Eligible Census Tract Determinations for the New York Historic Rehabilitation Tax Credit

The New York State Department of Taxation & Finance (“DTF”) issued an advisory opinion TSB-A-20(2)C,(1)I regarding the determination of whether an historic rehabilitation project is located in a census tract eligible for New York’s historic rehabilitation tax credit. DTF determined that a determination of eligibility by New York State Office of Parks, Recreation and Historic Preservation (OPRHP) […]

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CARES Act – Employee Retention Credit

Section 2301 of the CARES Act provides for a refundable credit against employment taxes equal to 50 percent of the qualified wages with respect to each employee. There are numerous limitations and definitions that limit the scope and eligibility for the credit. However, for certain employers impacted significantly by COVID-19 shutdowns and who are maintaining […]

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CARES Act – Recovery Rebates for Individuals

Amount of Rebate: • $1,200 ($2,400 in the case of individuals filing a joint return) • $500 per qualifying child Eligibility: • The credit phases out in an amount equal to 5% of a taxpayer’s adjusted gross income over the following limits: o $150,000 AGI for joint returns o $112,500 AGI for heads of household […]

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COVID-19 — IRS Extensions

The IRS has provided extensions with respect to certain payment and filing deadlines. The following are some of the extensions provided to date: Notice 2020-18 (superseding Notice 2020-17): • Any person with a federal income tax payment or a federal income tax return due April 15, 2020 is affected by COVID-19 and eligible for relief. […]

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CARES Act – Qualified Leasehold Improvements (QIP)

The CARES Act corrects an error in the drafting of the Tax Cut & Jobs Act of 2017 (the TCJA). The TCJA changed the treatment of Qualified Improvement Property, causing it to be 39 year property that is not eligible for bonus depreciation. The correction changes QIP to 15-year property that is eligible for 100% […]

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CARES Act – Net Operating Losses (NOLs)

The CARES Act provides relief to businesses in the form of greater use of NOL carrybacks. The Act allows a five year carryback of NOLs arising in the 2018, 2019 and 2020 tax years. Prior to the Tax Cut & Jobs Act of 2017 (the TCJA), taxpayers were allowed to carryback NOLs to the two […]

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CARES Act: Emergency EIDL Grants

Under Section 1110 of the CARES Act, Congress authorized certain advances in the amount of $10,000 to small businesses to assist with the impacts of COVID-19. These $10,000 payments are more in the nature of a grant and are not expected to be repaid by the recipient. Eligible Entities: • Businesses with not more than […]

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Paycheck Protection Program Application Released

The Treasury Department has released the application for 7(a) loans under the Payroll Protection Program. The application is available at: Paycheck-Protection-Program-Application-3-30-2020-v3 Based upon further information provided by the Treasury Department, note the following: • Due to the expectation that a high number of companies will participate in the program, forgiveness is likely to be capped […]

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New York Extends Filing Date and Payment

Governor Cuomo issued Executive Order No. 202.12 authorizing the Commissioner of the Department of Taxation & Finance to provide relief from tax filing and payment deadlines. Pursuant to Notice N-20-2, the Commissioner has exercised his discretion and extended the due date for personal income tax and corporation tax returns originally due on April 15, 2020 […]

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