Sciarabba Walker Blog
The information in these blog posts is provided for general informational purposes only and is not intended to substitute for accounting, tax, or financial advice from a professional accountant. While we use reasonable efforts to furnish accurate and up-to-date information, we do not warrant that any information contained in or made available through this blog is current or error free. No part of this communication is intended to be used for the purpose of avoiding penalties under U.S. federal tax law.
Restaurant Revitalization Grant Fund
The Small Business Administration (SBA) has released guidance on the Restaurant Revitalization Fund. This fund provides needed resources to some of the hardest-hit businesses of the COVID-19 pandemic. As part of the released guidance, a sample application was...
NYS Tax Credits for High Technology Companies
There are several credits available to high technology companies located in New York State, many of which are directed to companies that incur research and development expenses. The most readily available tax credit for NYS companies performing R&D activities is...
Federal & NYS Individual Tax Deadlines Extended
On Friday, March 19, New York State announced the extension of the individual tax deadline from April 15 to May 17, 2021, to align with the IRS' recent extension of the federal tax deadline. It is important to note that both federal and New York State first quarter...
Employee Retention Credit Changes – American Rescue Plan
All the following changes relate to wages paid after June 30, 2021 and before January 1, 2022. The act codified the Employee Retention Credit and extended it through the end of 2021. The Employee Retention Credit is allowed against Medicare tax. Recovery Startup...
Targeted EIDL Advance – American Rescue Plan
Allocates $10 Billion to make payments to entities that have not received the full amount to which they are entitled to under the Consolidated Appropriations Act of 2021. Allocates $5 Billion to make payments to covered entities that have suffered an economic loss of...
Modifications to Paycheck Protection Program – American Rescue Plan
Provides an additional $7.25 Billion into the Paycheck Protection Program (PPP). The new law expanded the eligibility for certain organizations. Non-profit organizations other than those currently eligible to apply for PPP loans. The term additional covered non-profit...
Restaurant Revitalization Grants – American Rescue Plan
The U.S. Small Business Administration (SBA) will administer a new program specifically to eligible entities in the restaurant and hospitality business sectors through the Restaurant Revitalization Fund. An eligible entity means a restaurant, food stand, food truck,...
Paid Sick & Family Leave Credits Under the Families First Coronavirus Response Act
The new law extends the FFCRA paid sick time and paid family leave credits beginning April 1, 2021 and ending on September 30, 2021. Previously were set to expire on March 31, 2021. The amendments apply to amounts paid with respect to calendar quarters beginning after...
Child & Dependent Care Assistance – American Rescue Plan
The child and dependent care credit has been increased from 35% to 50% of eligible expenses for 2021 only and is also refundable. The credit is now worth up to $8,000 for one qualifying individual and up to $16,000 for two or more (an increase from being worth up to...
Earned Income Tax Credit – American Rescue Plan
The threshold for disqualified investment income has been raised to $10,000 permanently. For 2021, the applicable minimum age for individuals without children has been decreased to 19. However, there are two exceptions: the minimum age for students is 24, and the...