Gettry Marcus News

Income Tax Provisions of The Consolidated Appropriations Act, 2021

December 28, 2020

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 […]

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IRS Makes it Easier to Set Up Tax Payment Arrangements

December 16, 2020

The 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 […]

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WEBINAR: Doing Business in a Multi-State Environment

December 14, 2020

Gettry Marcus CPA, P.C. presents Doing Business in a Multi-state Environment Wednesday, January 6, 2021 | 9:30 a.m. – 11:00 a.m. Join Gettry Marcus, CPA, P.C. and Sales Tax Defense LLC for a webinar focused discussion on multi-state sales tax and business income tax. Topics that will be addressed include: Multi-State Sales Tax Compliance Requirements Sales Tax on Internet Sales Remedies for Non-Compliance Business Income Tax Nexus Sales and Use Tax Refunds – hidden gems PROGRAM PANELISTS Robert Thee, CPA, MS, Tax Director at Gettry Marcus CPA, P.C. has been in tax practice for over 30 years, working extensively in […]

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U.S. Treasury Releases FAQ #53

December 10, 2020

At Gettry Marcus CPA, P.C. we continue to stay up to date on the recent developments regarding the Paycheck Protection Program (“PPP”), as provided by the U.S. Treasury. On December 9, 2020, the U.S. Treasury released FAQ #53, which impacts PPP loan borrowers who received $2,000,000 or more of PPP funds (following SBA aggregation rules).  See the below excerpt from the U.S. Treasury’s PPP FAQ’s: 53. Question: Why are some PPP borrowers receiving a Loan Necessity Questionnaire (SBA Form 3509 or 3510)? Answer: As previously announced, SBA is reviewing all loans of $2 million or more, and other loans as […]

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U.S. Treasury Introduces Loan Forgiveness Form 3508S

October 9, 2020

At Gettry Marcus CPA, P.C. we continue to stay up to date on the recent developments regarding the Paycheck Protection Program (“PPP”), as provided by the U.S. Treasury. On October 8, 2020, the U.S. Treasury released an interim final rule regarding PPP loan forgiveness as well as the new PPP Loan Forgiveness Application Form 3508S.   Recipients of PPP loans of $50,000 or less can utilize Form 3508S, except for those borrowers that together with their affiliates received loans totaling $2 million or greater.   For example, if a PPP borrower received a $40,000 PPP loan for Company A and […]

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CARES Act – Phase 3 of HHS Provider Relief Fund

October 7, 2020

Key Provisions The U.S. Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA), is providing $20 billion in new funding for providers on the frontlines of the coronavirus pandemic. Under this Phase 3 General Distribution allocation, providers that have already received Provider Relief Fund payments can apply for additional funding that considers financial losses and changes in operating expenses caused by the coronavirus. Providers can begin applying for funds on Monday, October 5, 2020. For eligible providers, the new Phase 3 General Distribution is designed to balance an equitable payment of 2 percent of […]

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Paul Bella Named Partner-in-Charge of the Gettry Marcus Tax Practice Group

Gettry Marcus CPA, P.C. is pleased to announce that Paul Bella has been named Partner-in-Charge of the firm’s Tax Practice Group.  In his new role, Mr. Bella will be managing the activities of one of the premier tax practice groups in the NY Metro Area.  “My vision is to fully utilize the diverse talents of the group and focus on client services and consulting at the highest level” said Mr. Bella. “At Gettry Marcus, we understand that in order to be successful as a firm, we must have strong leadership and management. We expect Paul to contribute greatly to the […]

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Getting Back to Business: The Role Cash Flow Budgets Play in Obtaining Bank Financing

September 2, 2020

It is clear that most businesses felt the financial impact of the pandemic during the last few months and are now experiencing the stress of getting their businesses up and running again. While PPP loans and SBA disaster loans helped businesses through the roughest months of the pandemic, now the PPP funds have likely been used up and the SBA loans will have to be repaid. Businesses have to re-hire employees, re-stock inventory, and generally start to incur significant expenses as they return to what they believe will be a more “normal” and profitable level of business. However, the funds needed […]

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Business Interruption Insurance Update

August 19, 2020

In a recent article, Gettry Marcus described the hurdles that the policyholder will most likely face regarding the consideration of a business interruption claim due to COVID-19. Insurance carriers are quick to point out that business losses arising from COVID-19 are not due to a “direct physical loss” or “direct physical damage” to the business property, hence no coverage.  In an August 12, 2020 ruling, a Federal Judge in the Western District of Missouri is allowing a business interruption lawsuit, involving a group of hair salon and restaurant owners, to proceed. This despite wording in the policy stating that direct […]

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IRS Tax Payment Notices – July 15, 2020

August 12, 2020

Many 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 […]

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