Blog

New York Simplifies Power of Attorney Form

24 December 2020

The most significant change to state law governing powers of attorney in almost a decade. Stephen Liss, Benjamin N. Millard | Dec 21, 2020 On Dec. 15, New York Governor Andrew Cuomo signed a bill representing the most significant...

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COVID-19 AID PACKAGE INCLUDES TAX EXTENDERS

22 December 2020

The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTR or the Act), part of the Consolidated Appropriations Act of 2021, contains numerous tax extenders. Background. The Code contains dozens of temporary tax provisions, i.e., provisions with a...

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NEW LAW’S TAX PROVISIONS INCLUDE DIRECT-TO-TAXPAYER REBATE

22 December 2020

The COVID-Related Tax Relief Act of 2020 (COVIDTRA), which is part of the Consolidated Appropriations Act of 2021, contains numerous tax-related provisions including a second direct payment to individual taxpayers which the COVIDTRA calls a recovery rebate. Here are...

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CCH Tax Briefings, CONSOLIDATED APPROPRIATIONS ACT, 2021

21 December 2020

Year-End Agreement Reached on Pandemic Relief, Stimulus, and Extenders Late in the day on December 20, 2020, leaders in Congress announced that they had reached an agreement on a new round of relief for the ongoing COVID-19 pandemic and...

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BIPARTISAN COVID-19 RELIEF BILLS CONTAIN PAYROLL-RELATED PROVISIONS

16 December 2020

Emergency Coronavirus Relief Act of 2020, Section by Section Summary (12/15/2020) Bipartisan State and Local Support and Small Business Protection Act of 2020, Section by Section Summary (12/15/2020) On December 15, 2020, two bipartisan COVID-19 relief bills, the Bipartisan...

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IRS: HOW TO CLASSIFY WORKER IF EMPLOYER FILES BOTH A W-2 AND A 1099-MISC

10 December 2020

IRS website: Form W-2 and Form 1099-MISC Filed for the Same Year (12/10/2020) On its website, the IRS has discussed what issues an IRS examiner should look at when determining the classification of a worker (as either an employee...

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IRS PLANS EXPANDED IDENTITY PROTECTION PIN OPT-IN PROGRAM

08 December 2020

IRS announced on Dec. 2 that in mid-January it will expand the Identity Protection PIN Opt-In Program to all taxpayers who can properly verify their identities. (IR 2020-267, 12/02/20) The announcement was made in tandem with the Security Summit’s...

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IRS Reminds Employers of Filing Deadline for Form W-2, Wage Statements (IR-2020-269),(

04 December 2020

The IRS has reminded employers of filing file Form W-2, Wage and Tax Statement, and other wage statements by Monday, February 1, 2021, to avoid penalties and help the IRS prevent fraud. Due to the usual January 31 deadline...

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Sales and Use Tax: Guidance Issued on Responsible Person Liability

23 November 2020

New York has issued guidance regarding relief available to eligible responsible persons of businesses that have outstanding sales tax liabilities. General Tax Law Provisions Tax Law §1133 imposes personal responsibility for payment of sales and use taxes on certain...

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IRS PROVIDES SAFE HARBOR FOR DEDUCTING EXPENSES IF PPP LOAN IS NOT FORGIVEN

20 November 2020

Rev Proc 2020-51, 2020-50 IRB In a Revenue Procedure, the IRS has provided a safe harbor allowing a taxpayer to claim a deduction in 2020 for certain otherwise deductible eligible expenses if the taxpayer received a Paycheck Protection Program...

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