Tax

PLANNING TO DEDUCT FOR LOSSES THIS TAX SEASON? BE SURE TO READ THE FINE PRINT.

Deducting losses is a high-priority item for taxpayers in the highest marginal income tax bracket. The topic will be especially relevant during the 2022 tax compliance season because of recent declines in the stock market and a challenging overall business environment. With that said, you shouldn’t assume that every business operating loss or capital loss Read More…

IRS ISSUES 2023 STANDARD MILEAGE RATES

On Thursday, December 29th, the Internal Revenue Service issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.                                Beginning on Jan. 1, 2023, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:  Read More…

IRS EXTENDS INDIVIDUAL, BUSINESS & PAYROLL TAX FILING DEADLINES FOR HURRICANE IAN VICTIMS

On September 29, 2022, the IRS issued news release 2022-168 regarding Hurricane Ian. This release  extends all tax return filing and tax payment deadlines starting on September 22, 2022 for individuals and business located in any area designated by the Federal Emergency Management Agency (FEMA), until February 15, 2023.   As of this date, all counties Read More…

NEW YORK CITY: FACTOR PRESENCE NEXUS ADOPTED; PTET ELECTION AVAILABLE FOR 2022 WITH IMMINENT IMPLICATIONS

Governor Kathy Hochul on August 31, 2022, signed into law a bill (S.B. 9454) that, among other things, accomplishes two important tax changes for New York City (NYC): (1) adopting an economic nexus threshold of $1 million and (2) retroactively allowing the NYC pass-through entity tax (PTET) election to be made for tax years beginning Read More…

INFLATION REDUCTION ACT BECOMES LAW

President Biden signed the Inflation Reduction Act into law at a White House ceremony on August 16, finalizing a legislation intended to address inflation by paying down the national debt, lower consumer energy costs, provide incentives for the production of clean energy, and reduce healthcare costs.  The bill moved through the legislative process in near-record Read More…

IRS ADMITS “SYSTEMIC” PROBLEM: ERRONEOUS UNPAID TAX NOTICES BEING SENT

On Wednesday, July 27th, the Internal Revenue Service acknowledged that some tax payments made for 2021 tax returns had not been correctly applied to joint taxpayer’s accounts, and these taxpayers were receiving erroneous balance due notices (CP-14 notices), or notices showing the incorrect amount. Generally, the misapplied payments were made by the spouse (second taxpayer Read More…

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