As discussed in our posts on September 30, 2021, September 9, 2021, August 26, 2021 and June 3, 2021, the New York State pass-through entity tax (PTET) is effective for the 2021 tax year. New York State’s draft 2021 versions of Form IT-653, Pass-Through Entity Tax Credit, and Form IT-2105.9, Underpayment of Estimated Tax by Individuals and Fiduciaries, provide important information about the i...
As discussed in our post on November 19, 2020, and on page 48 of the Tax Year 2020 edition of the M+O=CPE Individual Tax Year-End Workshop Reference Book, the lower threshold for the e-file mandate for Forms W2 and 1099s was delayed by the Treasury Department for the 2020 tax year, and the threshold remained 250. However, the IRS recently issued proposed regulations regarding the mandate. If...
As attention turns to year-end tax planning and tax projections, it is important to remember the upcoming tax effects for individuals who received coronavirus-related distributions from retirement accounts during 2020. These distributions were reported on Form 8915-E, Qualified 2020 Disaster Retirement Plan Distributions and Repayments. (See discussion on pages 8 to 14 of the Tax Year 2020 M...
As discussed in our posts on September 21, 2021 and September 16, 2021, the federal due dates for some taxpayers affected by the remnants of Hurricane Ida have been delayed, and New York also offered limited relief for affected taxpayers. Late in the day on October 12, 2021, New York State announced additional relief to postpone October 15 due dates for taxpayers affected by the remnants of Hurr...
As discussed in our posts on September 9, 2021, August 26, 2021 and June 3, 2021, New York State has created an optional pass-through entity tax (PTET) which can be used as a workaround for owners of pass-through entities that are affected by the $10,000 federal limitation on the itemized deduction for state and local taxes (often referred to as the SALT cap). The optional tax is effective for...
See our October 12, 2021 post for additional relief provided by New York State. As discussed in our post on September 16, 2021, the federal due dates for some taxpayers affected by the remnants of Hurricane Ida have been delayed, and New York also offered limited relief for affected taxpayers. While the federal relief offers affected taxpayers an extension of deadlines until January 3, 2022 for ...
See our October 12, 2021 post for additional relief provided by New York State. The remnants of Hurricane Ida caused significant flooding damage in many places in the Northeast. As a result, the IRS has deferred certain due dates for some taxpayers affected by the storm. This post focuses only on New York; some residents of other states are also eligible for relief. For federal purposes, ind...
As discussed in our posts on August 26, 2021 and June 3, 2021, New York State has created an optional pass-through entity tax (PTET) which can be used as a workaround for owners of pass-through entities that are affected by the $10,000 federal limitation on the itemized deduction for state and local taxes (often referred to as the SALT cap). The optional tax is effective for tax years beginnin...
On August 25, 2021, New York State issued TSB-M-21(1)C, (1)I, which provides guidance for the optional pass-through entity tax (PTET). As discussed in our post on June 3, 2021, New York State has created an optional pass-through entity tax which can be used as a workaround for owners of pass-through entities that are affected by the $10,000 federal limitation on the itemized deduction for state ...
Data breaches and cyberattacks have become commonplace. Practitioners must make sure that they secure their networks and data. Make sure that your IT provider or personnel are constantly monitoring your system, updating your firewalls, operating systems, antivirus software and other protective systems. Also make sure to regularly open files from your backup system, to make sure that you ca...
