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Professional Services Articles

 

New York State 2022 Budget Decouples Opportunity Zone Tax Benefits from Federal Tax Benefits

New York State 2022 Budget Decouples Opportunity Zone Tax Benefits from Federal Tax Benefits

Posted by Cory Van Deusen V on May 13, 2021

The New York state FY 2022 budget bill signed by Governor Andrew Cuomo on April 19 includes a provision that “decouples” certain state income tax benefits for qualified opportunity zone (QOZ) funds from those provided under federal tax law. The change is effective January 1, 2021.

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Florida Enacts Economic Nexus and Marketplace Legislation

Florida Enacts Economic Nexus and Marketplace Legislation

Posted by Mark Stack on May 13, 2021

On April 19, 2021, Florida’s governor signed S.B. 50 into law, making Florida one of the last states to adopt economic nexus and marketplace facilitator rules for sales tax purposes since the landmark U.S. Supreme Court decision in South Dakota v. Wayfair.

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Help Ensure the IRS Doesn’t Reclassify Independent Contractors as Employees

Help Ensure the IRS Doesn’t Reclassify Independent Contractors as Employees

Posted by Kelsey Weigel on May 13, 2021

Employee or independent contractor? That’s the question businesses ask when they bring on certain workers. Here are the basic rules to help keep you out of tax trouble.

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New Law Approves Temporary COBRA Subsidy

New Law Approves Temporary COBRA Subsidy

Posted by Kathleen Strobele on May 04, 2021

The new American Rescue Plan Act (ARPA) requires employers to offer a 100% subsidy to qualified former employees for COBRA health care coverage. This is good news for workers because COBRA coverage can be expensive.

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Is Social Media Subject to Discovery?

Is Social Media Subject to Discovery?

Posted by Benjamin Schuver on May 03, 2021

Data stored on social media platforms may be fair game in pre-trial discovery — even if the user limits access to personal posts. Many courts have decided that private isn't necessarily the same as not public, and they're granting discovery requests to obtain relevant social media evidence in civil cases.

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New York State Enacts Pass-Through Entity Tax Election

New York State Enacts Pass-Through Entity Tax Election

Posted by Mark Stack on April 26, 2021

As part of New York state’s (NYS) budget bill passed by the Assembly on April 7, a pass-through entity (PTE) tax election has been provided for partnerships, limited liability companies treated as partnerships for federal income tax purposes, and New York S corporations.

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COBRA Provision under the American Rescue Plan Act

COBRA Provision under the American Rescue Plan Act

Posted by Kerry Roets on April 21, 2021

Do you have former employees currently on your COBRA rolls? Or employees that have been laid off within the last 18 months who haven't enrolled in COBRA but still could? Your company might need to pay for those COBRA benefits upfront for up to six months before recouping that expense via tax credits.

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Employees Now Enjoy Even Greater Flexibility with FSAs

Employees Now Enjoy Even Greater Flexibility with FSAs

Posted by Kathleen Strobele on April 13, 2021

Employees who choose to participate in employer-provided flexible spending accounts (FSAs) can realize several tax benefits. Recent legislation provides participants with an even greater incentive to contribute to these accounts.

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Top Five PPP FAQs

Top Five PPP FAQs

Posted by Jenna Torella on April 12, 2021

The Paycheck Protection Program (PPP) loan process has become increasingly complicated as new guidance and enhancements to the program have been announced.

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Employee Retention Credit FAQs Released For 2020 Claims

Employee Retention Credit FAQs Released For 2020 Claims

Posted by Megan Morris on April 12, 2021

Under the 2020 ERC rules, 50% of qualified wages and healthcare expenses (up to $10,000 of wages per employee in 2020) are fully refundable if paid by businesses that experienced a full or partial suspension of their operations or a significant decline in gross receipts.

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