Moshe Wolcowitz, CPA

Florida residents now have until February 15th to file returns that are on extension (normally due Oct 15th) due to hurricane Ian.

Moshe Wolcowitz, CPA

https://www.irs.gov/newsroom/irs-announces-tax-relief-for-victims-of-hurricane-ian-in-florida?fbclid=IwAR1n6uABvp0KxQDsaJExkb-_PRfyM61zr4PGutbXkr_WDEmfMlW5VATKPR0

IRS announces tax relief for victims of Hurricane Ian in Florida | Internal Revenue Service FL-2022-19, September 29, 2022 — Victims of Hurricane Ian that began September 23 in Florida now have until February 15, 2023, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

Dear friends & Facebook family! Interest rates on US Treasury bonds are typically very low because it's guaranteed by the US Gov't. However, the Dept. of Treasury is offering I-Bonds at a higher than normal interest rate (if you buy today, you'll get the first 6 months at 7.12% interest and the following 6 months you'll get 9.62% interest income). You can invest directly with the dept. of treasury. Here's their website https://www.treasurydirect.gov/

PS> Check this link which gives you more details on how to facilitate. https://www.dansdeals.com/points-travel/banking/last-chance-buy-2021-series-savings-bonds-earning-7-12-interest/

[Ends Today!] Purchase 2022 I Bonds Today And Get Backdated 7.12% Interest, Plus A Whopping 9.62% Interest For 6 Months! - DansDeals.com Update, 4/28/22: Today is the final day to lock in 6 months of 7.12% interest and 6 months of 9.62% interest for you, your spouse, your business, your kids, your trusts, or gifts for future years for any of those! Update, 4/26/22: If you purchase I Bonds by Thursday you will receive the 7.12% intere...

Yay! IRS extends corporate and personal tax deadline for returns on extension in NY and NJ to areas affected by remnants of Hurricane Ida. We now have until Jan 3rd to file! (previously extended to Louisiana and now covering more areas with the extension). Waiting to see if NY and NJ will follow suit.

IRS: Tax relief now available to victims of Hurricane Ida; Oct. 15 deadline, other dates extended to Jan. 3 | Internal Revenue Service IR-2021-175, August 31, 2021 — Victims of Hurricane Ida that began on August 26 now have until January 3, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

hey friends! Are you an essential worker? You can potentially qualify for childcare tuition relief (new $25 million dollar fund).

Payments will be made directly to child care providers on the parents’ behalf. This fund is even if only ONE parent is an Essential Worker if there is no other parent available to provide childcare.

Qualifications
· This assistance is for essential workers as defined in Executive Order no. 202.6. https://esd.ny.gov/guidance-executive-order-2026, including education workers.
· Parents/Guardians must work outside of the home and there must be no other legally responsible adult (21 and older) available to watch the children at home.
· Family does not own assets worth over $1 Million.
· For children under age 13, OR under age 19 and mentally or physically incapable of caring for him/herself, or under court supervision.
· For those earning less than 300% of the federal poverty level, including unemployment

Applications will be processed and funds will be awarded on a first-come first-served basis, therefore it is advised to apply as soon as possible.

You can apply at: https://ocfs.ny.gov/.../COVID-relief/essential-workers.php

If you need further clarification or help applying, feel free to book a consult.
Shlomo Wolcowitz, Tina Lance, and Jenna Jones Hall from Moshe Wolcowitz, CPA

Talk soon!

Moshe Wolcowitz, CPA
Certified Public Accountant
Tel: 212-920-6310
Cell: 917-251-8401
Fax: 815-301-3689
Email: [email protected]
Website: www.ACCMoshe.com

Moshe Wolcowitz, CPA – Certified Public Accountants Certified Public Accountants Let’s keep it real. Accounting, tax returns, and bookkeeping might not be the most exciting topics. But being financially successful, keeping your cool during tax season, and building the business of your dreams – those are exciting. And in order to achieve those thi...

hey Friends! Most states have their own grants (beyond the popular federal relief). New York rolled out the Pandemic Small Business Recovery Grant Program earlier this month.

