Employers: The Social Security Wage Base Is Increasing in 2022
Margolin, Winer & Evens LLP | New York CPAs
by Michael Weingartner
2y ago
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Background information The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees and self-employed ..read more
Visit website
New Business? Don’t Pass Up These Tax Breaks
Margolin, Winer & Evens LLP | New York CPAs
by Michael Weingartner
2y ago
Infographic: It’s time to think about reducing your new company’s 2021 tax bill. ©2021 Infographic: Tax Records: What to Keep, What to Toss ..read more
Visit website
10 Financial Statement Areas to Watch for COVID-Related Effects
Margolin, Winer & Evens LLP | New York CPAs
by Michael Weingartner
2y ago
The COVID-19 pandemic is still adversely affecting many businesses and not-for-profit organizations, but the effects vary, depending on the nature of operations and geographic location. Has your organization factored the effects of the pandemic into its financial statements? You might not have considered this question since last year if your organization prepares statements that comply ..read more
Visit website
New York State Provides Hurricane Ida “Big Apple” Relief for 10/15 – But No Relief for NYS PTET Election Date
Margolin, Winer & Evens LLP | New York CPAs
by Michael Weingartner
2y ago
On Tuesday, New York State issued Notice N-21-5 {“Notice”} that provides additional Hurricane Ida relief that was missing in its Notice N-21-3 as discussed in our prior post. The Notice adds guidance with respect to specific New York State tax filings and payments due on or before ..read more
Visit website
The Tax Score of Winning
Margolin, Winer & Evens LLP | New York CPAs
by Michael Weingartner
2y ago
Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more traditional ways to gamble and play the lottery. If you’re lucky enough to win, be aware that tax consequences go along with your good fortune. Review the tax rules Whether you win ..read more
Visit website
Flash Reports: Real-Time Financial Reporting
Margolin, Winer & Evens LLP | New York CPAs
by Michael Weingartner
2y ago
Timely financial reporting is key to making informed business decisions. Managers need to know what’s in the pipeline to respond promptly and decisively. Unfortunately, it typically takes several weeks to prepare financial statements under U.S. Generally Accepted Accounting Principles (GAAP). And many companies only produce GAAP financials at the end of the quarter or year ..read more
Visit website
EIDL Program Retooled for Still-Struggling Small Businesses
Margolin, Winer & Evens LLP | New York CPAs
by Michael Weingartner
2y ago
For many small businesses, the grand reopening is still on hold. The rapid spread of the Delta variant of COVID-19 has mired a variety of companies in diminished revenue and serious staffing shortages. In response, the Small Business Administration (SBA) has retooled its Economic Injury Disaster Loan (EIDL) program to offer targeted relief to eligible ..read more
Visit website
Hurricane Ida Tax Relief – New Jersey Provides “Big Apple-like” Relief While New York State and City “Cherry Pick” Taxpayer Relief
Margolin, Winer & Evens LLP | New York CPAs
by Michael Weingartner
2y ago
As noted in our recent alert, IR-2021-179 {“Tax Relief”} as initially issued and updated, provides comprehensive relief to business and individual taxpayers affected by Hurricane Ida in the Tri-State area. As discussed in greater detail below, New Jersey’s Division of Taxation timely issued guidance indicating that, for the most part, New Jersey would follow ..read more
Visit website
Selling a Home: Will You Owe Tax on the Profit?
Margolin, Winer & Evens LLP | New York CPAs
by Michael Weingartner
2y ago
Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8% over July of 2020. The median home price was $411,200 in the Northeast, $275,300 in the Midwest, $305,200 in the South and $508,300 in ..read more
Visit website
3 Essential Estate Planning Strategies Not to Be Ignored
Margolin, Winer & Evens LLP | New York CPAs
by Michael Weingartner
2y ago
With most tax planning, there are certain strategies that are generally effective and shouldn’t be ignored. The same holds true for estate planning. Here are three essential estate planning strategies to consider that may help you achieve your goals. 1. Use an ILIT to hold life insurance Do you own an insurance policy on your ..read more
Visit website

Follow Margolin, Winer & Evens LLP | New York CPAs on FeedSpot

Continue with Google
Continue with Apple
OR