Brady Ware News

New York State and Local Tax Updates August 2020

Surcharge on wireless communications services raised in Madison County The New York Dept. of Taxation has raised its surcharge on wireless communications services in Madison County. As of Sept. 1, 2020, the surcharge rate will increase from $0.65 to $1.85. (NY Dept. of Taxation Pub. No. 452) A university’s solar system is taxable real estate…

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California State and Local Tax Updates August 2020

California FTB updates COVID-19 FAQs The California Franchise Tax Board (FTB) just updated its COVID-19 Frequently Asked Questions (FAQs). The FAQs now state that paper returns and other documents must be signed with an original signature by a taxpayer, the taxpayer’s representative or both, but the FTB will not require an original signature through December…

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No Double-Dipping on PPP Loan Forgiveness

Remember…No Double-Dipping on PPP Loan Forgiveness By Anita Anand, JD, Director As mentioned in our May alert SBA Good Faith Certification for PPP Loans, business owners who receive the Paycheck Protection Program (PPP) loan and receive loan forgiveness for certain eligible expenses should remember that such expenses are not also deductible for tax purposes. Because…

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Do You Have to Pay Employees While They Put on Safety Gear?

Do You Have to Pay Employees While They Put on Safety Gear? The current focus on keeping employees safe at work amid the COVID-19 pandemic may prompt broader questions of workplace safety, including what’s compensable time for hourly employees. Although it’s improbable that such issues would arise in connection with simply putting on masks and…

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Retirement Plan Loan Defaults Can Be Costly

Beware: Retirement Plan Loan Defaults Can Be Costly Economic fallout from the COVID-19 crisis may cause some cash-strapped individuals to default on loans they’ve taken out from company qualified retirement plans, including 401(k) and profit-sharing plans. Defaulting on a plan loan will cause adverse tax and retirement-saving consequences. Here are the details. Retirement Plan Loan…

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