Face Masks, Other PPE to Prevent Spread of COVID-19 Are Tax Deductible

The IRS announced that the purchase of personal protective equipment (PPE), such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of COVID-19 are considered deductible medical expenses. The amounts paid for PPE are also eligible to be paid or reimbursed under health flexible spending arrangements (health FSAs), Archer… Read more »

Modifications Made to ARPA, 2021

The American Rescue Plan Act of 2021 (ARPA), signed by President Biden on March 11, 2021, extended and significantly modified the payroll tax credits for qualifying sick leave and family leave wages. Both Covid-19-related credits were initially provided by the Families First Coronavirus Response Act. In December 2020, the Consolidated Appropriations Act of 2021 extended… Read more »

IRS, NYS Change Tax Deadline

This past week, the Internal Revenue Service (IRS) announced that the federal personal income tax filing and payment deadline for individuals during the 2020 tax year will be extended from April 15, 2021 to May 17, 2021. This extension is applied automatically for all federal income individual tax filings. On Friday, New York State followed… Read more »

Payroll Provisions of ARPA

What to Know About ARPA The American Rescue Plan, 2021 (ARPA, 2021) was signed by President Biden on March 11, 2021 to address the continuing economic impact the COVID-19 pandemic has had on employers and employees. President Biden signed ARPA, 2021 into law on March 11. The legislation extends and expands provisions found in the… Read more »

Identity Theft Targets Unemployment Benefits

IRS urges taxpayers to be on the lookout for identity theft this tax filing season. WIth an uptick in unemployment benefits filed in 2020, this opened the door of opportunity for scammers. Taxpayers should file a tax return claiming only the income they actually received, the IRS advises, as identities have been targeted by thieves… Read more »

IRS Releases Update on Tax Deadline

No plans to extend tax season beyond April 15 In a February 23 testimony before the House Appropriations Committee Financial Services Subcommittee, IRS Commissioner Charles Rettig said that IRS is not planning to extend the April 15 filing deadline despite requests from several House Democrats. Rettig also noted that a final decision on the matter hasn’t… Read more »

CTBK Founder Appointed to Wall of Amazing Humans

Engage with the world. It’s a lot more fun than writing about it. That’s the approach that Leadership Coach, Drew Dudley, has taken with his career. Dudley is a public motivational speaker, best known for his TEDxToronto talk about leadership, which generated more than 5 million international views. Since, Dudley wanted to highlight individuals who… Read more »

“Big Sisters” Recognized at CTBK for National Mentor Month

January is National Mentor Month and while we have a team packed with mentors internally, we want to highlight a couple of our teammates that are mentors outside of the CTBK office. Two of our colleagues take the time to work closely with Big Brother Big Sister (BBBS) of Erie, Niagara & The Southern Tier… Read more »

CTBK Gears Up for 2021 With Team Promotions

While many are (very) ready to say goodbye to 2020, CTBK took a pause to recognize the achievements that have come through this unpredictable year. Effective December 2020 to make headway into 2021, the firm promoted 13 teammates — 5 managers and 8 seniors/administrative roles. Management Jessica Cousins, CPA Jessica joined the firm in 2008… Read more »