Today Governor Cuomo alerted everyone that re-opening New York will start on Friday. It was nice that the Governor selected a photo of Skaneateles Lake in the summer. The docks are ready! Each region should prepare for the re-opening. Ready to open means the number of hospitalizations and infection rates are declining and that a […]
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Governor Cuomo outlined new criteria for regional re-opening today. Per his comments and a release by the Governor’s office, the State will monitor four core factors in determining if a region can re-open. A region must have: 1. 14 days of decline in total net hospitalizations (on a 3-day rolling average). In regions with few […]
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On April 28, 2020, Governor Cuomo set forth criteria for a regional reopening of the state from the mandatory closures imposed during the COVID-19 pandemic. The regions are: • Capital Region • Central New York • Finger Lakes • Mid-Hudson Valley • Mohawk Valley • New York City • North Country • Long Island • […]
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The Paycheck Protection Program and Health Care Enhancement Act (H.R. 266) passed the Senate on April 21, 2020, and is pending in the House. The following is subject to both passage in the House and signature by the President. A summary of the Act: Increased Funding: The amount appropriated for loans under the Paycheck Protection […]
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The U.S. Chamber of Commerce is rolling out an interesting new program for small employers. The program offers $5,000 grants to small businesses (employing between 3 and 20 people), located in an economically distressed community, and that has been harmed by the COVID-19 pandemic. The application is coming out on April 20, 2020. It appears […]
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One issue that is likely to pop up for people affected by COVID-19 is getting their Last Will and Testament signed or updated. With mandatory quarantines for affected individuals, who are the people most in need of immediate assistance with their Wills, execution of a proper Will in accordance with EPTL 3-2.1 is almost impossible. […]
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Certain withdrawals from retirement plans are exempt from the 10% tax imposed under Section 72(t) for early withdrawals. Covered Plans include: • Individual retirement accounts and individual retirement annuities • 401(k) plans • 403(a) plans • 403(b) plans • Qualified pension, profit-sharing or stock bonus plans Withdrawals: • The maximum amount that may be treated […]
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The CARES Act makes two significant changes with respect to retirement plan loans to help people with COVID-19 hardships. Note that these provisions only affect an Qualified Individual, which is an individual who: 1. Is diagnosed with SARS-CoV-2 or COVID-19 by a test approved by the CDC, or 2. Whose spouse or dependent is diagnosed […]
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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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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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