On May 11, 2021, the City Council of New York enacted a local law to establish a retirement savings program for certain employees of private entities. The “Retirement Security for All” legislation creates a mandatory auto-enrollment payroll deduction individual retirement account (“IRA”) program for employees of private sector…
The U.S. Small Business Administration (“SBA”) announced that the Restaurant Revitalization Fund (“RRF”) relief program application portal will be tested in a seven-day pilot period ahead of the official application launch. The official application launch date, however, has still yet to be announced. All eligible applicants will be able…
The 2017 Tax Act made life harder on individuals living in high tax states (such as New York, New Jersey, and California) by limiting the deduction for state and local taxes (“SALT”) to $10,000. This cap only applied to SALT deductions paid by individuals, not by corporations. On…
The IRS has released further guidance (Notice 2021-23) concerning the employee retention credit (“ERC”) claimed by employers for the first and second calendar quarters of 2021 to address the following: the expansion of the types of employers that may be eligible to claim the credit, modifications to the…
On Wednesday, President Joe Biden unveiled the American Jobs Plan, a roughly $2 trillion infrastructure plan to modernize thousands of miles of roads, fix thousands of bridges, expand broadband access and replace all lead pipes carrying drinking water. The centerpiece of funding for the plan is a corporate tax reform, the…
The Small Business Administration (“SBA”) is increasing the maximum amount small businesses and nonprofits can borrow through its COVID-19 Economic Injury Disaster Loan (“EIDL”) program. Starting the week of April 6, the SBA is raising the loan limit for the COVID-19 EIDL program from six months of economic…
The Internal Revenue Service (“IRS”) announced Wednesday evening that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. Individual taxpayers can also postpone federal income tax payments for the 2020 tax year…
It is anticipated that the Internal Revenue Service (“IRS”) will delay the April 15 tax-filing deadline until mid-May. This will give taxpayers additional time to file their 2020 tax returns and pay any amounts owed to the IRS. The move from the IRS and Treasury Department comes after calls to…
The House of Representatives voted Wednesday to approve a $1.9 trillion Covid relief plan, a top legislative priority for President Joe Biden. Having passed both houses of Congress, the stimulus package will now be sent to President Joe Biden to be signed into law. The President is expected to enact…
Under the CARES Act, enacted March 27, 2020, employers that experienced a significant business impact from COVID-19 based on specific parameters are eligible for a fully refundable federal payroll tax credit, the Employee Retention Credit (ERC). However, as originally enacted, employers (or members of their controlled groups) that received…
