2021), which was signed by the President on December 27. The following are highlights of the key changes affecting income taxes in the current version of the Act: Under the CARES Act passed last March, individuals who normally do not itemize deductions may take up to a $300 (including joint filers) above-the-line deduction for cash contributions to qualified charitable organizations, for the year 2020. CAA 2021 extends this deduction through 2021 and doubles the limit for joint filers to $600. In addition, the 60% of adjusted gross income limit […]
More [+]IRS Makes it Easier to Set Up Tax Payment Arrangements
December 16, 2020The IRS recently announced a number of changes designed to help struggling taxpayers impacted by COVID-19 more easily settle their tax debts with the IRS. Payment Arrangement Changes Short-term Payment Plans. IRS offers options for short-term and long-term payment plans, including Installment Agreements via the Online Payment Agreement system. This service is generally available to individuals who owe $50,000 or less in combined income tax, penalties, and interest or businesses that owe $25,000 or less combined that have filed all tax returns. These plans can now be extended from 120 to 180 days for certain taxpayers. Installment Agreements. Installment Agreement options are […]
More [+]IRS Tax Payment Notices – July 15, 2020
August 12, 2020Many of you may have received notices from the IRS for balances due, tax penalties & interest pertaining to payments made by check which were due July 15, 2020. Please note that the IRS mailroom is behind in updating these payments as they are working with a skeleton staff. Please do not put a stop payment on these checks as they will eventually be deposited. Should you receive an IRS notice please note that any penalties and interest will be removed upon posting. If you would like additional information please contact your Gettry Marcus Advisor or Robin Rokuson, the author […]
More [+]WEBINAR: Wealth Transfer Opportunities in the Pandemic Environment
May 8, 2020Gettry Marcus CPA, P.C. presented: Wealth Transfer Opportunities in the Pandemic Environment Topics that will be addressed include: Gift Giving – Valuation Opportunities in a Turbulent Environment Potential Estate Tax Savings – Alternate Valuation Date Reverse Gifting – Unusual times invert standard practices Loans to and from Trusts – Historically Low-Interest Rates Retirement Plans – Tax Opportunities with Loans and Distributions. PROGRAM PANELISTS Russell Glazer, MCBA, ASA, CPA/ABV, CVA, ABAR, MBA, Partner at Gettry Marcus CPA, P.C, focuses on business valuation engagements in the areas of estate and gift valuation; lost profits; commercial damages; shareholder dispute resolution; mergers and acquisitions; and […]
More [+]IRS Opines on Tax Consequences of Forgiven PPP Loans
May 1, 2020Under the federal government’s Paycheck Protection Program, businesses receiving SBA loans may have the loans forgiven if the proceeds are used to cover payroll, employee benefits, and certain other costs. Under the CARES Act, the forgiveness of the loan is not taxable. However, there was no specific provision in the statute regarding the deductibility of the expenses covered by the forgiven loan. The IRS has issued Notice 2020-32 holding that these expenses are not deductible since they, in effect, give rise to nontaxable income in the form of the loan forgiveness. It appears that although this opinion may be technically […]
More [+]WEBINAR: Monetizing the Tax Changes in the CARES Act for Real Estate Owners
April 17, 2020Gettry Marcus CPA, P.C. presented: Monetizing the Tax Changes in the CARES Act for Real Estate Owners Topics that will be addressed include: Depreciation of qualified improvement property Suspension of loss limitation provisions Net-operating loss utilization Cost segregation maximization Wealth transfer with regards to real estate valuations Program Panelists Stephen Breitstone, Esq., Partner at Meltzer, Lippe, Goldstein & Breitstone, LLP, focuses on private wealth, business & real estate taxation. Stephen has the rare combination of skills as a transactional income tax attorney and as an estate planner. This combination enables him to effectively advise his private clients on their individual needs […]
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