As discussed on pages 103 to 104 of the Tax Year 2025 M+O=CPE Individual Tax Reference Book, the New York Secure Choice Program is now operational, and the program requires New York employers with 10 or more employees who do not offer a qualified retirement plan to automatically enroll their employees in this new state-sponsored retirement plan. Employers with 30 or more employees are required...
As discussed on pages 47 to 50 of the Tax Year 2025 M+O=CPE Individual Tax Reference Book, Trump accounts are effective for the 2026 and later tax years and are for children under the age of 18 as of the close of the calendar year. We also discussed these accounts in our prior post on December 9, 2025. Parents and guardians that wish to make the election to open a Trump account and to elect to...
As discussed on pages 96 to 98 of the Tax Year 2025 M+O=CPE Individual Tax Reference Book, taxpayers who received inflation refund checks during 2025 must include them in the calculation of their federal income tax liability if they itemize their deductions for the 2025 tax year. New York State has issued Forms 1099-G, Certain Government Payments, for the 2025 tax year, which report the amount...
As discussed on pages 53 to 58 of the Tax Year 2025 M+O=CPE Individual Tax Reference Book, the credits for Energy Efficient Home Improvements are terminated after 2025, and for the 2025 tax year, there is a new requirement for the credit: Taxpayers must provide an identification code related to the qualified item(s) placed in service during 2025. (The solar credit is also terminated after 2025, b...
