Brady Ware News

New York State and Local Tax Updates September 2020

NYC’s Dept. of Finance releases fourth-quarter 2020 interest rates Underpayments of tax remain at 2% for these taxes: NYC general, banking and business corporation; unincorporated business; and foreign and alien insurers. Tax for overpayments remain at 7.5% for: NYC unincorporated business income, general, banking and business corporation; and commercial rent or occupancy. The rate also…

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California State and Local Tax Updates September 2020

Are you a California resident who is seeking a property tax deferment for 2020-21? Applications for the CA Property Tax Postponement (PTP) Program are now available. The PTP is administered by the Controller’s Office. It allows homeowners who are seniors, are blind, or have a disability and who meet income, equity and other requirements to…

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Small Businesses: Are First-Year Depreciation Write-Offs Right for You?

Under today’s federal income tax rules, your business may be able to claim big first-year depreciation write-offs for eligible assets that are placed in service in the current tax year. But that strategy might not be right for every small business every year. Here’s what you should know before claiming 100% first-year bonus depreciation or…

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Rules for NOL Carrybacks and QIP Change

CARES Act Changes Rules for NOL Carrybacks and QIP Consider these two favorable federal income tax rule changes included in the Coronavirus Aid, Relief and Economic Security (CARES) Act when deciding whether to take advantage of first-year depreciation breaks for assets placed in service this year. 1. NOL carrybacks The CARES Act allows net operating…

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IRS issues guidance on employee payroll tax deferral

IRS issues guidance on employee payroll tax deferral By: Anita Anand, JD, Director On August 8, President Trump issued a Presidential Memorandum directing the Secretary of the Treasury to use his authority to defer the withholding, deposit, and payment of employee payroll tax obligations starting September 1, 2020, through the end of the calendar year…

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