As of Saturday March 21, 2020, the federal income tax filing due date has been extended to July 15, 2020, according to an announcement by the Treasury Department and IRS[1]. This follows a press conference held on March 17th, 2020 in response to the COVID-19 pandemic, where Treasury Secretary Steven Mnuchin stated that the deadline […]
Please see the interesting information provided by Lewis Brisbois Bisgaard & Smith LLP, a legal firm with whom we exchange business and technical support. The Families First Coronavirus Response Act was approved by the U.S. Senate and signed by President Trump on March 18, 2020 (the Act). The Act requires that covered employers grant up to […]
Dear All, Please find some insightful notes from a legal firm with whom we exchange business and technical support, Pavia & Harcourt LLP. These are unprecedented times, and we know our clients have many questions regarding how to navigate the downturn in business due to COVID-19. We are here to discuss your particular issues […]
On Thursday, March 19, 2020, Governor Cuomo announced that banks in New York State will waive mortgage payments for 90 days and suspend foreclosures[1]. The waivers will be dependent on financial hardship (those affected by the outbreak, including but not limited to layoffs)[2]. Fees involved with late payments and overdraft on ATM and credit cards […]
AICPA (The American Institute of Certified Public Accountants) has provided the following document – their State Tax Filing Guidance for Coronavirus Pandemic Chart. It contains updates regarding state issued guidance, relief/provisions, and other pertinent information for all 50 states. This document is frequently updated by AICPA. We have a have provided the link below. If you have […]
Dear All, attached a very interesting note from an Esquire with whom we exchange business and technical support – by Antonio Valla, founder and President of Valla & Associates Most “business interruption” insurance policies require that there be a physical loss in order to trigger coverage. However, many “commercial property insurance policies” provide coverage for […]
One of the main goals for a taxpayer is to increase his revenue. Two of the main areas, for a business to achieve this, are to expand its customer base into various states and to provide customer service. This could mean that the taxpayer might perform various kinds of transactions to expand the business’ influence […]
Have you been looking to sell your investments? Are you aware that you could defer part, or all, of the gain by exchanging your investment with a similar one? The Internal Revenue Service (IRS) provides a benefit, known as Section 1031 – Like-kind Exchanges, for taxpayers that reinvest proceeds from selling certain kinds of investment […]
In which countries do high earners pay the most tax? And where do average earners pay the most? Income tax has been a political hot potato for decades. In 1966 The Beatles released their song Taxman as a protest against the 95% “supertax” rate introduced by Harold Wilson’s Labour government, which the band had to […]