Grant Amounts
• $25k-$49,999 Annual Gross Receipts - $5,000
• $50K-$99,999 Annual Gross Receipts - $10,000
• $100K-$500K Annual Gross Receipts – 10% (max grant is $50K)

Eligibility:
• Have 2019 or 2020 gross receipts of between $25,000 and $500,000
• Positive net profit on 2019 business return
• Total expense on 2020 business income return are greater than the grant amount
• At least 25% loss in annual gross receipts from 2019 to 2020
• Be in Substantial compliance with applicable federal, state, and local laws, regulations, codes and requirements
• Not owe any federal, state or local taxes prior to July 15, 2020 or have an approved repayment or deferral plan
• Not have received any Federal assistance from the American Rescue Act of 2021 (other than targeted and supplement advance or PPP below $100k)

Ineligible Businesses:
• All non-profits, churches or religious institutions
• Government-owned entities or elected official offices
• Businesses primarily engaged in political or lobbying activities
• Businesses that received awards from the SBA Restaurant Revitalization Fund Grant Program
• Landlords and passive real estate income businesses

Documents Required:
• Proof of Gross Receipts loss between 2019 & 2020 Business Tax Return
- Corps & LLC – 1120
- Partnerships – 1065 and Sch K-1
- Sole Proprietors – Schedule C
• Completed Form 4506-C
• Proof of Business location and current operation (must include 2 of the following)
- Current lease
- Utility bill
- Business bank statement
- Business mortgage statement
- Business CC statement
- Professional insurance bill
- Payment processing statement
- NYS ST-809 or ST-100 sales tax collection documentation
• Names, Addresses, SSN, Phone Numbers, Emails, % ownership and photo ID for any owners with more than 20% ownership of the business
• Proof of number of employees – Most recently submitted NYS-45 for employer firms
• W-9 & Bank Account Info for Funds

Eligible Use of Funds:
• Payroll Costs
• Commercial Rent/Mortgage payments for NYS-based property
• Payment of local property or school taxes associated with small business location in NYS
• Insurance costs
• Utility costs
• Cost of PPE/supplies and materials for COVID-19 health and safety protocols
• HVAC costs

Ineligible Uses of Funds
• Can not be used to re-pay or pay down any portion of a loan obtained through a federal COVID-19 relief package

If you need help applying please feel free to reach out.

Talk soon!

--Jenna

Moshe Wolcowitz, CPA
Tel. 212-920-6310
Fax. 815-301-3689
Email. [email protected]
Website. www.accmoshe.com

Moshe Wolcowitz, CPA – Certified Public Accountants Certified Public Accountants Let’s keep it real. Accounting, tax returns, and bookkeeping might not be the most exciting topics. But being financially successful, keeping your cool during tax season, and building the business of your dreams – those are exciting. And in order to achieve those thi...

Hi gang! Update on what’s been happening lately and hopefully some useful information. We will cover

1) Pandemic Small Business Recovery Grant Program
- opens tomorrow!
2) Rent Relief
3) EIDL – Targeted & Supplemental advance to new applicants

Feel free to scroll to whatever can be relevant for you!

