The House of Representatives and the Senate both passed the Consolidated Appropriations Act of 2021 on December 21, 2020, and the President is expected to sign it into law. While the main purpose of the Act is funding the federal government through the end of the government’s current fiscal year, it includes many tax-related provisions. The Act allows a deduction for expenses paid with PPP...
The House of Representatives and the Senate both passed the Consolidated Appropriations Act of 2021 on December 21, 2020, and the President is expected to sign it into law. While the main purpose of the Act is funding the federal government through the end of the government’s current fiscal year, it includes many tax-related provisions. The Act extends the Payroll Protection Program (PPP),...
The House of Representatives and the Senate both passed the Consolidated Appropriations Act of 2021 on December 21, 2020, and the President is expected to sign it into law. While the main purpose of the Act is funding the federal government through the end of the government’s current fiscal year, it includes many tax-related provisions. For loans of $150,000 or less, the Act directs the Sm...
The House of Representatives and the Senate both passed the Consolidated Appropriations Act of 2021 on December 21, 2020, and the President is expected to sign it into law. While the main purpose of the Act is funding the federal government through the end of the government’s current fiscal year, it includes many tax-related provisions. Charitable Deduction for Non-Itemizers: The special r...
The House of Representatives and the Senate both passed the Consolidated Appropriations Act of 2021 on December 21, 2020, and the President is expected to sign it into law. While the main purpose of the Act is funding the federal government through the end of the government’s current fiscal year, it includes many tax-related provisions. The Act authorizes a second round of stimulus payment...
The House of Representatives and the Senate both passed the Consolidated Appropriations Act of 2021 on December 21, 2020, and the President is expected to sign it into law. While the main purpose of the Act is funding the federal government through the end of the government’s current fiscal year, it includes many tax-related provisions. In addition to the items discussed separately in othe...
The 2021 federal estate and gift tax exclusion is $11,700,000, up from $11,580,000 in 2020. The 2021 New York estate tax exclusion is $5,930,000, up from $5,850,000 in 2020. (There is no gift tax in New York State.)
Effective for the 2020 tax year, taxpayers are required to report nonemployee compensation on Form 1099-NEC, Nonemployee Compensation, instead of on Form 1099-MISC, Miscellaneous Income. We will be discussing the new form as part of our upcoming Individual Tax Year-End Workshops.
As discussed in our earlier post on September 17, 2020, New York State has decoupled from certain amendments made to the federal Internal Revenue Code. For taxable years beginning before January 1, 2022, any amendments made to the federal Internal Revenue Code after March 1, 2020 do not apply to the New York personal income tax. New York State recently introduced a new form, Form IT-558, New...
