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New York State Enacts Mandatory Retirement Plans

November 19, 2021

Last month, New York joined the ranks of states requiring certain employers to offer a qualified retirement plan or join a state-facilitated retirement savings program. Below are some key features of the New York State Secure Choice Savings Program. This Secure Choice Savings plan applies to the following for-profit and non-profit employers in New York State if they: Had at all times during the previous calendar year at least ten employees in the state. Have been in business for at least two years, and Do not offer a qualified retirement plan such as a 401(k) or 403(b). All three of […]

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WEBINAR: The Pandemic’s Impact on Selling Your Business: Valuation Issues, Deal Structuring, and Negotiating Strategies

November 15, 2021

Gettry Marcus CPA, P.C. presents The Pandemic’s Impact on Selling Your Business: Valuation Issues, Deal Structuring, and Negotiating Strategies Thursday, December 9, 2021 | 12:00 p.m. – 1:00 p.m. Join Gettry Marcus CPA, P.C. for the second webinar in our 3-part M&A Series, focusing on the pandemic’s impact on selling your business. Lee Ferber, partner-in-charge of the firm’s Business Advisory and M&A Transaction Advisory Service Groups, will guide the discussion on what to expect, how to plan, and best practices to maximize purchase price.  Moderator Lee Ferber, CPA, is partner-in-charge of Gettry Marcus’ Business Advisory and M&A Transaction Advisory Service […]

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Restaurant Revitalization Fund: Use of Funds Validation

October 13, 2021

The American Rescue Plan Act of 2021 established the Restaurant Revitalization Fund (RRF) to provide much needed funding to restaurants and other eligible businesses that suffered revenue losses as a result of the pandemic. RRF proceeds may be used for specific business expenses as follows: Payroll costs (including sick leave); Payments on any business mortgage obligation; Rent payments; Debt service; Utility payments; Maintenance expenses; Construction of outdoor seating; Supplies, including protective equipment and cleaning materials; Food and beverage expenses (including raw materials); Covered supplier costs, which is an expenditure made by the eligible entity to a supplier of goods for […]

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COVID EIDL LOAN UPDATES

October 8, 2021

At Gettry Marcus CPA, P.C. we continue to stay apprised as to the status and availability of COVID-19 related grant and loan programs. Beginning October 8, 2021, the SBA will begin approving COVID Economic Injury Disaster Loans (“EIDL”) up to $2 million.  The following summarizes certain key facts with respect to the COVID EIDL program: Program Information COVID EIDLs are provided directly from the Small Business Administration (“SBA”), applicants must apply online through an SBA portal; This is a loan program, not a grant program; Interest rates are 3.75% for “for profit” businesses and 2.75% for non-profit businesses; Loan terms could […]

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Congress Considers Tax Changes: Ways & Means Proposal 2021

October 7, 2021

The political situation is in flux as Congress debates the upcoming federal debt limit authorization. Nevertheless, the tax proposals issued by the House Ways and Means Committee indicate some of the issues at stake. The Ways and Means Committee issued a summary report on September 13th, and we touch on some of the topics that apply to many of our clients. As the legislation moves through Congress, some of the provisions may change.  Corporate Income Tax The 2017 Tax Cuts and Jobs Act changed the long-standing corporate tax rate from four brackets topping out at 35% to a flat rate […]

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WEBINAR: Selling Your Business – An Overview of the M&A Process

September 23, 2021

Gettry Marcus CPA, P.C. presented Selling Your Business – An Overview of the M&A Process Thursday, October 21, 2021 | 12:00 p.m. – 1:00 p.m. Join Gettry Marcus CPA, P.C. for the first webinar in our 3 part M&A Series, focusing on the M&A Process. Lee Ferber, partner-in-charge of the firm’s Business Advisory and M&A Transaction Advisory Service Groups, will guide the discussion on what to expect, how to plan, and best practices to maximize purchase price.  Moderator Lee Ferber, CPA, is partner-in-charge of Gettry Marcus’ Business Advisory and M&A Transaction Advisory Service Groups and Co-Chairs the firm’s Health Care […]

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HHS Announces 60-Day Grace Period for Provider Relief Fund Reporting for Period 1 and New Phase 4 – General Distribution

September 14, 2021

HHS Announces 60-Day Grace Period for Reporting Period 1 The September 30, 2021 Reporting Period 1 deadline has not changed. However, in response to challenges providers are facing given the Covid surges and natural disasters around the country, a 60-day Grace Period is in place. This period allows providers to come into compliance with their PRF reporting requirements should they fail to meet the September 30, 2021 deadline. The grace period ends November 30, 2021. For more information, visit Provider Relief Fund Reporting Requirements and Auditing. NEW: Phase 4 – General Distribution On September 29, 2021, health care providers will be able […]

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New York Issues Guidance on the New Pass-Through Entity Tax (PTET)

September 9, 2021

As part of the 2021-2022 budget law enacted last April, New York State created a new optional pass-through entity tax, similar to those initiated recently by several other states. Based on guidance issued by the Treasury in 2020, these taxes are designed to avoid the $10,000 limit on the itemized deduction for state and local taxes of individuals, estates, and trusts. The State has recently issued guidance on the operation of the PTET, and has now opened the online portal allowing pass-through entities to elect into the tax for 2021. Following are key provisions of the PTET: It is an […]

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WEBINAR: Apocalypse Now – Residency During the Pandemic

August 31, 2021

Gettry Marcus CPA, P.C. and Capell Barnett Matalon & Schoenfeld presented Apocalypse Now: Residency During the Pandemic Thursday, September 30, 2021 | 12:00 p.m. – 1:00 p.m. Join Gettry Marcus CPA, P.C. and Capell Barnett Matalon & Schoenfeld for a discussion on New York State/New York City residency audits and telecommuting. If you are moving out of New York, or if you have multiple residences, you are at risk of an audit. We will focus on best practices and planning. Domicile, statutory residency, and the 183-day rule are included.  Program Panelists Dean L. Surkin is a tax director at Gettry […]

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