Getzel Schiff & Pesce LLP

Dear Valued Clients and Friends: In connection with recently enacted stimulus legislation the SBA has released Interim Final Rules which address the administration of the Second Draw PPP loan program and provide some clarity on provisions of the law. To be eligible for a Second Draw PPP loan, applicants must have:...Continue reading

Dear Valued Clients and Friends: We first would like to wish everyone a healthy and happy 2021! At the end of 2020, Congress passed, and President Trump signed, a new law that provides for additional relief related to the coronavirus (COVID-19) pandemic. This law, the Consolidated Appropriations Act, 2021 (CAA, 2021), includes a second draw of Paycheck Protection Program (PPP) loans (PPP Second Draw Loans). It also allows businesses to deduct ordinary and necessary expenses p...Continue reading

YOU ARE CORDIALLY INVITED TO ATTEND OUR CLIENT APPRECIATION VIRTUAL EVENT RETIRING ON YOUR TERMS... HOSTED BY GETZEL SCHIFF & PESCE LLP & CHRIS KLAMPFER KUTTIN WEALTH MANAGEMENT SOCIAL SECURITY PRESENTION PRESENTED BY JENNIFER TABOADA SOCIAL SECURITY SPECIALIST DATE WEDNESDAY DECEMBER 16, 2020 AT 7:00PM PLEASE REGISTER BY CLICKING HERE https://ampfadvisors.webex.com/mw3300/mywebex/default.do

Dear Valued Clients and Friends: As you likely have heard, late last night Congress passed the Consolidated Appropriations Act, 2021, a $900 billion COVID-19 relief bill. While the bill has not yet been signed into law by the President, this is expected to occur. The bill is massive and is still being analyzed but some key provisions are as follows:... A second round of PPP loans are available to first-time qualified borrowers, as well as to businesses that previously received a PPP loan, containing many similarities to the first round of the PPP, but with important differences. Previous PPP recipients may apply for another loan of up to $2 million provided they meet the following requirements: They have 300 or fewer employees They have or will use the full amount of their first PPP loan They can show a 25% gross revenue decline in any 2020 quarter compared with the same quarter in 2019 In addition, the expenditures that can potentially be forgivable has been expanded to include the following: Covered worker protection and facility modification expenditures, including personal protective equipment, to comply with COVID-19 federal health and safety guidelines. Expenditures to suppliers that are essential at the time of purchase to the recipient’s current operations. Covered operating costs, such as software and cloud computing services and accounting needs. The bill creates a simplified forgiveness application process for loans of $150,000 or less. The bill directs the SBA to create a one-page certification for eligibility for forgiveness that requires no documentation to be submitted with the form. Lenders are permitted to collect documentation related to eligibility for forgiveness to meet regulatory or audit requirements and, accordingly, the documentation requested as part of the PPP forgiveness application may still vary based upon the discretion of the lender. The bill allows a deduction for expenses paid with PPP proceeds that are forgiven and not required to be repaid to the lender. Previously the Internal Revenue Service had released guidance disallowing a deduction for expenses reimbursed by forgiven PPP loans, which the AICPA and others did not believe was the intent of Congress in the Act that created the PPP loan program. The bill contains a provision increasing the business deduction for otherwise eligible food and beverages provided by a restaurant from 50% to 100%, effective for January 1, 2021 through December 31, 2022. Additional relevant provisions of the bill will be addressed in future communications. As always, if you have any questions or concerns, please do not hesitate to contact us. Sincerely, The Partners and Staff of Getzel Schiff & Pesce LLP

July 5, 2020 Dear Valued Clients and Friends: On Wednesday July 1st the House joined the Senate in passing a five-week extension of the Paycheck Protection Program (PPP). The bill is expected to be signed by the President. This would extend the PPP application period until August 8th and provide more time for small businesses to apply for the approximately $129 billion of remaining PPP funding. The application period was scheduled to close June 30th.... Earlier in June legislation was enacted adding a 24-week period, not to extend beyond December 31, 2020, to expend loan proceeds on eligible expenses, and reducing the amount required to be used on eligible payroll costs to qualify for loan forgiveness from 75% to 60%. If less than 60% is used on eligible payroll costs the amount eligible for loan forgiveness is proportionally reduced. As always, if you have any questions or concerns, please do not hesitate to contact us. Sincerely, The Partners and Staff of Getzel Schiff & Pesce LLP

