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Category: IRS and State tax news

By:  Mindy Kamen President Biden’s tax proposal, first introduced in the American Families Plan, includes increasing the top tax rate on capital gains to 43.4% from 23.8% for households with more than $ 1 million in income. However, the budget released May 28 assumes the increase is retroa Read More

By: Richard Feldman With the passage of the record $212 billion fiscal 2022 New York State budget, there are many changes, extensions and modifications to the state’s tax rates, credits and processes that need to be considered. The Janover tax team has reviewed the tax changes that could im Read More

By: COVID Response Team If you haven’t already taken advantage of the Employee Retention Credit (ERC), a fully refundable payroll tax credit that provides eligible employers with up to $33,000 per employee from March 13, 2020, through December 31, 2021, now is the time. Many companies do no Read More

By: Jason Hoffman Small residential landlords now may be eligible for new COVID-19 financial relief with the New York Forward Loan Fund (NYFLF). The program aims to support some of the hardest-hit small businesses throughout the state as they continue to reopen from COVID-19 required closures Read More

On March 17th, the IRS announced that the individual income tax filing due date for 2021 has been extended from April 15th to May 17th. Payment of individuals’ 2020 taxes can also be delayed until May 17th without penalties and interest. While this decision is welcome, we at Janover wil Read More

By: Barry Sunshine, Joe Tancer , and Chris Zingalli Form 1040, Schedule C taxpayers received an updated interim final rule (IFR) on the Paycheck Protection Program (PPP) from the Small Business Association (SBA). The IFR clarifies guidance released on Feb. 22 that made changes to how self-e Read More

By: Barry Sunshine, Joe Tancer and Chris Zingalli The IRS has released additional guidance in Notice 2021-20 on the Employee Retention Tax Credit (ERC) with clarifications on the retroactive changes for expanded eligibility applicable to 2020. Employers who received a Paycheck Protection Prog Read More

Payments of Nonemployee Compensation made during calendar year 2020, which were previously reported in Box 7 of Form 1099-Misc, are now required to be reported on Form 1099-NEC. Below are important deadlines for each form: 1099-NEC: must be delivered to recipient by: February 1, 2021; Paper a Read More

Recently, the IRS released Revenue Ruling 2020-27 addressing the question that many of us have as to whether a taxpayer that received a PPP loan can deduct expenses paid during its 2020 taxable year if at the end of the year the taxpayer reasonably expects to receive forgiveness of its PPP lo Read More

Effective September 30, 2020, New York State will require all employers to accrue protected sick leave time. Employees are not entitled to use the time until January 1, 2021. The amount of protected leave time will vary by the size and net income of the employer. Employers with 4 or fewer emp Read More