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Annemarie Aguanno

Guidance on 163(j) Elections for Legislation, Farming, Real Property

Guidance on 163(j) Elections for Legislation, Farming, Real Property The IRS has released guidance on making the following elections for the business interest deduction limitation: the election out of the 50 percent adjusted taxable income (ATI) limitation for tax years beginning in 2019 and 2020 under the Coronavirus Aid, Relief, and Economic Security (CARES) Act […]

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Annemarie Aguanno

BBA Partnerships Can Amend Returns for CARES Benefits

BBA Partnerships Can Amend Returns for CARES Benefits The IRS has set forth rules for BBA partnerships to file amended returns to immediately get benefits under the Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136). “BBA partnerships” are those subject to the centralized partnership audit regime established by the Bipartisan Budget Act of 2015 (BBA) […]

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Andrew Presti

EIDL/PPP and NYS Dept. of Labor

EIDL/PPP and NYS Dept. of Labor May 5, 2020 Dear Clients, Colleagues and Friends, Presti & Naegele continues to monitor the latest COVID-19 developments that impact our clients. Below is information we believe may be useful to you. EIDL/PPP While the Economic Injury Disaster Loan (EIDL) program is currently only accepting new applications from agricultural related businesses, the […]

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Brian Whelan

ONLY 300 GRANTS AVAILABLE – Employers with 2 to 50 Employees – only some will qualify

ONLY 300 GRANTS AVAILABLE – Employers with 2 to 50 Employees – only some will qualify April 24, 2020 Dear Clients, Colleagues and Friends, While there are only 300 of these grants available nationwide, we wanted to make you aware of the opportunity. You must act fast! This Salesforce program advertises that it will start […]

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Wayne Naegele

Senate Passes $484B Coronavirus Relief Package to Help Small Businesses, Hospitals, and to Expand Testing

Senate Passes $484B Coronavirus Relief Package to Help Small Businesses, Hospitals, and to Expand Testing April 22, 2020 Dear Clients, Colleagues and Friends, After nearly two weeks of negotiations, the Senate has passed an additional COVID-19 relief package worth $484 billion. Highlights of the bill include an additional $310 billion in funding for the Paycheck Protection Program […]

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Steve Grgas

For Businesses With 3 to 20 Employees – US Chamber of Commerce Small Business Grant Fund

For Businesses With 3 to 20 Employees – US Chamber of Commerce Small Business Grant Fund April 20, 2020 Dear Clients, Colleagues and Friends, The US Chamber of Commerce has launched the “Save Small Business Grant Fund”. Funded by contributions from corporate and philanthropic partners, the program provides $5,000 supplemental grants for small employers with […]

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Andrew Presti

Further IRS Due Date Changes & Stimulus Payment Information

Further IRS Due Date Changes & Stimulus Payment Information April 14, 2020 Dear Clients, Colleagues and Friends, The Internal Revenue Service (IRS) has announced Additional Relief for Taxpayers Affected by the Ongoing Coronavirus Pandemic (Notice 2020-23). Please see below for a brief summary of these updates: The IRS has extended returns and payments that would […]

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April 2020 Newsletter

Thomas Zanata discusses, “Due Date for Federal Income Tax Payments Extended to July 15”. Donald Sager takes a look at, “HSA High-Deductible Health Plans Can Cover Coronavirus Costs”. Lisa Varela discusses, “2021 Budget Outlines Administration Priorities for Extending Tax Cuts, Increased IRS Funding”.

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Tracy Tasch

Uncle Paul’s Pizza Offering Medical Workers Free Meals For 2 Weeks

Uncle Paul’s Pizza Offering Medical Workers Free Meals For 2 Weeks https://wcbs880.radio.com/articles/news/nyc-pizzeria-offering-workers-free-meals-for-2-weeks Sean Adams March 26, 2020 – 8:31 am NEW YORK (WCBS 880) —  Uncle Paul’s Pizza near Grand Central has seen an 85 percent decline in traffic due to the coronavirus pandemic, causing owner Dino Redzik to close down four other locations and furlough […]

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Tracy Tasch

Founder of Rethink, Matt Jozwiak, to make free or low-cost meals for New Yorkers in Need

Founder of Rethink, Matt Jozwiak, to make free or low-cost meals for New Yorkers in Need A group called Rethink has teamed up with the Michelin-starred restaurant to feed New Yorkers in need. https://www.nytimes.com/2020/04/02/dining/eleven-madison-park-free-meals-coronavirus.html Daniel Humm, center, and staff in the dining room at Eleven Madison Park, which has closed in the health crisis but […]

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