June 4, 2020 Dear Valued Clients and Friends: Both the House and Senate passed an update to the Paycheck Protection Act which will become law once it is signed by the President. We will be sending you our commentary on these changes and how they effect you in the next few days.... Highlights include: Allowing forgiveness for expenses incurred up to 24 weeks rather than 8 weeks Changes the 75% test to 60% Extends the rehiring exception from June 30 to December 31 Extends the term loan from two to five years If you took a PPP loan you are also can be eligible for deferral of payment of the employer's share of social security payroll taxes (6.2%) As always, if you have any questions or concerns, please do not hesitate to contact us. Sincerely, The Partners and Staff of Getzel Schiff & Pesce LLP

Dear Valued Clients and Friends: On May 13, 2020 the Small Business Administration (SBA) updated its list of frequently asked questions relating to the Paycheck Protection Program (PPP). The update included the addition of FAQ #46 which addresses PPP borrowers’ concerns about the potential ramifications of the loan application requirement that borrowers were certifying in good faith that current economic uncertainty made the loan request necessary to support the ongoing opera...Continue reading

Dear Valued Clients and Friends: On April 30, 2020 the Internal Revenue Service released Notice 2020-32 to provide guidance clarifying that a deduction is disallowed for expenses for payroll costs, mortgage interest, rent, utilities and other interest on debt obligations to the extent they are being reimbursed by loans forgiven under the Paycheck Protection Program (PPP). The CARES Act itself does not address whether deductions are allowed for payments of eligible expenses wi...th PPP loan proceeds if the loan is subsequently forgiven as a result of the payment of those expenses. The CARES Act does state that any PPP loan forgiveness would not be treated as taxable income to the small business. That the Act contained verbiage specifying loan forgiveness would not be a taxable event, while remaining silent on the tax-deductibility of the related allowable expenses paid with loan proceeds led many, including the American Institute of Certified Public Accountants (AICPA) to believe the intent of Congress in drafting the Act was to permit the deduction of allowable expenses for income tax purposes. The AICPA and others are seeking legislative clarification as to the tax treatment of these expenses. On May 5, 2020 legislation was introduced in the Senate that would overrule Notice 2020-32 and clarify that ordinary expenses funded by PPP loans are deductible by taxpayers. The bill, S. 3612, is currently in the Senate Finance Committee and is supported by the AICPA. Naturally, the ultimate fate of this bill is uncertain at this point. We will provide updates as additional action is taken. As always, if you have any questions or concerns, please do not hesitate to contact us. Sincerely, The Partners and Staff of Getzel Schiff & Pesce LLP

Dear Valued Clients and Friends: On April 24, 2020 The Paycheck Protection Program Increase Act of 2020 was signed into law effectively re-opening the Paycheck Protection Program for new applicants. On April 15th, the Treasury and Small Business Administration (SBA) issued a statement noting that the initial appropriation had been exhausted and that, by law, the SBA was not able to issue new loan approvals once the programs experience a lapse in appropriations. The Act amend...s the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The Paycheck Protection Program is available to organizations with 500 or fewer employees (with some exceptions) and provides forgivable loans to cover an estimated eight weeks of payroll costs, up to $10,000,000. The Act increases the authorization level for the Paycheck Protection Program from $349 billion to $659 billion. Funding for Emergency Economic Injury Disaster (EIDL) Grants was increased from $10 billion to $20 billion. EIDL grants are designed to provide advances of up to $10,000 to small businesses and nonprofit organizations harmed by COVID-19. The Act also appropriates $50 billion for the Disaster Loans Program Account. The Act also establishes separate funding for smaller financial institutions and credit unions. This was intended to facilitate loans to certain small businesses in under-served regions and from smaller banks. As always, if you have any questions or concerns, please do not hesitate to contact us. Sincerely, The Partners and Staff of Getzel Schiff & Pesce LLP

