IRS Working Through Mail Backlog

Dear Clients, Please find the following article regarding the IRS and their backlog of unopened paper tax returns from National Society of Accountants (NSA), written by Jessica L. Jeane, JD, the Director of Public Policy and Communications: IRS Continues to Work Through Mail Backlog Consisting of Over 5 Million Unopened Items, Commissioner Rettig Says October 7, 2020 The IRS continues…

COVID-19 Relocation and Taxation

Please find the following post regarding state income tax rates and relocation to different states during the pandemic, from the law firm WithersWorldwide: Beginning early this year, COVID-19 started spreading in the United States, with some states hit harder than others.  People who had the means and ability left the hard-hit, densely populated states and fled to less affected, less…

NYT Op-Ed: So You Think New York is Dead

Please find the following New York Time’s Op-Ed piece, by Jerry Seinfeld. Jerry Seinfeld: So You Think New York Is ‘Dead’(It’s not.) By Jerry SeinfeldMr. Seinfeld is a comedian.Aug. 24, 2020 When I got my first apartment in Manhattan in the hot summer of 1976, there was no pooper-scooper law, and the streets were covered in dog crap. I signed…

Main Street Lending Program

The Federal Reserve established the Main Street Lending Program (Program) to support lending to small and medium-sized businesses and nonprofit organizations that were in sound financial condition before the onset of the COVID-19 pandemic. The presentation below focuses details, eligibility, and required documents regarding for-profit businesses. Three different loan programs have been designed for the for-profit business -- Main Street…

3508EZ PPP Loan Forgiveness

You may be able to apply for forgiveness through the SBA Form 3508EZ if you are a borrower who is: Self Employed Individuals, Independent Contractors, or Sole Proprietors who have no employees at the time of the PPP Loan application (no employee salaries included) OR A Borrower who did not reduce the annual salary or hourly wages of any employee…

Lake Como Restarts

https://www.youtube.com/watch?v=i_-m1W293Cw&feature=youtu.be As restrictions begin to change and entire countries begin to restart, we hope to continue offering you the support and services you need during this time. From our offices in Como to New York, Milan to San Francisco and Miami, we are here for you. Video Source: https://mylakecomo.co/en/news/lake-como-restarts-video/

PPP Forgiveness Application Update

On June 16, 2020, the SBA released an updated instruction guide and application form for PPP Loan Forgiveness. These updates mirror the changes made by the PPP Flexibility Act, signed into law on June 5th.  On Monday, June 22, they also released a additional revisions to the PPP Loan Forgiveness (which already reflect most of what is included in the…

Forgiveness for the Paycheck Protection Program Loan

Forgiveness for the Paycheck Protection Program Loan (PPP Loan) now has an application with detailed instructions. The SBA and the Department of the Treasury have come together to release a form with detailed instructions and an application for forgiveness. Please note that the application and instructions will be subject to further regulation and guidance. Please see the link below to…