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    Reporting PPP Forgiveness

    As discussed in our post on November 22, 2021, the IRS has provided guidance on when entities who receive forgiveness of Payroll Protection Program (PPP) loans should report the tax-exempt income from those loans. The instructions for the 2021 versions of Form 1120S and Form 1065 indicate that entities that report tax-exempt income from the forgiveness of PPP loans must attach a statement to the...

    NY Pandemic Small Business Grant

    As discussed on page 86 of the Tax Year 2021 M+O=CPE Individual Tax Year-End Workshop Reference Book, New York has created a COVID-19 Pandemic Small Business Recovery Grant Program.  While proceeds from grants from this program are generally included in the federal income of entities that receive them, the grants are excluded from income for purposes of the New York State income tax.  S corpor...

    Pass-Through Entity Tax Return New Guidance

    As discussed on pages 61 through 80 of the Tax Year 2021 M+O=CPE Individual Tax Year-End Workshop Reference Book, entities may elect to be subject to the New York pass-through entity tax (PTET) beginning with the 2021 tax year. New York has issued some new information about filing the annual PTET return, which is expected to be available in early February 2022. Using the webfile system, entities...

    IT-204 Reporting of PTET Credit

    As discussed on pages 61 through 80 of the Tax Year 2021 M+O=CPE Individual Tax Year-End Workshop Reference Book, entities may elect to be subject to the New York pass-through entity tax (PTET) beginning with the 2021 tax year. As discussed on page 70, New York State was expected to update its instructions related to the reporting of the credit by partnerships/LLCs.  New York State recently mad...

    Pass-Through Entity Taxable Income

    As discussed on pages 61 through 80 of the Tax Year 2021 M+O=CPE Individual Tax Year-End Workshop Reference Book, entities that elect to be subject to the New York pass-through entity tax (PTET) must compute their pass-through entity taxable income when filing the annual pass-through entity tax return.  New York has provided separate worksheets to be used for S corporations and for partnerships...

    1099-G and Fraud

    Over the past two years, there have been many cases of fraudulent claims for unemployment benefits where identity thieves used stolen names and Social Security numbers to submit claims for unemployment benefits. If a taxpayer had his or her identity stolen and used to claim fraudulent unemployment benefits, the New York State Department of Labor may issue a Form 1099-G, Certain Government Paymen...

    IRS Info Letters for Advance Payments

    The IRS has indicated that it will issue information letters to recipients of advance payments of the child tax credit starting in December 2021, and it will issue information letters to recipients of the third round of economic impact payments at the end of January 2022. It is vital that taxpayers know the amounts of such advance payments that they received, since these amounts must be reconcil...

    2022 Estate Tax Exclusion

    The 2022 federal lifetime unified estate and gift tax exclusion is $12,060,000, up from $11,700,000 in 2021.  In addition, the annual federal gift tax exclusion in 2022 is $16,000 per person per year, up from $15,000 in 2021 and earlier years. The 2022 New York estate tax exclusion is $6,110,000, up from $5,930,000 in 2021.  (There is no gift tax in New York State.)  If you have not already e...

    RMD Calculations for 2022

    The Treasury Department has issued final regulations that include an update of the tables used to compute required minimum distributions (RMDs) from retirement accounts beginning in the 2022 tax year.  The new tables provide slightly longer life expectancies and lower required distributions than the old tables. The new tables are not applicable and should not be used for computing RMDs for the ...

    Additional Federal Postponement for Hurricane Ida

    As discussed in our posts on November 18, 2021, October 12, 2021, September 21, 2021 and September 16, 2021, certain taxpayers who were affected by the remnants of Hurricane Ida were given more time (until January 3, 2022) to file their 2020 extended income tax returns. The IRS has announced an additional postponement of this due date for affected taxpayers to file federal returns.  The new d...