Edward McWilliams

ATTENTION: NY IAS Payment Due by July 21

If your business paid New York State unemployment insurance (SUI) wages during the lookback period from October 1, 2022, to September 30, 2023, you should receive an Interest Assessment Surcharge (IAS) notice around June 21, 2024. Payments are due by July 21, 2024....

IRS Employee Retention Credit Moratorium still in effect; taxpayers left with limited options for relief

In September 2023 the IRS took the unprecedented step of placing a mortarium on Employee Retention Tax Credit (ERC or ERTC) claims, citing what they felt were increasing and alarmingly high levels of claims that were improper to outright fraudulent.

IRS Releases Tax Brackets and Other Key Limits for 2024

On November 9, 2023 the IRS released the 2024 tax brackets, standard deduction and retirement account limits. As a result of the high inflation seen in 2023, brackets will increase by about 5.4% with similar increases seen in other limits.2024 Standard Deduction The...

IRS to Pause Employee Retention Credit (ERC) Claims – What’s Next for the IRS and for Employers?

As many have heard, on September 14, 2023 the Internal Revenue Service (IRS) has taken the unprecedented step of halting the processing of new claims for the Employee Retention Credit (ERC) through at least December 31, 2023. The halt comes in response to a growing...

Demystifying the Corporate Transparency Act: A Guide for Businesses

In an era where corporate transparency and accountability are paramount, the Corporate Transparency Act (CTA) stands as a significant milestone in the United States’ efforts to combat money laundering, corruption, and illicit financial activities. Enacted in January...

Combating Payroll Tax Evasion and Workers’ Compensation Fraud in the Construction Industry

In recent times, the Financial Crimes Enforcement Network (FinCEN) has sounded the alarm about an alarming rise in payroll tax evasion and workers' compensation fraud within the residential and commercial real estate construction sectors in the United States. This...

30 Years of Connecting with Cerini & Associates, LLP

Celebrate Cerini & Associates, LLP's 30th Anniversary with Ken Cerini, Founder & Managing Partner! Today, we celebrate a milestone: the 30th Anniversary of Cerini & Associates, LLP. From a humble garage start-up to a leading firm with seven partners and...

Employee Retention Tax Credit (ERC) Updates

Enacted as part of the CARES Act in April 2020 and expanded as part of the Taxpayer Certainty and Disaster Tax Relief Act, American Rescue Plan Act (ARPA) and the Infrastructure Investment and Jobs Act, the Employee Retention Tax Credit (ERC or ERTC) has been a...

Cerini Connection: Artificial Intelligence and How to Leverage it

June 2023 Cerini Connection Topic: Artificial Intelligence and How to Leverage it Join Edward McWilliams and guest Paul Trapani of LISTnet for our monthly webinar series helping businesses and nonprofits! This discussion will answer: Is artificial intelligence really...

New York State’s Minimum Wage Increases and Indexing to Inflation

On May 6, 2023, Governor Kathy Hochul announced an plan to continue to increase New York State's minimum wage for three years and then tie future increases to inflation. The plan is part of the FY 2024 budget agreement and is set to help low-wage New Yorkers keep up...
2023 Business Trends

2023 Business Trends

As the business world continues to evolve at a breakneck pace, keeping up with the latest trends has never been more critical. Here are some of the more significant trends shaping the economy, leadership, new technology, and staffing issues in today’s business...

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Are Bonuses Really Taxed Higher?

Are Bonuses Really Taxed Higher?

It is the end of the calendar year and the holiday season which can mean for many employees their employer will be looking to reward a year of hard work with year-end bonuses. Both employees and employers can often be shocked and saddened when they see the net pay...

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Delays of Pandemic Relief for Businesses Continue

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.

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Healthcare Worker Bonus  – The Series

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...

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Employee PTO Donation Policy

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.

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Healthcare Worker Bonus Update

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...

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