With the new administration beginning on January 20, 2025, significant tax law changes are expected. While it is not advisable to act on predictions of those changes, there are certain actions that can be taken now to maximize the benefit of such new laws if/when they are enacted. Payments of certain state and local taxes could be deferred into 2025 in case there is a change to the federal lim...
Each year, after the extended due date, the IRS shuts down the e-file system to allow them to prepare it for the next tax year. The IRS recently announced the shutdown scheduled for this year, which will occur on Saturday, November 30, 2024, at 11:59 p.m. Eastern time. Practitioners who need to e-file late returns or returns for fiscal-year entities need to plan around this shutdown period....
The due date for extended returns has passed, but the due date for reporting under the Corporate Transparency Act now looms. The Corporate Transparency Act requires many business entities to report information about their beneficial owners in a brand-new government database. Search our tax news archive for “beneficial owner” to see our numerous earlier posts on this topic. Registration ...
In September 2024, the IRS announced tax relief for individuals and businesses in Suffolk County New York who were affected by the torrential rainfalls that began on August 18, 2024. (See IR-2024-234.) Unfortunately, New York State has not provided such relief, but a representative of New York State has indicated that affected taxpayers can request relief from New York State which will be cons...
In September 2024, the Financial Crimes Enforcement Network (FinCEN) updated its frequently asked questions (FAQs) to address the registration requirement for certain short-lived entities under the Corporate Transparency Act. The Corporate Transparency Act requires many business entities to report information about their beneficial owners in a brand-new government database. Search our tax news...
As we approach September 16, clients who are still on extension due to outstanding Schedules K-1 or other issues may want to make estimated tax payments by debit, instead of writing a check. Generally, tax software does not allow such debit payments to be scheduled until a client’s return is finalized and e-filed. There are alternative methods for scheduling estimated tax payments by debits,...
In early July, Treasury Secretary Janet Yellen indicated that the Treasury Department is not planning on extending the filing due date for registrations required under the Corporate Transparency Act. The Corporate Transparency Act requires many business entities to report information about their beneficial owners in a brand-new government database. Search our tax news archive for “beneficial...
Beginning in August 2024, New York State will mail checks to taxpayers who claimed the Empire State child credit on their 2023 New York personal income tax returns. The payments represent a supplemental credit for the 2023 tax year and are a one-time payment that is scheduled to occur only during 2024. The checks will generally be 25% of the amount of the allowable Empire State child credit cl...
As discussed in our posts on March 5, 2024 and January 23, 2024, bonus depreciation for the 2023 tax year was reduced to 80% of the cost of eligible property. (This is down from 100% bonus depreciation that applied in the 2022 tax year and in recent prior years.) There was a bill being considered by Congress that would retroactively change the bonus depreciation rules for the 2023 tax year, bu...
The Treasury Department recently issued final regulations for required minimum distributions (RMDs) to reflect changes made by both the Setting Every Community Up for Retirement Enhancement (SECURE) Act, enacted in 2019, and the SECURE 2.0 Act, enacted in 2022. The final regulations are effective in 2025, and they retain the requirement that had been included in the previously proposed regulat...