1) PANDEMIC SMALL BUSINESS RECOVERY GRANT PROGRAM (Opens tomorrow Jun 10th at 9am)
Grant Amounts
• $25k-$49,999 Annual Gross Receipts - $5,000
• $50K-$99,999 Annual Gross Receipts - $10,000
• $100K-$500K Annual Gross Receipts – 10% (max grant is $50K)
Eligibility:
• Have 2019 or 2020 gross receipts of between $25,000 and $500,000
• Positive net profit on 2019 business return
• Total expense on 2020 business income return are greater than the grant amount
• At least 25% loss in annual gross receipts from 2019 to 2020
• Be in Substantial compliance with applicable federal, state, and local laws, regulations, codes and requirements
• Not owe any federal, state or local taxes prior to July 15, 2020 or have an approved repayment or deferral plan
• Not have received any Federal assistance from the American Rescue Act of 2021 (other than targeted and supplement advance or PPP below $100k)
Ineligible Businesses:
• All non-profits, churches or religious institutions
• Government-owned entities or elected official offices
• Businesses primarily engaged in political or lobbying activities
• Businesses that received awards from the SBA Restaurant Revitalization Fund Grant Program
• Landlords and passive real estate income businesses
Documents Required:
• Proof of Gross Receipts loss between 2019 & 2020 Business Tax Return
- Corps & LLC – 1120
- Partnerships – 1065 and Sch K-1
- Sole Proprietors – Schedule C
• Completed Form 4506-C
• Proof of Business location and current operation (must include 2 of the following)
- Current lease
- Utility bill
- Business bank statement
- Business mortgage statement
- Business CC statement
- Professional insurance bill
- Payment processing statement
- NYS ST-809 or ST-100 sales tax collection documentation
• Names, Addresses, SSN, Phone Numbers, Emails, % ownership and photo ID for any owners with more than 20% ownership of the business
• Proof of number of employees – Most recently submitted NYS-45 for employer firms
• W-9 & Bank Account Info for Funds
Eligible Use of Funds:
• Payroll Costs
• Commercial Rent/Mortgage payments for NYS-based property
• Payment of local property or school taxes associated with small business location in NYS
• Insurance costs
• Utility costs
• Cost of PPE/supplies and materials for COVID-19 health and safety protocols
• HVAC costs
Ineligible Uses of Funds
• Can not be used to re-pay or pay down any portion of a loan obtained through a federal COVID-19 relief package
---------------
2) RENT RELIEF (NY)
NYS is offering a rent relief for those behind in rent. Landlords or tenants can apply for this program.
Can receive:
• 12 months rent arrears
• 12 months utility arrears
• Up to 3 additional months rent if rent expense is at least 30% of monthly income
Eligibility:
• Household gross income is 80% of AMI
• After March 13, 2020: 1 member had unemployment, reduction of income, or had increased expenses (or hardship) due to Covid.
• For Primary residence.
• Needs to be behind in rent.
For first 30 days priority will be given to:
• Household income up to 50% of AMI, AND 1 of
A) Currently unemployed for 90 days
😎 Lives in eligible ZIP codes (see AMI table https://otda.ny.gov/.../ERAP-80-area-median-income.pdf)
C) Dwelling of 20 or fewer units
After 30 days, first come first serve.
Documents Needed:
• ID for entire household: Non/Drivers license, passport, birth certificate, EBT card
• SSN for entire household.
• Proof of rent amount: Signed lease, rent receipt, Landlord attestation, canceled check
• Proof of residency: Current; Signed lease, rent receipt, utility bill, bank statement, any mail with name & address, driver license.
• Proof of income:
- monthly income: Pay stubs, Bank statements showing deposits,
- 2020 income: W2, 1099, tax return
- Self attestation for, “Certain self-employment.”
• Utility bill: If applying for utility help.
For Landlords Applying:
• W9 Form
• Lease or other evidence
• Rent due documentation or landlord attestation
• Bank info
• Landlord can’t increase rent or evict tenant for 1 year after receiving payment. (If landlord applies)
---------------
3) EIDL (ECONOMIC INJURY DISASTER LOAN)
EIDL is not a new program. However, they just opened the program to new applicants (previously they’ve only been processing applications submitted prior to Dec 27th of 2020). You can now apply for the loan and if eligible for the targeted advance (as well as the supplemental if qualified). For your convenience we summarized the benefits and eligibility of the program (for those who are familiar with this program, eligibility requirements remain the same).
EIDL Loan
The initial guidance of the Cares Act would have allowed loans for up to $2 million but SBA cut it down to $150K. Recently (as of 2 months ago) the SBA picked it up to $500K.The loans must be paid back in the future at 3.75% (non- profits are based at 2.75%).
EIDL Grants
The SBA is offering a targeted advance of $10,000 to eligible business plus a supplemental advance of another $5,000 if qualified (less what was already received from previous EIDL grants).
Eligibility
A- Must have a decrease of 30% in income year over year in any 8 week period for same period in the prior year (to also qualify for the Supplemented advance you need to show a loss of 50%).
B- Business must be in a low income community (see sba map https://sbaeidl.policymap.com/newmaps #/)
C- Must have fewer than 300 employees (for supplemental advance must have 10 or fewer employees)

Reach out with questions.

Talk soon!

Moshe Wolcowitz, CPA
Certified Public Accountant
Tel: 212-920-6310
Cell: 917-251-8401
Fax: 815-301-3689
Email: [email protected]
Website: www.ACCMoshe.com

Moshe Wolcowitz, CPA – Certified Public Accountants Certified Public Accountants Let’s keep it real. Accounting, tax returns, and bookkeeping might not be the most exciting topics. But being financially successful, keeping your cool during tax season, and building the business of your dreams – those are exciting. And in order to achieve those thi...

