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- NYS Sales Tax payments delayed from March 20th to May 20th, giving vendors only 60 days relief
- Short period of relief leaves vendors frustrated, as most are still out of business
- No guidance from Governor or Dept of Taxation and
COVID-19 News
Quarterly Sales Tax Payers Only Granted 60 Days Relief Despite Many Businesses Still Being Closed
Employee Retention Credit: A Powerful Tool for Businesses Shut Out of the PPP
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- Emerging as a popular tool for businesses shut out of the Paycheck Protection Program (PPP)
- Maximum credit per employee is $5,000
- Calculation differs for businesses who have more than 100 Full-Time Employees (FTEs)
- DSJ’s CRT seeing pivot towards Employee Retention
NYS Senate Hopeful Pushes to Declare China Handling of COVID-19 Act of Terrorism
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- Palumbo (R-New Suffolk) calls on Trump, Cuomo to declare Chinese COVID-19 response an Act of Terrorism
- Doing so would allow businesses to access Terrorist Risk Insurance Fund
- Small businesses continue to have claims denied due to lack of virus-specific coverage
Show Me the Money, Uncle Sam! Where Is My Stimulus Check?
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- Second wave of stimulus payments set to be distributed over the next few days
- To date, IRS has sent out $158 billion of the total $292 billion allocated
- US Treasury sets up online tool to track the status of stimulus
PPP Replenished but Predicted to Run Out in Two Days
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- Congress passes additional $484 billion in financial aid, including $310 billion for the PPP
- ABC: Lenders predict this amount of funding will potentially run out “in the first two days”
- Ortiz: An estimated $1 to $1.5 trillion in PPP applications
Your DSJ Digest: Sen. Rubio, Nitti Warn of Consequences
DSJ’s CRT Provides Solutions
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- Rubio threatens to subpoena companies to ensure Coronavirus relief funds were used properly
- Nitti (Forbes): “…This Forgiveness Calculation is not going to end well for a lot of businesses”
- DSJ’s CRT client list tops 100 as
So You (Almost) Have the Money – Now What?
How to make sure your loan becomes a grant
Since the Paycheck Protection Program (PPP) was passed by Congress under the CARES Act, businesses across the country have sought to get their portion of the $349 billion worth of … Continue reading
DSJ: Your Trusted Advisor Through COVID-19 And Beyond
Dear Valued Client,
During these unprecedented times, we are aware that many businesses are being forced to make tough decisions in order to make ends meet. Our Firm has a highly qualified and dedicated staff available to help manage your
Meet the DSJ Coronavirus Response Team
As your trusted advisors, DSJ is committed to sharing the best information available concerning Coronavirus (COVID-19) to our clients and to helping you navigate through this turbulent business climate.
A MESSAGE FROM OUR MANAGING PARTNER
Given the unprecedented times we … Continue reading
Your DSJ Update: Tax Day now July 15, Treasury, IRS extend filing and payment deadlines
Dear Valued Client,
I hope this letter finds you well and in good health. First and foremost, for anyone who is either directly or indirectly impacted by the virus, especially those who may be ill, our heart goes out to … Continue reading