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…
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…
On Sunday, August 7, 2022, the Senate cleared the amended bill referred to as, The Inflation Reduction Act, for passage with a 51-50 vote, with all Democrats voting in favor, and Vice President Kamala Harris breaking the tie in favor. The bill now awaits passage by the House, which is set to convene on August 12, 2022 Read More…
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…
Pennsylvania Personal Income Tax has made updates to their provisions regarding IRC Sec 179 expense deduction and IRC Sec 1031 Like-Kind Exchanges. These changes will be applicable for property placed in service and like-kind exchange transactions occurring after December 31, 2022. What is the change to the Sec 179 expense deduction? Currently Pennsylvania limits the Read More…
On June 22, Governor Phil Murphy, Senate President Nicholas Scutari and Assembly Speaker Craig Coughlin announced that they have reached an agreement on a back-to-school sales tax holiday. The plan is part of the Year 2023 Budget. The sales tax holiday which will take place from Aug. 27 to Sept. 5, 2022 and will treat Read More…
Effective July 1 through December 31, 2022, the standard mileage rate for the business use of employees’ vehicles will be 62.5 cents per mile – the highest rate the IRS has ever published—up 4 cents from the 58.5 cents per mile rate effective for the first six months of the year. The new rate for Read More…
On March 28th 2022, President Biden released his “FY2023 Budget”, and the U.S. Treasury released the “Green Book,” which provides details related to the revenue provisions in the FY2023 Budget. The revenue proposals in the FY2023 Budget rely on a baseline that generally presumes the enactment of the revenue provisions in the Build Back Better Read More…
On March 15, 2022, Isabella Casillas Guzman, the head of the U.S. Small Business Administration announced that the SBA is providing an additional deferment for existing borrowers of Economic Injury Disaster Loans (EIDL loans). The additional deferment provides for a total of 30 months deferment of principal and interest payments, from the date of the Read More…
During the New Jersey legislative Session on March 15, 2022, a last-minute change was made to the filing deadline. The original deadline to file the 2021 Forms PTE-100 Tax Return and the 2021-PTE-200-T Extension of Time to File was midnight on March 15, 2022. Under the new legislation passed, the deadlines were extended until June Read More…
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