(212) 736-0055

Schedule Your Small Business Success Consultation

Blog

Wayne Naegele

PPP Loan Forgiveness Application Changes and New EZ Form

PPP Loan Forgiveness Application Changes and New EZ Form June 25, 2020 Dear Clients, Colleagues and Friends, The U.S. Small Business Administration has released an updated loan forgiveness application and instructions for Paycheck Protection Program loans. There is now a shorter, simplified “EZ” application that borrowers may qualify to use. Here are some key highlights […]

Read more

June 2020 Newsletter

Wayne Naegele discusses, “IRS Releases Guidance Related to Loans Received from Paycheck Protection Program”. Angelica Farrell takes a look at, “Due Dates Extended for Additional Filings and Payment Obligations”. Donald Sager discusses, “Extension of Certain Timeframes for Employee Benefit Plans, Participants, and Beneficiaries Affected by the COVID-19 Outbreak”.

Read more
Salvatore Russo

Snowday LLC’s “Wear a Mask” Feature Video

Check out the video below created by our client, Snowday, LLC, as part of Governor Cuomo’s PSA competition! https://www.linkedin.com/posts/snowday_newyorktough-filmmaking-shortfilm https://www.pntax.com/wp-content/uploads/2020/06/wear-a-mask.mp4 Wearing a mask protects your partner, your kids, your dad, your grandma, your cousins, your besties, your neighbors, your doorman, your super, your coworkers, your bus driver, your grocery clerk, your mailwoman — wearing a […]

Read more
Wayne Naegele

SBA REOPENS ECONOMIC INJURY DISASTER (EIDL) Programs

SBA REOPENS ECONOMIC INJURY DISASTER (EIDL) Programs June 17, 2020 Dear Clients, Colleagues and Friends, The US Small Business Administration has reopened their Economic Injury Disaster Loan (“EIDL”) program to eligible small businesses. The program was suspended for a period of time, and during that time was only open to businesses in the Agricultural industry. […]

Read more
Thomas Zanata

Lawmakers Continue Phase Four Economic Relief Talks; “CARES 2” in the Works

Lawmakers Continue Phase Four Economic Relief Talks; “CARES 2” in the Works Lawmakers are continuing talks on a “phase four” economic relief package in response to the COVID-19 global pandemic. To that end, the House’s “CARES 2” package is currently in the works and could see a floor vote as early as this month. “CARES 2”President Trump signed into […]

Read more
Thomas Zanata

IRS Addresses Queries on COVID-19 Economic Impact Payments; No Return Required for Certain Social Security Recipients

IRS Addresses Queries on COVID-19 Economic Impact Payments; No Return Required for Certain Social Security Recipients The IRS announced on March 30 that distribution of economic impact payments in response to the coronavirus (COVID-19) pandemic would begin in the next three weeks. On April 1, the Treasury Department clarified that Social Security and Railroad Retirement […]

Read more
Angelica Farrell

Due Dates Extended for Additional Filings and Payment Obligations

Due Dates Extended for Additional Filings and Payment Obligations The Treasury Department and IRS have provided a notice with additional relief for taxpayers, postponing until July 15, 2020, a variety of tax form filings and payment obligations that are due between April 1, 2020 and July 15, 2020. Associated interest, additions to tax, and penalties […]

Read more
Thomas Zanata

Proposed Regs to Clarify Miscellaneous Deductions of Estate, Non-Grantor Trust

Proposed Regs to Clarify Miscellaneous Deductions of Estate, Non-Grantor Trust The IRS has released proposed regulations clarifying that the following deductions allowed to an estate or non- grantor trust are not miscellaneous itemized deductions: costs paid or incurred in connection with the administration of an estate or non-grantor trust that would not have been incurred […]

Read more
Thomas Zanata

Proposed Regulations Address Deductibility of Fines and Penalties

Proposed Regulations Address Deductibility of Fines and Penalties The IRS has released proposed regulations that address changes made to Code Sec. 162(f) by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97). The proposed regulations provide operational and definitional guidance on the deductibility of fines and penalties paid to governmental entities. TCJA ChangesUnder amended Code Sec. 162(f), businesses […]

Read more
Thomas Zanata

Simplified Procedures for Nonfilers to Receive Economic Impact Payments

Simplified Procedures for Nonfilers to Receive Economic Impact Payments Eligible individuals who are not otherwise required to file federal income tax returns for 2019 may use a new simplified return filing procedure to make sure they receive the Economic Impact Payments (EIPs) provided by the Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136). […]

Read more