Dear Valued Clients and Friends: Yesterday the first round of stimulus payments were issued by the Internal Revenue Service. Many people received direct deposits into their bank accounts if they electronically filed their individual 2018 or 2019 federal tax return. If you did not receive a direct deposit, you can check the status by clicking here Do not be surprised if the website is down as millions of people are doing the same as you.... You will need some personal information to verify your identity: Social Security number Date of birth, and Mailing address used on the last filed tax return. If you need, add your bank account information to speed receipt of your payment. You will also need to provide the following additional information: Adjusted Gross Income from their most recent tax return submitted, either 2019 or 2018 The refund or amount due as per the last filed tax return Bank account type, account and routing numbers The Get My Payment cannot update bank account information after a payment has been scheduled by the IRS for delivery. To help protect against potential fraud, the tool also does not allow people to change bank account information already on file with the IRS. If you did not file a tax return, there is an IRS link to an application on the IRS website in order to register to request a check. Non-filers. As always, if you have any questions or concerns, please do not hesitate to contact us. Sincerely, The Partners and Staff of Getzel Schiff & Pesce LLP

Dear Valued Clients and Friends: CARES Act Payment Protection Loan Cautionary Details First, since the CARES Act Paycheck Protection Loan (PPL) is to be administered by private banks, it is recommended that you contact a bank you have a preexisting relationship with to get the application. Because the act is so new, there is a fear that Banks will not read and administer the loan uniformly being that there is no preexisting standard to follow. In addition, final guidance an...Continue reading

Dear Valued Clients and Friends: After the terrorist attacks on September 11, 2001, Congress added a little-known tax provision to the tax law. This little-known tax code provision exempts certain payments from taxation during a disaster or terrorist attack....Continue reading

Dear Valued Clients and Friends: We have created this decision tree to assist you in determining if you could qualify for governmental assistance as it relates to the adverse economic impacts from COVID-19. As we are all learning about these benefits very quickly, we are basing this information on our interpretation and knowledge as of today. Please click here to see the PDF of the tree.... As always, if you have any questions or concerns, please do not hesitate to contact us. Sincerely, The Partners and Staff of Getzel Schiff & Pesce LLP

Dear Valued Client: In light of the novel COVID-19, commonly known as the coronavirus, we wanted to reach out and provide an update on our firm, as well as provide information on recently enacted tax relief measures and resources available to help with the economic effects resulting from this ongoing emergency. Under the New York State on PAUSE executive order mandating that all non-essential businesses statewide close in-office personnel functions effective at 8PM on Sunda...y, March 22, accounting firms were classified as an essential service. Accordingly, our office location is not mandated to close. However, early last week, as the scale and speed of the spread of the coronavirus was becoming apparent, we encouraged our staff and partners to not come in to the office unless they felt it absolutely imperative. With the technology available today we have the ability to conduct most of our work functions remotely from almost anywhere. We all have access to our email and other vital programs, and will respond to emails and phone calls as if we were in the office. We are still able to access our office location to retrieve files, mail, etc., but are trying to keep this to an absolute minimum. If you have personal tax information, correspondence or anything else you need to provide us we ask that you reach out to us to determine the safest and most efficient way for you to get it to us. Many of our clients have secure online portals through which we can exchange documents and tax returns electronically by scanning and uploading them. If you have documents you need to send us please utilize your portal, as we will have immediate access to them, and it does not result in a visit to the office to retrieve mail, or packages sent via a delivery service. If you do not have a portal please contact us and one can be set up within minutes. We will be sending additional emails to specifically address recently enacted tax relief measures and new resources made available to help with the economic impact of this crisis. As always, if you have any questions or concerns, please do not hesitate to contact us. Sincerely, The Partners and Staff of Getzel Schiff & Pesce LLP

Dear Valued Clients and Friends: The U.S. Small Business Administration (SBA) administers an existing program whereby the SBA directly provides low-interest Economic Injury Disaster Loans (EID Loans) to small businesses that are affected by a natural disaster or other declared emergency. Under authority granted by the Families First Coronavirus Response Act which was passed into law on March 18, 2020, the SBA may provide such loans to small businesses in states declared t...Continue reading

During this uncertain and anxiety-inducing time, Getzel Schiff & Pesce LLP. is committed to the health and well-being of our employees and clients. We are operating with an abundance of caution to keep our employees and clients safe during the fast-evolving Coronavirus (COVID-19) concern, as we navigate these complexities together. You should be aware that Getzel Schiff & Pesce LLP has plans in place to ensure the continuity of service to our clients in the unlikely event t...hat the Coronavirus affects our employees or office directly. We are equipped with telecommuting technologies which provide us with a great deal of flexibility in the event that the circumstances call for work site restrictions, and will be implemented as needed. We will continue to monitor the situation closely and adjust our internal policies in alignment with Centers for Disease Control (CDC) recommendations. We are committed to continuing to provide the level of service you have come to expect from our firm. Thank you for your ongoing confidence in us. As our valued clients and friends, please feel free to reach out to us if you have any questions

