Robert A. Woloshen CPA, PC

Hard to believe, but filing season is almost here. Take the last few weeks of 2021 to prepare for 2022 and hit the ground running!

As the year comes to a close, it is time to start preparing year end projections and tax planning. Please contact us for tax planning and tax saving tips.

Individual tax returns are due October 15 for most people. If you were effected by Hurricane Ida you may be allowed additional time to file.

Calendar year business extensions are nearly up. If you have not filed your business returns yet, get us your information so that we can timely prepare your returns.

Corporate extensions are coming due. Don't wait until the last second to get your information together to prepare your returns. Now is the perfect time to get things done.

NYS is offering grants to small businesses with gross receipts under $500,000. Grant awards will be calculated based on a business’s annual gross receipts for 2019. Grant amounts and calculations are subject to change by Empire State Development. Annual gross receipts: $25,000 $49,999.99: Award is $5,000 / business Annual gross receipts: $50,000 $99,999.99: Award is $10,000 / business Annual gross receipts: $100,000 $500,000: Award is 10% of gross receipts (maximum gr...ant is $50,000) Call us to assist with the grant applications.

Even though the IRS has extended the April 15 tax deadline for individuals, they have NOT extended the due date for estimated taxes. The IRS has announced that the deadline for IRA contributions has also been extended to May 17.

Beware, this is a scam. Do NOT reply to this, it is not from the IRS.

The deadline to file your 2020 Personal Income Tax returns has been extended until May 17, 2021. However, the IRS has NOT extended the due date for your estimated taxes which are due April 15. Do not delay, get your returns done as soon as you can.

Beware, this is a scam. Do NOT reply to this, it is not from the IRS.

The Internal Revenue Service plans to open tax-filing season on Feb. 12, although it is making its Free File program available starting Friday. The tax season normally begins in late January, but the ongoing COVID-19 pandemic, the distribution of the latest round of Economic Impact Payments, a backlog of work from last year, and changes in the tax laws seem to be delaying tax season this year. Nevertheless, the IRS announced earlier this week that all tax forms and instructions are ready and that last-minute changes to the tax laws have been included in all the tax forms and instructions.

There were lots of important changes that will have impacts on every type of business: Changes made to the 1st round of PPP, including tax deductions and streamlining the forgiveness process. PPP Round 2!... An extra $300 per week in unemployment benefits has been extended for 11 weeks. $600 stimulus payments See more

The next round of PPP is almost available. In order to qualify, you have to have a 25% decrease in your gross income in any quarter of 2020 as compared to 2019. If you qualify, you can obtain a potentially forgivable loan equal to 2 1/2 months of qualified payroll expenses (3 1/2 months for restaurants).

Government stimulus check and direct deposits have started. Please keep and eye out for your checks and direct deposit. I hope everyone has a safe and happy new year.

Now that tax season 2.0 is officially over, it is time to get those extensions finished. If you have a business, your returns are due September 15. Personal returns are due October 15. Start gathering your information so that we have ample time to complete your work.