Jul 11, 2022 | Firm Updates, Small Business, Tax Tips
New York State’s $250 million COVID-19 Capital Costs Tax Credit Program provides financial assistance to small businesses burdened with a range of operational costs stemming from the COVID-19 pandemic, from structural changes and building upgrades to...
Jun 14, 2022 | Firm Updates, Individual Tax, Tax Tips
The New York State homeowner tax rebate credit (HTRC) is a one-year program benefitting nearly three million eligible homeowners in 2022. Eligibility To be eligible, you must have: qualified for a 2022 STAR credit or exemption, had income that was less than or equal...
Mar 23, 2022 | Firm Updates, Individual Tax, Tax Tips
Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting it out for part of the year. The tax treatment depends on how many days it’s rented and your level of personal use. Personal use...
Feb 15, 2022 | Firm Updates, Small Business, Tax Tips
The New York State Pass-Through Entity Tax (PTET) is an optional tax that partnerships or New York S corporations may annually elect to pay on certain income for tax years beginning on or after January 1, 2021. Who is eligible? Any partnership [including a limited...
Feb 1, 2022 | Firm Updates, High Technology
Research & Development Credit The research and development (R&D) credit is a federal tax credit available to U.S. companies for increasing research activities. The research must be undertaken for discovering information that is technological in nature, and its...
Jan 26, 2022 | Firm Updates, Tax Tips
Earlier this month, the National Taxpayer Advocate, Erin M. Collins, released her 2021 Annual Report to Congress in which she warned of the IRS’ backlog of over 10 million unprocessed returns entering this tax season and her expectation of delayed refunds. While...