Blog

Delays of Pandemic Relief for Businesses Continue

Due to delays at the Internal Revenue Service, businesses and organizations are still waiting for the pandemic relief that was promised during the COVID-19 outbreak. Many of them need this money to keep their doors open and employees paid. According to a report issued late last month (link here), the IRS is behind in processing claims for Sick and Family leave Credits and Employee Retention Tax Credit (“ERTC”) for as much as 12 months, while other claims for such things as Social Security Tax Deferral have been delayed for some 16 months.

New CFR Software Notice

The Consolidated Fiscal Reporting System (CFRS) will be moving from a desktop application to a web-based application. For SED providers not already in the SMS system, the executive director of your agency should have received an e-mail from NYS ITS containing...

Quoted in Newsday: With IRS budget boosted, will the taxman cometh for you?

Edward McWilliams was quoted in Newsday. You can read the article on Newsday's website here or below: The Inflation Reduction Act brings with it many provisions, but one raising public concerns is the approximately $46.5 billion allocated for tax enforcement. Treasury...

Healthcare Worker Bonus – The Series

If you’re like us, you have certain TV shows that you are totally invested in and can’t wait until the next episode comes out.  Unless you are a masochist, that is probably not the case with respect to the weekly regulation updates coming out from DOH on the...

Employee PTO Donation Policy

For many, work and their co-workers can be like a family. As such, there are instances where employees may wish to “donate” earned paid time off (PTO) to other employees who may need it, typically to cover some sort of long-term medical condition or other emergency. This benefit is designed to be altruistic and allow co-workers to help another in need. Programs like this are especially popular now given the COVID-19 pandemic and the need to quarantine and isolate and to deal with potential long-term repercussions of the disease. However, there can be unseen tax consequences to these programs.

Healthcare Worker Bonus Update

For those of you who filed for a Paycheck Protection Program (PPP) Loan, you remember the early days of the application process were marked by conflicting information, short deadlines, potential exposure, and more.   As time went by, the regulations loosened up and...

Inflation Reduction Act and the Increase in IRS Resources

The Inflation Reduction Act was signed into law by President Biden on August 16, 2022.  The bill came as a surprise to many as it appeared somewhat out of nowhere after it was believed any legislation was politically dead.  We discussed the provisions of the act when...

Healthcare Worker Bonus Clarification

On Friday, August 19, 2022, NYS did a townhall regarding the Healthcare Worker Bonus (HWB).  A recording of the webinar can be found here and a copy of the presentation from the NYS DOH can be found here.  There were several technical issues with the webinar which...

Grant Opportunity from the Department of Education

The U.S. Department of Education has released information regarding a grant to assist local education agencies (LEAs) who have been impacted by community violence. The grant, Project Prevent Grant Program, will award more than $6 million to LEAs to provide resources...

Underwater Endowments

If you have been following the stock market, you know that the stock market is having one of its worst years in more than 50 years. With portfolios heading down, many nonprofit organizations are seeing declines in their investments and endowments, which could open up certain concerns from both an accounting and a legal perspective.

Underwater Endowments

Underwater Endowments

If you have been following the stock market, you know that the stock market is having one of its worst years in more than 50 years. With portfolios heading down, many nonprofit organizations are seeing declines in their investments and endowments, which could open up certain concerns from both an accounting and a legal perspective.

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Nonprofit Financial Analysis

Nonprofit Financial Analysis

Nonprofit organizations are misunderstood for many reasons. one of which is inherent to their predominant label: “nonprofit.” The word simply refers to an organization without profits, which is not entirely accurate. A clearer general term for a member of this sector would be “tax exempt organization,” since the organization would be exempt from paying income taxes.

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Budgeting in a Down Economy

Budgeting in a Down Economy

Budgeting for all businesses, including not-for-profits, can be a daunting task even with all economic conditions being ideal. The personnel responsible for the fiscal task of creating and monitoring an organization’s budget often spend a significant amount of time...

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Q&A on Healthcare Worker Bonus Program

Q&A on Healthcare Worker Bonus Program

*Information as of August 17, 2022* Ken Cerini, Managing Partner and Edward McWilliams, Tax Partner of Cerini & Associates, LLP gave a background of the Healthcare Worker Bonus and answered participant questions. General Program Background:- Healthcare Worker...

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Internal Controls: The 5 Components

Internal Controls: The 5 Components

What are internal controls? Why do we need them?
Internal controls are one of the most essential elements within any organization. Internal controls are put in place to enable organizations to achieve their goals and missions.

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Taxation of New York State Healthcare Worker Bonuses

Taxation of New York State Healthcare Worker Bonuses

Included as part of the 2022/23 budget for New York State was a provision allowing for Healthcare Worker Bonuses of up to $3,000 per employee (see details here). The regulations and program portal were released on August 3, 2022. One of the crucial questions regarding...

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Bonus for NYS Healthcare Workers

Bonus for NYS Healthcare Workers

Governor Hochul allocated $1.2 billion from the State’s 2022/23 budget for the Healthcare Worker Bonus program (“HWB”) and the State has finally released the regulations surrounding these bonuses.

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Taxable vs Non-Taxable Benefits

Taxable vs Non-Taxable Benefits

As it becomes harder to attract and retain talent and also to help deal with soaring inflation, many employers are looking for ways to provide employees with tax-free benefits in order to entice employees to join or stay and help mitigate the impact of the rising costs. However, both employers and employees need to be aware that even despite their best intentions, many benefits or incentives can be considered taxable income – which from the employer side would require both withholding and reporting and would be includable in income for employees.

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Tax Impacts of the Inflation Reduction Act of 2022

Tax Impacts of the Inflation Reduction Act of 2022

In what many political pundits are calling one of the most surprising and unlikely outcomes ever, Senators Schumer and Manchin have finalized negotiations on a new bill which would include several tax proposals.  The new bill, called the “Inflation Reduction Act of...

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