PPP and EIDL Loans Exempted

The Commonwealth of Massachusetts caught up with the federal government and many other states this past week when Governor Charlie Baker signed many parts of HB 90 into law. Of primary importance to small business owners, the legislation excludes proceeds from Paycheck Protection Program (PPP) loans along with Economic Injury Disaster Loan (EIDL) advances from…

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New York Budget Imposes New Taxes

The New York General Assembly and Governor Andrew Cuomo reached agreement on a spending plan for the current fiscal year that calls on several significant tax increases to balance the $212 billion spending plan. Notwithstanding billions of dollars coming in federal largesse from the recently passed American Rescue Plan Act of 2021, New Yorkers will…

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Biden Unveils Latest $2 Trillion Spend

President Biden unveiled another $2+ trillion legislative proposal earlier this week – ironically, just one day off from April Fool’s Day – that has been hyped as a major infrastructure investment and indeed it is. The proposal calls for $620 billion in clean water, high speed internet access and housing as well as another $615…

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Like IRS, Most States Postpone Tax Day

Although they haven’t all followed suit, most states across the country have followed the Internal Revenue Service example and postponed their state tax filing deadlines until May 17. As we advised you last week, the IRS for the 2nd consecutive year has postponed the tax filing date – for individual taxpayers only this time –…

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IRS Extends Tax Filing Deadline

On Wednesday of this week, the Internal Revenue Service along with the U.S. Department of Treasury announced that the filing deadline for individual taxpayers has been extended for an additional month, to May 17, 2021. The extension only applies to individual taxpayers – not business taxes – and is automatic and therefore does not require…

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But a New Taxman Cometh

Notwithstanding the magnanimity of the Internal Revenue Service in the wake of the coronavirus pandemic and extreme winter storms in some states, reports have the Biden administration putting together a package of new tax increases – the first since 1993 – that’ll raise taxes on many individuals and businesses across the nation. Needless to say,…

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The Warren Wealth Tax is Back

Notwithstanding that she never won a single primary – losing even her home state – Massachusetts Senator Elizabeth Warren has resurrected the centerpiece of that failed campaign, the Ultra-Millionaire Wealth Tax Act for consideration in the US Senate. Were it to be passed into law, the bill would create an annual tax of 2 percent…

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Wisconsin Amends Tax Law for PPP

An ongoing problem with the acceptance of Paycheck Protection Program loan forgiveness has been with the tax treatment by a business’ home state of the forgiven monies and the expenses the PPP funds have paid for. While the federal government addressed the issue with the passage if the most recent COVID relief bill in December,…

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Pandemic? What Pandemic?

As the effort to more than double the federal minimum wage across the country gathers steam with a democratic trifecta at the federal level – albeit a slim one, tone-deaf state politicians continue to pile on small business woes. A couple of examples, as referenced above while the Pennsylvania legislature is putting over $900 million…

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CFA Webinar on Tuesday

DDIFO will host another timely webinar sponsored by the Coalition of Franchisee Associations (CFA) next Tuesday, February 9 from 11:00 AM – 12:00 Noon EST. “Breaking Down the Employee Retention Tax Credit” will feature Justin Elanjian and Tommy Lee, partners in Aprio, the CPA and Business Advisory firm of Aprio. The webinar will provide a…

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