Galleros Robinson

SEC's Latest Guidance Likely To Further Slow SPAC Market Until recently, the #IPO #market seemed to have shifted more toward SPACs (Special Purpose Acquisition Companies), but that may be changing now with all the #SEC guidance that’s been coming out in recent months. The Securities and Exchange Commission’s increasing scrutiny of #SPACs and recent guidance on how to account for warrants are slowing deal activity for firms. https://bit.ly/3f0b5xL... #SPACdeals #taxation

Taxpayers Will Experience Delays in IRS Processing of Tax Refunds and Quarterly Tax Payments The #Internal #Revenue #Service (IRS) is holding approximately 29 million #tax #refunds that need to be processed manually because of the complexities of some of the recent tax laws passed by Congress. https://bit.ly/3eMFrDO... #IRS #taxseason2021 #Taxationservices

IRS Expected to Audit More Small Businesses in 2021 After years of low examination rates, the #IRS announced it will increase audits of #small #businesses by 50 percent. This news comes during a time when complex tax law changes and economic stimulus programs in response to #COVID19 have made businesses’ books even more complicated than usual. https://bit.ly/3u0FSAP... #taxes2021 #taxplanning #businessaudit #stimuluspackage

Biden Infrastructure Proposal Would Generate Significant Corporate Tax Increases #President #Biden intends to pay for the $2.25 trillion #infrastructurepackage spending he will propose on Wednesday with a substantial increase in corporate taxes, people briefed on the plan. While many of the details have yet to be provided, the tax increases include the following. https://bit.ly/2QpcmGn... #corporatetaxes #TaxPlanning #IncomeTax

New York State Enacts Pass-through Entity Tax Election As part of New York state’s (NYS) #budget bill passed by the Assembly, a #passthroughentity (PTE) tax election has been provided for partnerships, limited liability companies treated as partnerships for #federal #incometax purposes and New York S corporations. This is what we know so far. https://bit.ly/3ay6NvQ... #NYSBudget #taxelection #saltdeduction

Galleros Robinson Partner, Richard Levychin, CPA, was a participant in a Small Business Strategy session hosted by the Brooklyn Navy Yard Development Corporation on February 2. Click on link below to view session: https://bit.ly/3aABL5O

Calculating PPP Payroll Costs For a Partnership or LLC When Applying for a PPP 2 Loan Calculating payroll costs for the PPP is a lot easier than it sounds at the outset. Below are the steps for calculating the Payroll Protection Plan (PPP) payroll costs when applying for a PPP 2 loan. https://bit.ly/3cyGKqh... #PPPloans #payrollservice #ppploanforgiveness #COVID19

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NYS Income Tax Treatment of PPP Loan Forgiveness & PPP Related Expenses New York won’t tax businesses on the forgivable loans they secured to survive the coronavirus pandemic, a spokesman for the state Department of Taxation and Finance said. The tax department decided recently to adopt the federal rule against taxing the forgiven portion of PPP loans. https://bit.ly/3ahwYWL... #ppploan #incometax #loanforgiveness #nysdepartment #Covid19

Tax accounting doesn’t just number on a page; it impacts your life in fundamental ways. We care about your business & individuals. #accountingservices #businessaccounting #financetips