John Sheeley Inc

Almost every business in NY is in violation of the credit card surcharge law.

Businesses are REQUIRED to advertise the HIGHEST possible price (e.g. the credit card price) on their print menus, menud baords, signs, stickers on merchandise in the store)m etc.

You are then allowed to advertise a CASH DISCOUNT.

OH -- and that "3% for credit cards" line on the bill? ILLEGAL.

The County Weights and Measusres people (scales, gas stations) are charged with enforcing this law -- which woul;d seem to represent a lot of revenue if they start enforcing.

dos.ny.gov

Back when we had a family restaurant my dad would constantly give away food because he was very generous. Seeing this reminds me of those days. I wish more restaurants would do this

We're hiring!

Enrolled Agent / CPA / Tax Professional Job in 69 BROOKSIDE AVE at John Sheeley Inc | Ziprecruiter Jobs at ZipRecruiter

New York State has made $3 million of storm recovery grants available to Orange County homeowners affected by the July 9th flooding (home damage). Grant priority is to those earning 80% of less of median county wages.

Article below is on the Albany Times Union website; it is not completely behind a paywall; you can see a few free articles each month.

RUPCO is administering the application process https://rupco.org/flood-assistance-program/

Times Union article

https://www.timesunion.com/hudsonvalley/news/article/orange-county-state-storm-aid-18206587.php?sid=64451fe683972225ef085546&ss=P&st_rid=null&utm_source=newsletter&utm_medium=email&utm_term=headlines&utm_campaign=altu%20%7C%20hudson%20valley%205

New York to make $3 million in storm aid available to Orange County homeowners Orange County Executive Steve Neuhaus said the aid could help people who may not qualify...

Did you pay anyone $600 or more during 2021? - https://mailchi.mp/530a24d83fcc/did-you-pay-anyone-600-or-more-during-11282302

Did you pay anyone $600 or more during 2020?

NY Paid Family Medical leave rates released:

- good news, contribution rate of .511% remains the same
- bad news, wage cap increases.

Cap is now $423.71 per employee, per year.


https://info.shelterpoint.com/Blog/paid-family-leave-rate-2022

NY Paid Family Leave Premium Rate for 2022 As the season changes to fall soon, we’re getting ready for what New York Paid Family Leave will look like next year.  On August 31, 2021, the Department of Financial Services announced that the premium rate itself for Paid Family Leave (PFL) won’t change, i.e. it will remain at this year’s 0...

If you run an Exchange Server in house --- this is an important read.

https://www.npr.org/2021/08/26/1013501080/chinas-microsoft-hack-may-have-had-a-bigger-purpose-than-just-spying?utm_term=nprnews&utm_campaign=npr&utm_medium=social&utm_source=facebook.com&fbclid=IwAR3HayxKEQ5Ge3ik8-O3xtwgJIWa6GhjV1nEhkPKHSl-YcxzbrbUgs3Mdc0

China's Microsoft Hack May Have Had A Bigger Purpose Than Just Spying China broke into tens of thousands of email accounts in January. Now officials fear the breach wasn't just about spying. It was to build the next generation of artificial intelligence.

For 8 years or so I have been telling cannabis operators not to lie to the bank when they open the account....

https://www.justice.gov/usao-wdok/pr/oklahoma-city-man-pleads-guilty-making-false-statement-bank-open-account-marijuana?fbclid=IwAR1_TKqUMUP07F-MUXG-eK7IGUJ9Kxjj2gFSQjx4AzyfWZj_yL5Jo0u9j-o

Oklahoma City Man Pleads Guilty to Making False Statement to Bank to Open Account for Ma*****na Business Department of Justice U.S. Attorney’s Office Western District of Oklahoma FOR IMMEDIATE RELEASE Tuesday, August 17, 2021 Oklahoma City Man Pleads Guilty to Making False Statement to Bank to Open Account for Ma*****na Business Local Business Also Pleads Guilty to Laundering More than $770,000 in Ma...

Bloomberg Tax on Twitter “The number of households owing no federal income tax came in at 106.8 million in 2020, up from 75.9 million in 2019. https://t.co/byG7Mmz70k”

NEW YORK BUSINESS OWNERS

Under the New York HERO Act, all employers must have a written airborne infection disease exposure plan in place by Thursday, August 5, 2021.

