As discussed in our post on June 19, 2017, Revenue Procedure 2017-34 gives estates until January 2, 2018 to apply for retroactive relief if an estate missed the portability election for a decedent who died on or after January 1, 2011. The due date for this retroactive relief is fast approaching. Practitioners with clients who could benefit from the relief should discuss this provision with s...
The New York Paid Family Leave Program was discussed in earlier posts on August 31, 2017, August 17, 2017 and June 29, 2017. The program is effective on January 1, 2018. Employers are required to add paid family leave coverage to their existing disability insurance policies as of that date. Employers are permitted to withhold the premiums related to this program from the compensation of e...
New York State has changed the rules for peer reviews for CPA firms that provide attest work for their clients. Under prior law, CPA firms with one or two CPAs were exempt from the peer review requirement. Effective on October 23, 2017, this exception has been removed. As a result, all CPA firms that provide attestation services, even those with one or two CPAs, are now subject to the peer...
The IRS recently indicated that, effective for individual tax returns covering the 2017 tax year, it will no longer accept returns that do not disclose taxpayers’ health insurance coverage status. Line 61 of Form 1040 has a checkbox to indicate that the taxpayer and, if applicable, the spouse and dependents, have qualifying health insurance for the entire year. If this checkbox is not chec...
The IRS recently issued Notice 2017-47 to provide relief for certain late-filed partnership returns, since 2016 partnership returns (Forms 1065) were due earlier than was the case in prior years (March 15, instead of April 15). Some partnerships did not meet the new earlier due date. The relief applies to returns covering the 2016 tax year (i.e., the partnership’s first taxable year that b...
As the October 16, 2017 extended due date approaches, there is special relief available for any clients from Florida, due to the hurricane. For clients who reside or have a business in Florida, many due dates occurring on or after September 4, 2017 and before January 31, 2018 are extended until January 31, 2018. This includes clients who had previously requested an extension of time to file th...
Calendar-year S corporations that filed for extensions for their federal and New York corporate tax returns that were originally due in March of 2017 must still file those returns by this Friday, September 15, 2017. However, calendar-year C corporations that filed for extensions for their federal and New York returns that were originally due in April of 2017 get an extra month to file their fe...
There is more news about the new Family Leave Program in New York. New York State has just issued Notice N-17-12, New York State’s New Paid Family Leave Program. The notice indicates that, once the new program becomes effective in 2018, benefits paid to employees while they are on family leave will be treated as nonwage taxable income to the employees. Generally, such benefits will be rep...
Over the past two weeks, New York State sent letters to New York employers informing them about the new family leave program. As discussed in the post on June 29, 2017, employers were permitted, but are not required, to begin withholding from employee compensation starting on July 1, 2017, to cover the cost of this new program. Over the next several weeks, employers should expect to receive not...
Think before you click. One of the most important things that you can do to protect your firm’s data is to educate all staff members about recognizing phishing emails. Data thieves regularly send emails posing as vendors, clients, or potential clients in an attempt to trick users into clicking on links or opening attachments. These links and attachments can allow the data thief to steal co...
