For those taxpayers that elected to pay the NYS pass-through entity tax for 2021 (which was newly enacted for tax years starting in 2021) and may elect again for tax year 2022, some important compliance deadlines are coming up.  Although the state is still providing guidance regarding some items, please be aware of the deadlines below as you are working through your 2021/2022 taxes.

2021 TAX YEAR:

Grace Hartzheim recently joined Dermody, Burke & Brown, CPAs, LLC as a Marketing Manager in the Syracuse office.

Grace joins us with eight years of Marketing and Design experience in the Private and Not-For-Profit sectors. She holds a Bachelor of Arts degree in Art History from Manhattan College. She resides in Syracuse, New York.

Dermody, Burke & Brown, CPAs, LLC recently hired Bipasha Bagchee as an Associate in the Syracuse office.

Dermody, Burke & Brown, CPAs, LLC recently hired Nellie Sherlock and John Kilkenny as Associates in the Syracuse office.

John Kilkenny recently joined Dermody, Burke & Brown as a Tax Associate in the Syracuse office.  John received both a Bachelor of Science degree in Accounting and a Master of Business Administration degree from State University of New York (SUNY) College at Oswego. Prior to being hired on a full-time basis, he worked as an intern with the firm through tax season in 2020.

Although the PPP loan program ended May 31, 2021, there are many loans that have not gone through the forgiveness process. A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan, even if repayment has begun.

The March 2020 CARES ACT provided many stimulus opportunities to employers. One of which was the option for employers to defer/postpone the payment of the employer portion of FICA taxes due on wages paid from March 27, 2020 through December 31, 2020. This deferred / postponed the repayment of these taxes until the end of 2021 and 2022.   Specifically, 50% of the FICA tax deferral is due December 31, 2021 with the remaining amount due December 31, 2022.

The U.S. Supreme Court’s South Dakota v. Wayfair decision was a landmark case affecting nearly every business, drastically expanding a seller’s obligation to collect sales tax in various states.  Three years after the decision, states’ have had diverse reactions and have adopted various enforcement policies.  While each state may have its own set of rules, one thing is certain, every business must review and address its sales tax collection obligations.

Economic Nexus

Tetyana Kratochvil recently joined Dermody, Burke & Brown, CPAs, LLC as a Tax Senior Associate in the New Hartford office.