Closed sign in the storefront of a hair salon during the COVID-19 pandemic. Photo: VDB Photos/Shutterstock COVID-19 Business Closures and Resulting Individual Tax Consequences
This article focuses on the NYS and federal tax consequences for businesses and individuals, as well as potential solutions.
April 01, 2021 at 11:45 AM
8 minute read
The year 2020 commenced as a "Year of Vision" for most people, wherein they expected personal and business growth, success and wealth. That vision quickly shattered as the novel Coronavirus became a pandemic that altered daily life, especially in New York state (NYS) when it was declared the epicenter of the pandemic. In response, NYS Governor Andrew Cuomo issued a "PAUSE" order which, in part, closed and/or restricted capacity for certain businesses, up to this date. While this mitigation tactic controlled the spread of the virus, many businesses and individuals are still unable to recover from the devastating financial effects from the restrictions. This article focuses on the NYS and federal tax consequences for businesses and individuals, as well as potential solutions.
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