We are posting this alert as a reminder of a state reporting requirement that is easily overlooked. Corporations and LLCs operating in New York are required to file a Biennial Statement every two years with the New York Division of Corporations. This form serves to confirm and update your business information on file with the…
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Category: Tax News
NYS Pass-through Entity Tax: What You Need to Know
If you are a partnership or an S-corporation in New York state, there is a new potential tax savings that you should be aware of called the NYS Pass-Through Entity Tax, or PTET for short. At a high level, this is an optional tax that a pass-through entity can pay to New York State on…
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PPP Loan Forgiveness – Extended
Today’s blog is a summary of Bill HR 7010 passed by the Senate on 6/3/2020. The likelihood of forgiveness of a significant portion of your loan is dramatically increased by these four provisions: The eight-week “covered period” under CARES has been extended to 24 weeks (nearly six months!), so you have three times longer to spend the loan…
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PPP Loan Amnesty
Many companies are rightly confused by the gyrations of the U.S. Treasury and Small Business Administration (SBA) regarding qualifications and rules for the Paycheck Protection Program (PPP). Observers have aptly described the government’s process as “building a plane while airborne.” Small businesses are caught in a perfect storm of unclear guidance, moving goalposts, and a…
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