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  • Charitable giving is often rewarded with federal income tax breaks. Recent legislation includes four temporary expansions of the breaks for individuals and businesses that donate to qualified charities through the end of 2021. Here’s an overview of these provisions, which Uncle Sam hopes will encourage you to make additional charitable contributions during the COVID-19 pandemic.

  • Before you sell your home or a vacation home, it’s important to review the basics of the federal income tax home-sale gain exclusion. If you qualify, the gain exclusion is one of the most valuable tax breaks on the books. Here’s an overview of how this break works.

  • Many employers have responded by rethinking the benefits they offer. There are ways to provide tax-advantaged health care programs to your employees, and at the same time, cut your overall costs

  • Remote work was required by many workplaces during the COVID-19 pandemic and may be with us for the foreseeable future. So, it’s important for your company to ensure that its connections to employees working from home remain as secure as possible. A multilayered defense is likely to prevent security breaches. Here are some security measures your business can take.

  • On September 6, 2021 Governor Kathy Hochul announced the designation of COVID-19 as an airborne infectious disease under the new NY HERO Act

  • New York State has adopted an optional pass-through entity tax (PTET) for partnerships and S corporations. This type of tax has been enacted in other states as a response to the $10,000 state and local tax (SALT) itemized deduction limitation.

  • From antiques to vintage clothing, collectibles can provide hours of enjoyment for a true connoisseur. They can also be a wise investment if an item appreciates significantly over time. But investing in collectibles can have significant tax consequences. Here’s an overview of pros and cons, including the federal tax rules for recognizing gains and losses — and deducting expenses — related to collectibles.

  • Employers’ legal obligations regarding overtime (OT) pay aren’t always as straightforward as one might think. This article first reviews the basics that employers must follow related to OT pay, then focuses attention on a trio of cases the U.S. Department of Labor recently brought against employers that violated those rules. The cases illustrate how even well-intentioned employers might be oblivious to some fine points of the law.

  • Bringing an in-law into the family business can be a risky proposition and requires careful consideration. Continue reading for some ways to handle the situation, along with important questions that should be answered before hiring the spouse of a family member.

  • If your business applied early in the program you need to apply for forgiveness by August 30, 2021, to avoid loan repayment responsibilities.