Edward McWilliams

Quoted in Newsday: Treasury’s new small business rule: They’re taking names

Edward McWilliams was quoted in Newsday. You can read the article on Newsday's website here or below: The U.S. Treasury Department has issued a final rule that would create a new database containing personal ownership information that an estimated 32 million small...

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.

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...

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...

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...
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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Taxation of NYS Healthcare Worker Bonus – Cerini Short

Taxation of NYS Healthcare Worker Bonus – Cerini Short

Taxation of NYS Healthcare Worker Bonus Cerini Short In this Cerini Short, Edward McWilliams, CPA, Partner talks about the Taxation of the NYS Healthcare Worker Bonus. Included as part of the 2022/23 budget for New York State was a provision allowing for Healthcare...

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Bonus for NYS Healthcare Workers – Cerini Short

Bonus for NYS Healthcare Workers – Cerini Short

Bonus for NYS Healthcare Workers Cerini Short We have been hearing for months about New York State making certain bonuses available to direct healthcare workers of up to $3,000 each. Governor Hochul allocated $1.2 billion from the State's 2022/23 budget for the...

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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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Taxable vs Nontaxable Benefits – Cerini Short

Taxable vs Nontaxable Benefits – Cerini Short

Taxable vs Nontaxable Benefits Cerini Short In this Cerini Short, Edward McWilliams, CPA, Partner talks about the Taxable vs Nontaxable Benefits. As it becomes harder to attract and retain talent and also to help deal with soaring inflation, many employers are looking...

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Interest Assessment Surcharge – Cerini Short

Interest Assessment Surcharge – Cerini Short

Interest Assessment Surcharge Cerini Short In this Cerini Short, Edward McWilliams, CPA, Partner talks about the Interest Assessment Surcharge. The COVID-19 Pandemic led to an immediate and unprecedented level of unemployment between March 2020 and September 2021 in...

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NYS COVID-19 Capital Costs Tax Credit Program

NYS COVID-19 Capital Costs Tax Credit Program

As part of the 2022-23 NYS Budget NYS included a new $250 million program called the “COVID-19 Capital Costs Tax Credit Program” designed to assist small businesses who incurred costs as part their response to the COVID-19 Pandemic. Details of this program were finally made clearer on June 28, 2022.

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