Cloud CPAs

10/06/2021

Reminder: If you wish to participate in the optional PTET for 2021, the deadline to opt in is October 15, 2021. PTET is a beneficial tax election without much negative effect. Basically its an official double dipping benefit for owners of pass through entities subject to tax in NYS. PTET shifts personal NYS tax from owner to pass-through entity (LLC, partnership or S-corporation) and allows entity to take a deduction for it for federal Income tax purposes....

Reminder: If you wish to participate in the optional PTET for 2021, the deadline to opt in is October 15, 2021. PTET is a beneficial tax election without much negative effect. Basically its an offi…

08/25/2021

Finally NY is catching up with other states.

The PTET is an optional tax that partnerships or New York S corporations may annually elect to pay on certain income for tax years beginning on or after January 1, 2021. If an eligible partnership …

08/25/2021

The PTET is an optional tax that partnerships or New York S corporations may annually elect to pay on certain income for tax years beginning on or after January 1, 2021. If an eligible partnership or eligible New York S corporation (electing entity) elects to pay the PTET, its partners, members, or shareholders subject to tax under Article 22 (personal income tax) may be eligible for a PTET credit on their New York State income tax returns....

The PTET is an optional tax that partnerships or New York S corporations may annually elect to pay on certain income for tax years beginning on or after January 1, 2021. If an eligible partnership …

05/11/2021

Every taxpayer has to KNOW THIS

During the past year scammers have significantly increased their techniques to access personal PII, financial information, and other information necessary for fraudulent activity. Techniques common…

05/11/2021

During the past year scammers have significantly increased their techniques to access personal PII, financial information, and other information necessary for fraudulent activity. Techniques commonly utilized by scammers include Phishing (Email), Vishing (Telephone) and Smishing (Text Messages). As Tax Season is closing, it is our responsibility to remain extremely careful when providing any personal information without verifying the identity of the individual....

During the past year scammers have significantly increased their techniques to access personal PII, financial information, and other information necessary for fraudulent activity. Techniques common…

03/11/2021

Middle class solutions

Did you or members of your household received state Unemployment compensation during 2020? Don’t want to get hit with a surprise Tax Bill thanks to “unexpectedly higher income”? I…

03/11/2021

2020 Unemployment Tax exclusion is almost here!

Did you or members of your household received state Unemployment compensation during 2020? Don’t want to get hit with a surprise Tax Bill thanks to “unexpectedly higher income”? I…

04/04/2020

For my NJ friends - COVID benefits

04/01/2020

Our COVID-19 Response

Here at cloudcpas.net, we’re working everyday with clients who are facing seemingly impossible sometimes scenarios with their businesses and their customers in the wake of COVID-19.

In order to better support business community that we’ve served for over 17 years, we promote 50% discount on all billable compliance and accounting services for next 12 months. Only new clients who on-board in April qualify. Offer expires April 30, 2020.

We have started online CPA practice because we are equipped to make lives of individuals, entrepreneurs and small business owners better. Better – as less stressful and more rewarding. Accounting and Taxes are not stressful when done with us. Accounting is not only our profession, it is also our p...

03/20/2020

The federal tax-filing deadline has moved to July 15, and the IRS will waive penalties and interest on tax payments

We have been virtual and online for years - feel free to reach out at any time and get tax compliance and payroll completed from the comfort of your home/cell/isolator during these turbulent times.

03/20/2020

Paid Leave Under the New Coronavirus Law

It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for the coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus.

Which workers qualify?

Most workers at small and midsize companies and nonprofits can get the paid leave, as can government employees, as long as they’ve been employed at least 30 days.

Which workers are excluded?

Those at companies with more than 500 people — 48% of American workers — are excluded. Workers at places with fewer than 50 employees — 27% of workers — are included, but the Labor Department could exempt small businesses if providing leave would put them out of business.

Part-time workers will be paid the amount they typically earn in a two-week period. People who are self-employed — including gig economy workers like Uber drivers and Instacart shoppers — can also receive paid leave, assuming they pay taxes. They should calculate their average daily self-employment income for the year, then claim the amount they take as a tax credit (they can reduce their estimated quarterly tax payments in the meantime).

The Labor Department must issue guidelines by April 2 to assist employers in calculating how much paid leave their employees should get. After that, you should be able to simply notify your employer, take the leave and get paid the amount specified by the law.