The New York Health and Essential Rights Act (New York HERO Act) was signed into law by Gov. Andrew Cuomo in response to the COVID-19 pandemic. The purpose of the New York HERO Act is to protect employees against exposure and disease during a future airborne infectious disease outbreak.

New York has done an excellent job of preparing sample templates by industry. The templates are designed to be living documents, in that they contain a built in record of who revised it, and when.

Here is a link to the templates:

https://dol.ny.gov/ny-hero-act?utm_source=NYSAR+Master+List&utm_campaign=19082e3947-EMAIL_CAMPAIGN_2018_03_23_COPY_01&utm_medium=email&utm_term=0_f1e488a523-19082e3947-160873121

NY HERO Act Protecting Workers from Airborne Disease

Business owners:

Was your business forced to shut down or reduce its capacity during the pandemic? Were your 2020 sales down to less than half of their 2019 levels at any point? Have your 2021 sales still been down compared to 2019?

Or, did you start a business during the pandemic?

If you answered “yes” to any of these questions and have employees on payroll, you might qualify for the Employee Retention Credit, which can be worth up to 70% of the wages you pay, even if you received a Paycheck Protection Program loan.

If your accountant or tax professional has not already discussed your business’ eligibility and potential benefit with you, contact me and we will be happy to help you determine whether and how much of this credit you may be able to claim. Please use the scheduling link below.

https://app.squarespacescheduling.com/schedule.php?owner=18872407&appointmentType=24715761

John Sheeley, EA Schedule your appointment online John Sheeley, EA

If you've got kids, but don't have a will, it's time to STEP UP.

Making a will doesn't have to be expensive or take a long time, but it does need to be done. Protect your family and give yourself some peace of mind with the legal confidence that you've done things RIGHT in case the worst happens.

Create a state-specific, online will quickly and easily with the only company I recommend to guide you along the way: https://bit.ly/2TrSqE7

Important changes are coming to the child tax credit – There is an important deadline coming soon, so please take a read. - https://mailchi.mp/29a8a2b72077/important-changes-to-the-child-tax-credit-deadline-coming-soon

Clients, watch for an e-mail or text from me in the next few days about the Child Tax Credit (that $2,000 credit on your taxes each year for the children under age 17) and some important changes for 2021. You may receive advance payments beginning July 15th.

IRS created video on the Advanced CTC -

https://www.youtube.com/watch?v=KMe3q9N5UHY

Here’s Who Will Get Advance Payments of the Child Tax Credit There have been changes to the Child Tax Credit that will benefit many families as they receive advance payments starting in summer 2021. For more details, v...

Looks like the first 'programmed refunds' related to unemployment refunds have been released.

IRS identified 13 million returns; reviewed 3.1 million and released 2.8 million refunds.

If we prepared you 2020 tax returns and you receive this notice or a mysterious refund, please make sure we review the calculations for you!

https://www.irs.gov/newsroom/irs-sending-more-than-2-point-8-million-refunds-to-those-who-already-paid-taxes-on-2020-unemployment-compensation

IRS sending more than 2.8 million refunds to those who already paid taxes on 2020 unemployment compensation | Internal Revenue Service IR-2021-123, June 4, 2021 — The Internal Revenue Service is sending more than 2.8 million refunds this week to taxpayers who paid taxes on unemployment compensation that new legislation now excludes as income.

New York State passed this important planning tool for those hit by the SALT cap who are shareholders in pass through entities.

NORMALLY, the election to participate is due by the first estimated tax due date, or March 15, 2021. Since the law passed on April 19th and is available for 2021, we expect an announcement in the coming weeks as to what the 2021 due date for opting in will be.

https://www.blankrome.com/publications/new-york-state-enacts-pass-through-entity-tax-salt-limitation-workaround

New York State Enacts Pass-Through Entity Tax as SALT Limitation Workaround | Blank Rome LLP On April 19, 2021, New York Governor Andrew Cuomo signed into law legislation that creates a New York Pass-Through Entity Tax, effective for tax years beginning on or after January 1, 2021. This consequential tax legislation, available to electing pass-through entities, provides a mechanism for New....

