Dec 21, 2020 | Firm Updates, Individual Tax, Tax Tips
The purpose of the kiddie tax is to prevent the abuse of transferring income-generating assets to your children in order to benefit from lower tax rates. Per the Internal Revenue Service, the kiddie tax applies if: The child has unearned income, such as interest and...
Oct 28, 2020 | Firm Updates, International Tax
On April 25, 2017, we posted the first part of a blog series entitled “Tax Withholding When Business Activities Involve International Entities and Individuals”. In this blog, we would like to expand on the issue of withholding taxes on payments made to foreign payees....
Sep 29, 2020 | COVID-19 Response, Firm Updates
The Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020 made significant changes to the deductibility of net operating losses (NOL) and non-corporate business losses in hopes of providing economic relief to individuals and businesses impacted by the...
Jun 12, 2020 | Firm Updates, Tax Tips
In March, New York State released N-Notice N-20-2 which moved the traditional first estimated payment due date of the year of April 15, 2020, to July 15, 2020. Considering the traditional second estimated payment due date of June 15, 2020, the timing of these two due...
Jun 10, 2020 | COVID-19 Response, Firm Updates
Extends the minimum maturity to five years from two years. for borrowers who obtain a loan on or after June 5, 2020. For loans made before June 5, 2020 could also extend the loan to 5 years if the borrower and lenders mutually agree to extend the maturity. The covered...