COVID-19 Tax Alerts

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INFRASTRUCTURE ACT HALTS Q4 2021 EMPLOYEE RETENTION CREDIT FOR MANY EMPLOYERS

INFRASTRUCTURE ACT HALTS Q4 2021 EMPLOYEE RETENTION CREDIT FOR MANY EMPLOYERS 900 600 SAX LLP - Advisory, Audit and Accounting

The Infrastructure Investment and Jobs Act (Infrastructure Act) ends the Employee Retention Credit (ERC) for wages paid after September 30, 2021 for many employers.  Recovery startup businesses, however, may continue…

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Tax Alert

Important Tax Reminder: Repayment of 50% of Deferred Payroll Taxes Due December 31

Important Tax Reminder: Repayment of 50% of Deferred Payroll Taxes Due December 31 400 400 SAX LLP - Advisory, Audit and Accounting

Employers who took advantage of the CARES Act employer payroll tax deferral in 2020 are reminded that 50% of the deferred taxes must be paid no later than December 31,…

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Tax Alerts

Tax Alert: IRS Extends Additional Tax Deadlines for Individuals to May 17, 2021

Tax Alert: IRS Extends Additional Tax Deadlines for Individuals to May 17, 2021 400 400 SAX LLP - Advisory, Audit and Accounting

The IRS has recently announced that individuals have until May 17, 2021 to meet certain tax deadlines that would normally fall on April 15. This extension includes the filing of…

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IRS

IRS Extends Tax Filing Deadline for 2020 Individual Returns

IRS Extends Tax Filing Deadline for 2020 Individual Returns 400 400 SAX LLP - Advisory, Audit and Accounting

The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15,…

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PPP Application

STATE INCOME TAX TREATMENT OF PAYCHECK PROTECTION PROGRAM LOAN FORGIVENESS AND EXPENSE DEDUCTIONS

STATE INCOME TAX TREATMENT OF PAYCHECK PROTECTION PROGRAM LOAN FORGIVENESS AND EXPENSE DEDUCTIONS 400 400 SAX LLP - Advisory, Audit and Accounting

As a reaction to the economic conditions of the COVID-19 pandemic, the federal government has established a series of relief packages for businesses, including the Paycheck Protection Program (PPP). 

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Payroll

DON’T LEAVE MONEY ON THE TABLE! Employee Retention Credit Now Available to PPP Loan Recipients

DON’T LEAVE MONEY ON THE TABLE! Employee Retention Credit Now Available to PPP Loan Recipients 400 400 SAX LLP - Advisory, Audit and Accounting

Due to legislation passed in late December 2020, eligible employers with a Paycheck Protection Program (PPP) loan can now claim the employee retention credit (ERC) when they previously could not.

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Qualified Opportunity Fund

IRS Extends Additional Relief for Qualified Opportunity Funds and Investors Affected by Ongoing Pandemic

IRS Extends Additional Relief for Qualified Opportunity Funds and Investors Affected by Ongoing Pandemic 400 400 SAX LLP - Advisory, Audit and Accounting

Quick Recap On the evening of January 19, the IRS issued Notice 2021-10 that provides additional relief by extending certain deadlines for investing in Qualified Opportunity Funds (“QOFs”) and relaxed…

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Senate

The Current Status of the New Stimulus Package – The Consolidated Appropriations Act, 2021

The Current Status of the New Stimulus Package – The Consolidated Appropriations Act, 2021 400 400 SAX LLP - Advisory, Audit and Accounting

After months of negotiations, Congress reached an agreement for a new round of relief for the ongoing COVID-19 pandemic.  In addition to the enhancements made to the Paycheck Protection Program…

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Tax Alerts

Tax Alert: FAQs Released on Business Alternative Income Tax (BAIT)

Tax Alert: FAQs Released on Business Alternative Income Tax (BAIT) 400 400 SAX LLP - Advisory, Audit and Accounting

On Tuesday, September 29, the Division of Taxation released guidance on the recently enacted Business Alternative Income Tax (BAIT) in the form of an FAQ page on its website.  While…

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Estate Planning

There’s No Better Time Than Now To Review Estate Plans & Wealth Transfer Opportunities

There’s No Better Time Than Now To Review Estate Plans & Wealth Transfer Opportunities 400 400 SAX LLP - Advisory, Audit and Accounting

There are several significant factors indicating that this is a good time to revisit your estate plan. The impact of the novel coronavirus (COVID-19) and the resulting economic uncertainty, as…

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