The Focus - Our Tax E-Newsletter | 08/23/2022 | COVID Related
NY COVID-19 Capital Costs Tax Credit Program – ALERT FOR NY BUSINESSES
News | 06/22/2021 | COVID Related
PPP Loan Forgiveness Applications Due
June 22, 2021 - PPP loan forgiveness must be applied for within ten months after the last day of your covered period. If borrowers do not timely apply for forgiveness, the PPP loan payments are no longer deferred, and borrowers will begin…
News | 03/31/2021 | COVID Related
PPP Extension Act of 2021 Signed Into Law: PPP Extended for Applicants to May 31, 2021
March 31, 2021 - The Paycheck Protection Program (PPP) application deadline has been formally extended from March 31, 2021 to May 31, 2021. President Joe Biden signed the PPP Extension Act of 2021 into Law on March 30, 2021.
News | 03/23/2021 | COVID Related
IRS and NY State Extend Individual Filing Date to May 17
March 23, 2021 - The IRS announced that it is extending the federal income tax filing date for individuals for the 2020 tax year to Monday, May 17, 2021. This is an automatic extension and there is no need to file any forms with the IRS.
News | 03/12/2021 | COVID Related
COVID-19 Relief: Highlights of the American Rescue Plan Act
March 12, 2021 - The $1.9 trillion coronavirus relief bill that was signed into law Thursday, March 11th contained many significant tax and targeted relief provisions in addition to the $1,400 stimulus checks that generated most of the…
News | 02/23/2021 | COVID Related
SBA Announces Changes to Provide Smaller Businesses Greater Access to PPP Loans
February 23, 2021 - The Cares Act established the Paycheck Protection Program which permitted the SBA to provide loans to qualified businesses impacted by the coronavirus (COVID-19) pandemic.
Thought Leadership E-Articles | 02/16/2021 | COVID Related
Company Pandemic-Related Financial Statement Transactions
After spending the past year wrestling with the financial impacts of the COVID-19 pandemic, companies that are required to prepare audited financial statements must now address a new challenge: deciding how to report and disclose certain…
News | 01/25/2021 | COVID Related
Breaking Down the Changes to the Employee Retention Credit
January 25, 2021 - CARES Act As part of the CARES Act passed in March of 2020, Congress created the Employee Retention Credit (ERC) designed to financially assist businesses affected by COVID-19.
News | 01/12/2021 | COVID Related
Deductibility of Expenses Paid for with PPP Loans and Other Relief Provisions
January 12, 2021 - The “Consolidated Appropriations Act, 2021 (CAA, 2021)” was signed into law on December 27, 2020.
News | 01/08/2021 | COVID Related
Additional Business and Individual Provisions Included in New Stimulus Bill
January 8, 2021 - We finally have some additional stimulus relief, signed into law by the president on December 27, 2020. This comes in the form of the “Consolidated Appropriations Act, 2021 (CAA, 2021)”. Included in the CAA, 2021 were…
News | 01/04/2021 | COVID Related
The Stimulus Package Tax Provisions Round 2
January 5, 2021 - The $900 billion stimulus package created by Congress last week and signed by the president on Sunday 12/27/20 includes a host of tax provisions from individual stimulus checks to extensions of many of the 2020 expiring…
News | 11/19/2020 | COVID Related
Documentation Retention for PPP Loans
November 19, 2020 - For those of you who received a Paycheck Protection Program (PPP) loan and will be filing for forgiveness, please keep in mind that supporting documents must be retained for 6 years after the earlier of the date full…