Getzel Schiff & Pesce LLP Joins BOKS International in New York BOKS International welcomes new full service accountancy firm in New York City. This is the culmination of member acquisition efforts within the state and represents the first in a number of new appointments expected throughout North America. Getzel Schiff & Pesce, LLP is a firm engaged in the profession of public accounting and dedicated to rendering professional services of the highest quality. The firm is perfe...ctly sized to meet the demands of dynamic, growth-oriented companies and yet give those clients the personalized care and attention they need and deserve. Says Jeff Getzel, managing partner of GSP, our partners and staff are extremely excited about our joining the BOKS International alliance of independent professional firms. We believe that all of our clients presently operating in the global markets will benefit greatly by our membership. We look forward to meeting and working together with member firms as issues or needs arise, which can be addressed by them, as well as working with those members and their clients who have issues or concerns in the United States. Says Richard Sergeant, Alliance Director Breaking into the US is a key priority for BOKS International and with our background and previous connections being primarily in Europe, it has taken some effort to do this. We are extremely pleased with the considerable quality that is present in our new member firm, and see this is an encouraging sign of things to come in the region. Editor’s Note: BOKS International was created by Top 60 UK accountancy firm, TC Group, to meet the needs of SMEs seeking a cost-effective, flexible networking alliance that facilitates global business opportunities. It offers a broad range of expertise encompassing accountancy, audit, tax, legal, advisory and corporate finance services. With a combined fee income in excess of $110 million and 48 members in more than 34 countries, it aims to qualify as an Accountancy Age Top 20 Alliance by September 2020.

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We are so proud be involved in our community and give back, you will see this behind the bench at Ice Works in Syosset as we are the sponsor of Pals Junior Islanders. .

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On December 22, 2017, President Donald Trump enacted the Tax Cuts and Jobs Act of 2017 (TCJA). The Internal Revenue Service (IRS) has officially published the new income tax withholding tables for 2018. These tables can be found at https://www.irs.gov/pub/irs-pdf/n1036.pdf. Your take home pay reflected an increase compared to your previous payment. The IRS encourages employees to review their withholding each year and, if necessary, complete a new Form W-4 and give it to thei...r employer. The IRS also emphasizes that the 2018 Withholding Tables will work with the existing 2017 Form W-4. Since we have self-service, you can now complete the IRS and State Form W-4 - Employee’s Withholding Allowance online by accessing your Workday account Update My Withholding link. Supplemental Wage Withholding Tax Rates such as bonuses, stock options etc., made on or after January 1, 2018 have changed from 2017. The flat rate for amounts up to $1 million in one year changed from 25% to 22% and the rate for amounts over $1 million in a year changed from 39.6% to 37%. Remember that these rates apply when the payments are made, not when they are earned. The Social Security and Medicare Tax rates remain unchanged from 2017. However, the social security wage limit has changed from $127,200 to $128,400. For more information, please visit: https://www.ssa.gov/news/press/factsheets/colafacts2018.pdf. STATE TAX UPDATES FOR 2018 Due to the Federal Tax Cuts and Jobs Act of 2017 (TCJA), some of the states will delay the release of 2018 withholding tables; however, several released their withholding tables. Following is a list of the most recent income tax withholding tables released by the states for 2018. If you are an associate who works and lives in one of the following states, please take a moment to review this document to find more information regarding these changes. California Connecticut District of Columbia Georgia Illinois Indiana Kentucky Maryland Maine Michigan Mississippi Minnesota New York North Carolina Oklahoma South Carolina Utah

New Tax tables for 2018. Please remember any issues or questions please contact us! https://www.irs.gov/pub/irs-pdf/n1036.pdf

