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Economic Injury Disaster Loan (EIDL) Program Updates

September 10, 2021 Dear Clients, Colleagues and Friends, On September 8, 2021, the U.S. Small Business Administration announced that it is increasing the maximum amount small businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. Starting on October 8, 2021, for loans greater than $500,000, the SBA is increasing […]

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IRS Announces New Online Tools to Help Taxpayers Manage Child Tax Credit Payments

IRS Announces New Online Tools to Help Taxpayers Manage Child Tax Credit Payments The IRS has announced the launch of two new online tools to help families verify, manage and monitor monthly payments of child tax credits under the American Rescue Plan Act (ARP) (P.L. 117-2). These are in addition to the Non-filer Sign-up tool […]

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No Surprise Billing Act Interim and Proposed Regulations

No Surprise Billing Act Interim and Proposed Regulations The Departments of the Treasury, Labor, and Health and Human Services (the Departments), have issued interim final rules and identical proposed regulations to implement provisions of the No Surprises Act. On December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA), which included the No Surprises Act, was […]

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IRS Issues Proposed Electronic Filing Requirements for Specified Returns and Other Documents

IRS Issues Proposed Electronic Filing Requirements for Specified Returns and Other Documents The IRS has proposed regulations that would amend the rules for filing electronically and affects persons required to file partnership returns, corporate income tax returns, unrelated business income tax returns, withholding tax returns, certain information returns, registration statements, disclosure statements, notifications, actuarial reports, […]

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Treasury Secretary Yellen Addresses Support for Corporate Global Minimum Tax

Treasury Secretary Yellen Addresses Support for Corporate Global Minimum Tax Secretary of the Treasury Janet L.Yellen addressed the support for a global minimum tax for corporations at a press conference at the close of the G20 Finance Ministers and Central Bank Governors Meetings, on July 11, 2021, see https://home.treasury.gov/news/press-releases/jy0270. Secretary Yellen stated that now 132 countries, […]

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IRS Provides Answers to Question Pertaining to Treasury Grants and Related Taxes

IRS Provides Answers to Question Pertaining to Treasury Grants and Related Taxes The IRS has provided answers to questions that certain transportation companies may have regarding Treasury grants and related taxes, https://www.irs.gov/newsroom/coronavirus-economic-relief-for-transportation-services-certs-frequently-asked-questions. These companies must largely prioritize the use of the grants for payroll costs, though grants may be used for operating expenses, including the acquisition […]

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PPP Loan Forgiveness Update

July 29, 2021 Dear Clients, Colleagues and Friends, The SBA has announced the opening of a Paycheck Protection Program Direct Forgiveness Portal. This will allow borrowers to apply for loan forgiveness directly through the SBA, rather than through their lender. Below are some highlights on this new portal: Lenders will have to opt in to […]

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New IRS Advanced Child Tax Credit Payments

July 22, 2021 Dear Clients, Colleagues and Friends, On July 15, 2021 the IRS made the first of six monthly advanced Child Tax Credit payments to eligible taxpayers. These payments are one of the provisions of the American Rescue Plan Act of 2021 and are part of the significant changes to the Child Tax Credit for […]

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NYS COVID-19 Pandemic Small Business Recovery Grant Program

June 10, 2021 Dear Clients, Colleagues and Friends, New York State has launched a Business Pandemic Recovery Initiative website to highlight some of their business pandemic recovery programs. We encourage you to visit https://esd.ny.gov/business-pandemic-recovery-initiative for more information. We would like to highlight the new NYS Covid-19 Pandemic Small Business Recovery Grant Program. Starting today, small […]

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