Anchin is a proud platinum sponsor and chair of this upcoming event. Please note the updated Health & Safety Protocols as of 9/15/2021. Read More
We invite you to join us on Thursday, September 23rd at 2PM for a timely webinar on how the New York State (NYS) Pass-Through Entity (PTE) tax regime benefits owners of Partnerships and Subchapter S Corporations doing business in NYS, as well as considerations for C Corporations. Read More
On September 13, 2021, the Democrats of the House Committee on Ways and Means released text of many proposed tax increases. Here are some highlights of the more impactful provisions generating attention. Read More
- The Interplay Between the Paycheck Protection Program and the Employee Retention Credit: How to Receive the Maximum Benefit9/13/2021
The Consolidated Appropriation Act (CAA) has enabled relief, but also created complexity for taxpayers that received a Paycheck Protection Program (PPP) loan and qualified for the Employee Retention Credit (ERC). These taxpayers should seek advice to get full forgiveness of the PPP loan and maximize the benefit available under the ERC, as the rules can get quite complicated.
- NY and NJ Victims of Hurricane Ida May Be Eligible for IRS Disaster Relief9/10/2021
As you may have already heard, on Wednesday, September 8, 2021, the Internal Revenue Service (IRS) released guidance allowing individuals and businesses that were victims of Hurricane Ida in parts of New York and New Jersey to file returns and pay certain taxes up to January 3, 2022. The extension applies to tax filings and payments that were due starting on September 1, 2021.
- Is it Possible to Remain a New York Domiciliary Without Paying New York Income Tax?9/9/2021
One of the major lessons the U.S. workforce learned from the COVID-19 pandemic is that people can work from anywhere. With a simple internet connection, many employees can do their jobs from virtually any location in the world – a vacation home, a medieval European city or even a tropical paradise. For New York residents, telecommuting from a different location often offers little change in their state tax obligations. New York’s sweeping tax laws apply to all income earned by residents regardless of their remote working status. In fact, New York’s wide tax net employs two separate tests – the statutory residency test and the domicile test – to determine if a taxpayer is a resident of the state and therefore subject to state tax on all their income.
- How to Talk to Your Kids about their Gap Year8/30/2021
Although taking a “gap” year between high school and college is less common in the United States than it is in Europe, an increasing number of young Americans are choosing this path. A gap year doesn’t necessarily have to be “time off”; rather, it can offer your child a prime opportunity to learn lessons outside of the classroom, such as the impact of volunteer work, cultivating a new skill or experiencing new cultures. One way to better ensure that your child is using the time wisely is to talk to them about what their plans are and how their gap year fits into their future goals and values.
- New York Provides Clarity on the New Pass-Through Entity Tax – An Opportunity for Tax Savings8/27/2021
Passed earlier this year in April, New York’s elective Pass-Through Entity Tax (PTE tax) was intended to help taxpayers circumvent the federal limitation on state and local tax deductions. Since its enactment, taxpayers have been eagerly anticipating guidance from the Department of Taxation and Finance (the “Department”) to address many unanswered questions regarding the new regime’s application and compliance rules. Thankfully, the Department just released detailed guidance advising on many of the unresolved issues, helping taxpayers decide whether to elect in and how the mechanics of the PTE tax works. Here are some highlights from the Department’s guidance along with Anchin’s observations and recommendations.
- How the Biden Administration’s Proposed Tax Plan Could Affect Your Real Estate Business8/20/2021
President Biden’s $1.8 trillion “American Families Plan” proposal presents tax policy changes that will greatly affect the real estate industry, including an increase in the capital gains tax rate and limits on the use of 1031 like-kind exchanges.
- Will Recent New York State Tax Changes Drive High Income Residents From the State?8/20/2021
New York has seen a record number of residents leave over the last few years, which has been spurred in part by both the 2017 Tax Cuts and Jobs Act (TCJA) and the impact of the pandemic on the Big Apple. Some New York City residents who can work from home have decided to head to areas that provide larger square footage for less; while others have chosen to live in cities that offer better weather. Many others have migrated to states with low or no state income taxes, hoping to get more bang for their buck. The pandemic has proven to be a tough time for New Yorkers, with many now asking, what does the future hold for New York post-pandemic?
- New York Decouples from Certain Opportunity Zone Provisions 8/20/2021
Enacted as part of the Tax Cuts and Jobs Act, Opportunity Zones were created as a tax-incentivized stimulus for investments in underserved communities throughout the United States.
- Paycheck Protection Program (PPP) - Key Updates on Loan Forgiveness Filings8/19/2021
Many Borrowers who took out their first draw PPP loans in April 2020 and May 2020, but have not yet filed for forgiveness, have likely been contacted by their bank regarding the due date of the loan forgiveness application. A PPP borrower typically has until 10 months after the end of its Covered Period (which lasted up to 24 weeks after the date that the loan was funded) to file for forgiveness before the Borrower is required to begin making payments on the loan.
- Anchin is recognized by Construction Executive in The Top 50 Construction Accounting Firms™ for 20218/19/2021
Anchin has once again been recognized by Construction Executive in The Top 50 Construction Accounting Firms.™