NY COVID-19 Capital Costs Tax Credit Program – ALERT FOR NY BUSINESSES

NY COVID-19 Capital Costs Tax Credit Program – ALERT FOR NY BUSINESSES

 

Established as part of the 2022-2023 NYS Budget, the COVID-19 Capital Costs Tax Credit Program seeks to support small businesses that incurred additional costs and expenses as a result of the COVID-19 pandemic. This Program allows small businesses to receive a tax credit of 50% of qualifying expenses up to a maximum of $50,000, which would result in a maximum credit of $25,000.

For a small business to qualify for this credit, it must:

Highlights of The Inflation Reduction Act of 2022

Highlights of The Inflation Reduction Act of 2022

On August 16, 2022 President Biden signed the Inflation Reduction Act into law. The IRA adds allowances (tax credits) in the form of expanded energy incentives, small business credits, healthcare provisions, as credits for individuals and much more.

This is an extensive bill with a lot of detailed information on new tax incentives and limitation. These are just some of the things you should know:

The Secure Act, Changes Made to Required Minimum Distributions

The Secure Act, Changes Made to Required Minimum Distributions

Retirement. To those active in the workforce, retirement could be the highly anticipated next chapter of life, or a distant goal.  For those living in retirement, it is hopefully a well-deserved dream come true. Wherever you are in your journey to retirement, it is important to have an understanding of the tax laws surrounding it. In today's constantly fluctuating world, with changing tax laws and record numbers of retirements, knowing the tax law surrounding retirement has never been more important.

IT Policies Your Company Needs in Today's Cyber Computing World

IT Policies Your Company Needs in Today's Cyber Computing World

IT security policies are becoming a 'must' for all companies and organizations. With employees working from home more often than ever, it is wise to introduce policies for staff to follow, ensuring you are not compromised.

According to the SANS Institute, an organization’s Security Policy sets the standard for the way in which critical business information and systems will be protected from both internal and external threats. 

Using CRATs to Eliminate Capital Gain— A 'Dirty Dozen' Debut

Using CRATs to Eliminate Capital Gain— A 'Dirty Dozen' Debut

For more than two decades, the IRS has published a list known as “The Dirty Dozen” with the goal of raising awareness of tax-related scams and fraud schemes for both taxpayers and tax professionals.  The list is not all-inclusive, but rather changes and evolves from year to year to include what the IRS deems to be the most serious and pervasive fraud methods and occurrences of that time.  Many tax fraud schemes and methods, such as the impersonation of charitable organizations, phishing, identity theft, and return preparer fraud first appeared over a decade ago and have ma

IRS Announces Mileage Rate Increase

IRS Announces Mileage Rate Increase

Due to recent gasoline price increases, mileage rates will be adjusted for the final months of 2022. On June 9, 2022 the Internal Revenue Service (IRS) announced the optional standard mileage rate increase for the remainder of the year. The adjusted mileage rates, effective July 1, 2022, may be used by taxpayers to calculate the deductible costs of operating an automobile for business and certain other purposes.

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