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Driver License Requirement for Tax Year 2016: Beginning in Tax Year 2015-following the lead of the IRS-New York began to capture taxpayers' driver license or state issued ID (non-driver ID) information for their electronically-filled personal income tax returns as an additional verification device to deter fraud. Providing this information was optional for Tax Year 2015. Beginning with Tax Year 2016, this information is required for New York State personal income tax retur...ns that are prepared using software. The requirement applies to driver licenses or state-issued IDs from any state. These fields appear in the Authentication Header section of the software's XML, however, they're not visible on the return. For NYS-issued licenses or IDs, we also require the taxpayer/tax professional to input the document number for either the prime taxpayer or spouse. (The document number is specific to NYS IDs and is typically found in the bottom right corner on the front, or on the back of the ID). If the taxpayer has either a driver license or state-issued ID, the following information is required: License or ID number; Issuing state; Issue date; Expiration date; and Document number (NYS-issued licenses and IDs only) If the taxpayer does not have a drivers license or state-issued ID, they'll be presented with an option to indicate that they don't have either one. This will fulfill the requirement. http://files.constantcontact.com//074f95a3-2027-4490-93a3-

Some Quick Facts about the Upcoming Tax Season That You Need To Know Ready to file your tax return? Here are a few quick facts about the upcoming tax season that you need to know: 1. Tax season opens on January 23, 2017. Taxpayers who e-file can submit returns to their software provider or tax professional before that date, but the returns will not be accepted by IRS until the systems open. More than four out of five taxpayers are expected to e-file their return either on the...ir own or with the help of a tax professional. 2. Taxpayers have a few extra days to file their 2016 returns this year. The due date is April 18, 2017, and not April 15, 2017. That's because April 15, 2017, falls on a Saturday which would normally result in a move to the following Monday (April 17, 2017). However, this year, Emancipation Day falls on Monday, April 17. Since that's a legal holiday in the District of Columbia, the tax filing deadline will be pushed ahead for all individual taxpayers to Tuesday, April 18, 2017. 3. Some taxpayers will have their tax refunds delayed. A new law requires the IRS to hold refunds tied to the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) until February 15. The hold allows IRS to match information from forms W-2 and 1099 with information reported on tax returns; in prior years, refunds could be issued before forms were matched which increased the likelihood of fraud. The hold, together with bank processing times and bank holidays, means that taxpayers should not count on seeing those tax refunds until the week of February 27. 4. The IRS anticipates issuing more than 9 out of 10 taxpayer refunds in less than 21 days. The "Where's My Refund?" tool is available on IRS.gov and mobile (the IRS2Go app, available through Google Play, the Apple Store, and Amazon) and is the best way to check the status of a refund. You can begin checking the status of your refund within 24 hours after the IRS has received your e-filed tax return or four weeks after mailing your paper return. 5. Eight out of 10 taxpayers will receive their tax refunds by using direct deposit rather than requesting a paper check. According to the IRS, e-filing your return together with direct deposit is the fastest way to receive your refund. by Kelly Phillips Erb, Forbes Staff

The table below provides some important federal tax information for 2017, as compared with 2016. Many of the dollar amounts are unchanged or have changed only slightly due to low inflation. Other amounts are changing due to legislation. http://www.checkpointmarketing.net//350740860G3581J828077/

Toys for tots 2016. Thanks so much to all our employees who helped make a child's Christmas! Jeffery Jeffrey Getzel , Jack Schiff, Chris Pesce, Michael Getzel, Micki Getzel,

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Our partners Jack & Michael with Chimudi at the Wyandanch-Wheatley Heights Ambulance Corp Annual Volunteer Recognition Dinner. http://wwhac.org

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FEDERAL TAX UPDATES ----- NEW INCOME TAX WITHHOLDING TABLES The Internal Revenue Service (IRS) officially released new income-tax withholding tables for 2016. These tables can be found under https://www.irs.gov/uac/About-Notice-1036. The IRS urges employees to review their withholding every year and, if necessary, fill out a new W-4 and give it to their employer. To assist you in determining if you need to fill out a new W-4 please use the IRS Withholding Calculator http://ww...Continue reading

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We would like to wish all our friends and family a Happy Holidays! We also wanted to thank all our employees for doing toys for tots with us this year.

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Benjamin Franklin once said "if you fail to plan you are planning to fail". With that in mind this is the time of year to analyze your 2015 tax situation and establish your own personal 2015 tax plan. If anyone would like to discuss their 2015 tax plan or needs assistance with tax planning please do not hesitate to contact us.

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Fall is coming, so please remember the extended due date for individual returns is October 15th and is right around the corner.

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