For those of you thinking New York might CAVE and co-ordinate with the IRS on that first $10,200 exemption from unemployment

-- here is the BUDGET DIRECTOR on the record in a news conference saying "no".

https://www.recordonline.com/story/money/2021/04/07/ny-unemployment-benefits-first-10200-subject-state-income-tax/7123903002/?utm_source=recordonline-News%20Alert&utm_medium=email&utm_campaign=news_alerts&utm_term=news_alert

Unlike IRS, NY will still tax first $10,200 of unemployment benefits New York will continue to apply state tax to 2020 unemployment benefits in full despite the federal government exempting the first $10,200.

Hey everyone --

The IRS is working with taxpayers more and more through their secure, online portal. They have tested performing some audits through secure file tranfer.

Due to Covid and budget cuts, the IRS has typically answered 40% of calls, although on a recent webinar an IRS executive stated the answer rate is currently between 10% and 20%.

Frequently, we receive phone calls where a client needs an IRS transcript. Sometimes, we need one for a client , such as to verify the amount of stimulus payment recevied.

We reccomend setting up a secure portal NOW, so that if you need to access ranscripts or work with the IRS electronically, they hard work is already done.

The IRS has prepared this super helpful one page flyer, Publication 5507. A one pager on how to setup an IRS online account.
https://www.irs.gov/pub/irs-pdf/p5507.pdf

www.irs.gov

eBay will now let you PAY with Bitcoin, Litecoin and Ether -- this isn't the best solution for many of you. Each time you spend Bitcoin, the IRS treats this as a sale of the currency, resulting in a reportable gain or loss.

In addition to creating a more complex tax return, for coins which have appreciated, you now have a tax bill!

https://news.bitcoin.com/paypal-cryptocurrency-payments-millions-of-stores-checkout-with-crypto-launch/?fbclid=IwAR3uRMGIxHr2FwkQFBKcKnv8OBh7d89EBulEJJemzPpX8Z08ABpDYon8b5I

Paypal Enables Cryptocurrency Payments at Millions of Stores With 'Checkout With Crypto' Launch – Bitcoin News Payments giant Paypal has launched the "Checkout With Crypto" service to allow consumers to make payments at millions of merchants using cryptocurrencies in their Paypal wallets. "This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside y...

A Word About Unemployment and the 3rd Stimulus Bill - https://mailchi.mp/100d36b31562/a-word-about-unemployment-and-the-3rd-stimulus-bill

A Word About Unemployment and the 3rd Stimulus Bill Everyone is anxious to learn about the 3rd stimulus bill, also known as the American Rescue Plan Act, mostly to see when that $1,400 per person payment might come! This bill is not a law as of Saturday afternoon.  The House passed the bill earlier this week.  Today the Senate passed the bill with...

If you were waiting on your Robin Hood 1099 so you could submit your 2020 tax materials to us -- wait no more, Robin Hood 1099s have populated on their website.

To help slow the spread of the virus and keep us all safe, we have implemented some changes these tax season

https://mailchi.mp/968d921a0d32/working-together-during-a-pandemic

Working Together During a Pandemic

The procedures to reach John for a call have changed to better serve you. - https://mailchi.mp/33c1eba74b79/reaching-john-during-tax-season

Reaching John During Tax Season

Do I mention we moved to a larger location for better parking and lots of restaurants?

https://mailchi.mp/71d07b533d8c/john-sheeleys-office-has-moved?e=[UNIQID]

NY State Unemployment Forms are available today - https://mailchi.mp/87e5ba198974/ny-state-unemployment-forms-are-available-today

NY State Unemployment Forms are available today

COVID Rent Relief Extension Program COVID Rent Relief Program application period is open Dec. 18 through Feb. 1, 2021. Previous applicants do not need to reapply. More Information Español  | 中國 - 傳統 | Русский | Kreyòl ayisyen | 한국어 | বাংলা

Do you use your car for business? Take a picture of the odomoter. Great contemporaneous record of the ending mileage (and the 2021 start).

Did you pay anyone $600 or more during 2020 ? - https://mailchi.mp/b2904cdcece7/did-you-pay-anyone-600-or-more-during-8037446

Did you pay anyone $600 or more during 2020 ?

As of TODAY we are in the new office - 69 Brookside Ave Suite 222 Chester NY, about 1/2 a mile from the old office.

We are on the 2nd floor, but it is an elevator building.