IRS Issues COVID-19 Related Tax Credit Details and Instructions  The IRS has issued an overview of COVID-19 related tax credits for small and midsize businesses, the paid sick leave refundable credit, the paid family leave refundable credit, and payment of the sick and family leave credit. The IRS included an extensive FAQ list for these credits, including information on how to claim these credits.  For more information, please see: [...]

IMPORTANT UPDATE: SBA Issues Guidance Regarding Implementation of Paycheck Protection Program  The U.S. Small Business Administration (SBA) has released an interim final rule on the Paycheck Protection Program (PPP) established by the CARES Act.  The interim final rule outlines the key provisions of the PPP, and contains important guidance about its implementation.     Some of the highlights include the following: Loans are first-come, first-served, so [...]

IMPORTANT UPDATE REGARDING SMALL BUSINESS LOANS UNDER THE CARES ACT  The U.S. Department of Treasury issued guidance on March 31, 2020 regarding the $349 billion dollar Payment Protection Program (PPP) established by the CARES Act.  The legislation provides for job retention loans to cover eight weeks of payroll and certain qualified expenses for overhead.  The applications are expected to be accepted starting on April 3, 2020.  Applications can be submitted to participating [...]

Important Resources from LGT New York Businesses: “Essential Businesses” guidance: https://esd.ny.gov/ Executive Orders: www.governor.ny.gov/keywords/executive-order Paid Sick Leave info-graph: https://www.governor.ny.gov/sites/governor.ny.gov/files/atoms/files/COVID_Sick_Leave_Employers_3-18-20_1.pdf Paid Family Leave: https://paidfamilyleave.ny.gov/employers Unemployment: https://labor.ny.gov/unemploymentassistance.shtm Shared Work Program (potential alternative to [...]

Dear Clients, Colleagues & Friends: Levene Gouldin & Thompson is closely monitoring the information available to us relating to the COVID-19 pandemic. We are making every effort to protect the well-being of all concerned and maintain our ability to provide exceptional client service while protecting the health and safety of our clients and employees. Our offices remain fully operational. LGT has contingency plans in place that will enable us to provide uninterrupted service to our [...]