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NYS business owners beware: Deadline approaching to opt in to pass-through entity tax (PTET)
by Aleksei Koutin on 06 Oct, 2021 - 0 comments
Reminder: If you wish to participate in the optional PTET for 2021, the deadline to opt in is October 15, 2021. PTET is a beneficial tax election without much negative effect. Basically its an official double dipping benefit for owners of pass through entities subject to tax in NYS. PTET shifts personal NYS tax from […]
For NY Partnership and S-Corp owners: new 2021 Pass-through entity tax (PTET)
by Aleksei Koutin on 25 Aug, 2021 - 0 comments
The PTET is an optional tax that partnerships or New York S corporations may annually elect to pay on certain income for tax years beginning on or after January 1, 2021. If an eligible partnership or eligible New York S corporation (electing entity) elects to pay the PTET, its partners, members, or shareholders subject to […]
Tax Scams Security Awareness
by Aleksei Koutin on 11 May, 2021 - 0 comments
During the past year scammers have significantly increased their techniques to access personal PII, financial information, and other information necessary for fraudulent activity. Techniques commonly utilized by scammers include Phishing (Email), Vishing (Telephone) and Smishing (Text Messages). As Tax Season is closing, it is our responsibility to remain extremely careful when providing any personal information […]
2020 Unemployment Tax exclusion!
by Aleksei Koutin on 11 Mar, 2021 - 0 comments
Did you or members of your household received state Unemployment compensation during 2020? Don’t want to get hit with a surprise Tax Bill thanks to “unexpectedly higher income”? If reply with “Yes” to both questions… perhaps it’s better wait with filing your 2020 tax returns until dust settles on the Covid relief bill, passed Wednesday by the […]
NJ Emergency Assistance Eligibility Wizard
by Aleksei Koutin on 03 Apr, 2020 - 0 comments
The COVID-19 outbreak is causing extraordinary disruption for companies and non-profits across the Garden State. The NJEDA wants to make it easy for organizations to understand what support programs are available to you to help stabilize your operations and get back on a pathway to growth. This is a beta version of the Eligibility Wizard […]
COVID-19 SBA Paycheck Protection Program Loan (PPP)
by Aleksei Koutin on 02 Apr, 2020 - 0 comments
The SBA has changed their loan program in the aftermath of CARES act. The PPP Loan was signed into law on March 27, 2020. On March 31, the SBA issued its guidance and sample application for the loan to be used by banks. The loan forgiveness provision is the best part. Taxpayers are eligible for […]
COVID-19 SBA Economic Injury Disaster Loan
by Aleksei Koutin on 02 Apr, 2020 - 0 comments
The SBA has changed their loan program in the aftermath of CARES act. Up to the first $10,0000 of Economic Injury Disaster Loan (EIDL) may now be a treated as GRANT meaning you will not have to pay it back. The app is here- https://covid19relief.sba.gov/#/ You’ll need a profit and loss from January 31, 2019 […]
OUR COVID-19 Response
by Aleksei Koutin on 01 Apr, 2020 - 0 comments
Here at cloudcpas.net, we’re working everyday with clients who are facing seemingly impossible sometimes scenarios with their businesses and their customers in the wake of COVID-19. In order to better support business community that we’ve served for over 17 years, we’are are promoting automatic 50% discount on all billable compliance and accounting services for next […]
Tax Scams Security Awareness
by Aleksei Koutin on 03 Mar, 2020 - 0 comments
As Tax Season is here, scammers claiming to be from the Internal Revenue Service, contact potential victims by email, telephone, text messages in an effort to acquire your personal information. Spam emails can redirect unsuspecting users to websites that contain malware. The Internal Revenue Service (IRS): Will not contact you via telephone, email, text messages […]
IRS has issued new guidance on taxation of virtual currency
by Aleksei Koutin on 14 Oct, 2019 - 0 comments
On October 9 the IRS released long-awaited guidance for taxpayers who engage in transactions involving virtual currency. This is the first official guidance coming from the IRS on this topic in over five years. Two documents, Revenue Ruling 2019-24 and a set of 43 FAQs, address a range of issues, including forks, off-chain transactions, revenue […]
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