Hi Friends, hope everyone is having a good week. Remember tax season is coming up, take the pressure off and let us handle your 2020 taxes. Please feel free to reach out if you have any questions or concerns. HAPPY SEASON!

Moshe Wolcowitz, CPA
Certified Public Accountant
Tel: 212-920-6310
Fax: 815-301-3689
Email: [email protected]
Website: www.accmoshe.com

Also Id like to give a special thanks to Rochelle Carrington for creating our new banner for our page, it looks great! If anyone is interested in taking a look at her work ill leave a link to her sites to check out!
bit.ly/2WGpsP3
https://www.facebook.com/rochelle.carrington.752/

Hi friends,
I wanted to share information on relief available for taxpayers & small businesses related to Covid-19 (Corona Virus).

1) Wage replacement, such as reimbursements for certain employee expenses are typically taxable to the employee. However, under Sec139, certain expenses relevant to the Covid-19 outbreak (such as child care due to school closures, housing, or medical expenses) can be deductible to the employer, while the employee does NOT have to pick them up as income (tax free!)
2) NYC is providing relief to small business owners affected by Covid-19. The city is providing a grant to employers to cover 40% of the payroll costs for two months to help retain employees (must be able to demonstrate that Covid-19 caused at least a 25% decrease in revenue, must have fewer than 5 employees, and has been in operation for at least 6 months with no outstanding liens or judgements). The city is also providing zero interest loans to help mitigate losses in profits (similar qualifications except for the loan you can have up to 99 employees, but you have to demonstrate the ability to repay the loan).
3) If you owe money with the federal return, the IRS is giving you an extra 90 days to make a payment (for up to a million dollars for individuals and 10 million for corporations). AS OF NOW, YOU STILL HAVE TO FILE YOUR RETURN ON TIME (or apply for an automatic 6 months extension), but if you have a balance due with the return, you can hold off paying until July 15th. Kindly note, this relief is currently ONLY from the Internal Revenue Service.

Reach out with questions!

Moshe Wolcowitz, CPA
Certified Public Accountant
212-920-6310
[email protected]

Moshe Wolcowitz, CPA – Certified Public Accountants Certified Public Accountants Let’s keep it real. Accounting, tax returns, and bookkeeping might not be the most exciting topics. But being financially successful, keeping your cool during tax season, and building the business of your dreams – those are exciting. And in order to achieve those thi...

hey gang, I figured I'll keep you in the loop on a tax savings opportunity (must be postmarked today if you want to take advantage of it). See the scoop below. Reach out if you need anything!

Details:
In response to the new regulations that limit your itemized deductions towards your State & Local withholdings, New York came out with its own regulations that will allow you to donate your estimated payments towards New York as a charitable contribution in 2018 and you will get an 85% credit towards your 2019 taxes.

Unfortunately, the IRS literally just proposed new regulations that will effectively disallow this contribution effective August 28th, which effectively means that if you want to take advantage of this, you MUST ACT TODAY.

Immediate Action Required (must be postmarked today!)
If you anticipate itemizing your deductions in 2018, consider making a charitable contribution today (not to exceed your estimated 2019 tax liability towards NY).

The check should be made payable to the ‘State Treasurer’ and the memo line should say either ‘Health Charitable Account’ or ‘Elementary and Secondary Education Amount’ (your choice). Please mail to

New York State Treasurer
DIVISION OF THE TREASURY
P.O. BOX 22119
ALBANY NY 12201-2119

THIS MUST BE IN THE MAIL AND POSTMARKED TODAY! (AUG 27th)

For a full detailed description follow this link:
All the best!!

Moshe Wolcowitz, CPA
Office 212-920-6310
Cell: 917-251-8401
Email. [email protected]

Hi friends, the IRS is opening e-filing on Jan 29th. Please feel free to reach out if you need help filing your return.

Services:

• Tax Returns (Corporate, Personal, Fiduciary, and NON-Profit)
• Payroll (Including W2 & 1099 Preparation)
• Sales Tax
• Bookkeeping & QuickBooks Training
• Incorporating Services
• Consulting & Year End Planning

Feel free to reach out if you have any questions or would like to discuss your return. HAPPY SEASON!!

Moshe Wolcowitz, CPA
Certified Public Accountant
Tel: 212-920-6310
Fax: 815-301-3689
Email: [email protected]
Website: www.accmoshe.com

Manhattan Financial District Accountant, Moshe Wolcowitz