Cohen & Associates, Inc

Dear Clients here is the update The passage of the Families First Coronavirus Response Act (Families First Act) on March 18 will have a significant impact on both individuals and businesses. In addition to containing four new tax credits for businesses and self-employed individuals, the Families First Act includes the Emergency Paid Sick Leave Act and the Emergency Family and Medical Leave Expansion Act, which are aimed at helping employees who have lost wages due to busines...Continue reading

NYC business owners: To help small businesses deal with the impact of COVID-19, the City has launched the Employee Retention Grant Program to help retain employees as businesses face decreased revenue. This program is available to New York City businesses with one to four employees that can demonstrate at least a 25% decrease in revenue as a result of COVID-19. Eligible businesses will receive a grant covering up to 40% of their payroll for two months. Businesses can acces...s up to $27,000. https://www1.nyc.gov//article/nyc-employee-retention-grant

UPDATE: Today during the White House’s daily coronavirus briefing, Treasury Secretary Steven Mnuchin announced that tax payments up to $1 million for individuals can be deferred for 90 days. The $1 million threshold was chosen for those who report pass-through business income on their individual return. ... Corporations are able to defer up to $10 million in tax payments. Penalties and interest that would otherwise apply during this nearly three-month period will be waived. We encouraging Americans who can file taxes by the April 15 deadline to do so, please note that refund issuance will not be affected for those who file. We are in business, as usual, please reach out to us with any questions you may have. Thank you.

For our small business clients in New York City fearing a reduction in revenue because of COVID-19, we would like to ensure you are aware of Mayor Bill De Blasio's announcement that for businesses with fewer than 100 employees who have seen sales decreases of 25% or more, there is the potential for zero interest loans of up to $75,000. The City is also offering small businesses with fewer than 5 employees a grant to cover 40% of payroll costs for two months to help retain... employees. More information can be found through the link below. https://www1.nyc.gov//busin/covid19-business-outreach.page

Dear Clients: Last year's sweeping tax overhaul, the Tax Cuts and Jobs Act of 2017 (TCJA), introduced a new tax break for owners of many pass-through businesses. Individuals who are sole proprietors, partners in partnerships, members in LLCs taxed as partnerships (hereafter, "partners"), or shareholders in S corporations, may be able eligible to claim a deduction for qualified business income (QBI) under new Code Section 199A, beginning with the 2018 tax year. Trusts and esta...Continue reading

Good morning all, This article will help you understand how to report your earnings/losses from crypto currency transactions. With any additional questions, please reach out to us we’ll be happy to help!... Have a blessed day everyone https://www.theverge.com//cryptocurrency-bitcoin-how-to-fi

As the holiday season is upon us, we find ourselves reflecting on the past year and those who have helped to shape our business. It’s been quite a year for us all! We hope that 2017 has been just as memorable for you, your colleagues and your loved ones. We look forward to working with you in the years to come. Happy New Year from Cohen & Associates and staff !

When are business taxes due in 2018? Your business’s tax return deadline is based on its entity type, whether or not you plan on filing an extension, and if there are any weekend or federal holidays in the picture. ... The table below details when each type of business entity needs to file 2017 taxes in 2018 (using the calendar year) 2018 Business Tax Deadlines for 2017 Tax Filing Entity Type Tax Deadline Due Date Original deadline for partnerships (Form 1065) and S Corporations (Form 1120S) March 15, 2018 Original deadline for C Corporations (Form 1120) and individuals (Form 1040) April 17, 2018 Original deadline for exempt organizations (Form 990) May 15, 2018 Final deadline for partnerships and S Corporations (with extension) September 17, 2018 Final deadline for C Corporations and individuals (with extension) October 15, 2018 Final deadline for exempt organizations (with extension) August 15, 2018 Typically, the tax return due date for flow-through entities is the fifteenth day of the third month of the company’s fiscal year. So the S Corporation and LLC tax return due date in 2018 will fall on March 15 (for partnerships that follow the calendar year). The extended due date for flow-through taxes will be September 17, 2018. The tax return due date for individuals and corporations typically falls on the fifteenth day of the fourth month of the company’s fiscal year. For calendar year companies, this date tends to fall on or around Emancipation Day, which can impact the deadline. (Emancipation Day is April 16, but the government recognizes it on a Friday if that day falls on a Saturday and Monday if it falls on a Sunday.) So the corporate and individual tax return date in 2018 will fall on April 17. The extended due date for corporate and individual taxes will be October 15, 2018. Exempt organizations, such as nonprofits and charities, must file taxes on the fifteenth day of the fifth month of the organization’s fiscal year. The 2018 due date for calendar year nonprofits is May 15. When an exempt organization files for an extension they get three months instead of six months (like other entity types, so the 2018 extended due date for exempt organization taxes is August 15, 2018.

Reminder: S-corporations and LLCs which filed for extension to file, your corporate return's due date is September 15, 2017. C-corporations and individuals which/who filed for extension to file, your corporate/personal returns are due on October 15, 2017.... Penalties and interest will be imposed if due dates are not met. However, exclusions apply. Call or Comment below with any questions. Our staff is always eager to help and resolve any tax and accounting issues you might have.

"Your most unhappy customers are your greatest source of learning." Bill Gates, co-founder of Microsoft.