As of March 31st, and after years of failed attempts, Governor Cuomo has signed legislation making marijuana legal in New York. It is now legal for adults 21 and over to possess up to three ounces of cannabis for personal use in New York. Adult New Yorkers may smoke or vape cannabis wherever smoking tobacco…
How NY’s New Legal Marijuana Law Affects The Workplace Read More »
Small businesses now have an additional two months to apply for the Paycheck Protection Program. The March 31st deadline has been pushed to May 31, thanks to the Senate on passing the PPP Extension Act of 2021. Passage of the PPP extension came nearly one week after the House approved the bill. In addition to
PPP Loan Deadline Extended to May 31 Read More »
Ask someone what the difference between an accountant and a bookkeeper is, and they may find it difficult to answer. Some would say they’re the same – but that would be incorrect. While bookkeepers and accountants share common tasks and functions, they support businesses in different stages of the financial cycle. Here’s an explanation of
What’s the Difference Between an Accountant and a Bookkeeper? Read More »
For the second year in a row, the IRS has decided to postpone the April 15th tax filing deadline. The new date is May 17. Details are forthcoming but the decision to delay the date was called for by many. The agency agreed with The American Institute of CPAs, the National Association of Tax Professionals,
IRS Pushes Tax Deadline Back One Month to May 17 Read More »
Since we’re officially in tax season, we thought it would be a good time to cover some of the basics. One of the more common, basic questions is the differences between Gross & Net Pay. Gross Pay Gross pay is a term used to describe your total earned salary before any taxes and other withholdings
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The $1.9 trillion stimulus plan called the American Rescue Plan is just one signature away from becoming law –And here’s what you need to know about it. While most Americans were focused on the $1,400 stimulus checks, it’s the extension of the child tax credit in the relief legislation that many are calling a radical
$1.9 Trillion “American Rescue Plan” Passed Read More »
Now that the House and Senate officially passed the $1.9 trillion stimulus bill, you may be wondering when will the $1,400 stimulus checks go out. The House plans to pass the amended COVID-19 relief bill Tuesday, with President Biden signing it into law before March 14. After that, the IRS can speed up the process
When Will The Third Round of Stimulus Checks Arrive? Read More »
Even in fairly safe industries, small business owners would be mistaken to think workers’ compensation insurance isn’t required – because it is. Requirements vary by state, industry, and even by the size and structure of your business and payroll. Businesses that fail to carry workers’ compensation insurance can face hefty fines, lawsuits, or even criminal
Workers’ Comp Insurance Requirements (State by State) Read More »
By now you’ve sent out your W-2 to your employees. But in addition to that, businesses must also file Form W-3 along with copies of each employee’s W-2 with the Social Security Association (SSA). What is Form W-3? Form W-3, officially the Transmittal of Wage and Tax Statements, is a summary for the SSA of
What is Form W-3 and Do You Have to File One? Read More »
Starting today, Wednesday, Feb 24, small businesses with fewer than 20 employees can apply for forgivable loans under the Paycheck Protection Program (PPP). The application window is limited and will only be open for a total of two weeks. One billion dollars will be set aside primarily for businesses owned by minorities and women. This
Small Businesses Get 2-Week Window to Apply for Forgivable Loans Read More »
