Business Outlook and Concerns

Small business owners, some of whom are just getting their business back on its feet, are a bit more optimistic about the future while at the same time, equally concerned about inflation and increasing operating costs. A Job Creators Network Foundation poll, the June Monthly Monitor, released last week showed that only 9% reported recovering…

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IRS Issues COBRA Guidance

A few weeks ago, the Internal Revenue Service (IRS) released its much-anticipated guidance on an individuals premium costs and an employers tax breaks for continuation of COBRA coverage. Among the provisions in President Biden’s American Rescue Plan Act of 2021 (ARPA) is a temporary 100% reduction in an individual’s COBRA health coverage premium following either…

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Government Giveth, Then Taketh Away

We just detailed two costly programs initiated specifically to help businesses get back on their feet and now having exhausted all available funding. The financial assistance was crucial for some to keep their doors open and others to keep staff on the payroll. Now that all that largesse has largely been expended, we get the…

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Tax Filing Deadline Monday

A couple of months ago, the Internal Revenue Service (IRS) announced a one-month postponement of the filing deadline for individual taxpayers to file their 2020 tax returns to May 17. That date is Monday, and taxpayers should be prepared to file their returns or an extension by the end of the business day. In addition,…

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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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