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New York Governor Signs 2025-2026 Budget That Includes Business Tax Hikes

Withum

While there are no major tax changes in the budget bill, several items are worthy of note for taxpayers. Including a payroll tax hike and new rules related to partnership audits. Below is a summary of some of the more important tax changes. However, like most temporary tax hikes, it looks to be permanent.

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Tax Fraud Blotter: Negative waves

Accounting Today

Estes filed a false amended income tax return for 2021 claiming he was entitled to a refund of $18.3 By Jeff Stimpson 9h ago Tax IRS spruces up Pre-Filing Agreement program New guidance, step-by-step instructions and useful statistics are now available for large business filers. Herman Estes Jr. In March 2023, Estes made a $1.3

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Tax Fraud Blotter: Boundless energy

Accounting Today

They operated a health informatics and product development company that provided clinical care and technology services; Valdez was the CEO and Olson the CFO. For every quarter from 2017 through the second quarter of 2021, the two withheld employment taxes from employees wages but did not pay them over or report them to the IRS.

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Tax Fraud Blotter: Who ya gonna call?

Accounting Today

Taylor also filed or tried to file false individual income tax returns for himself for 2017 through 2021, underreporting income from We Are Taxes or failing to report the business entirely. Mobile, Alabama: Tax preparer Kenneshia Davis has been sentenced to a year and a day in prison for filing fraudulent returns.

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Holiday Sales, Increased eCommerce Activity - and Sales Tax Obligations

TaxConnex

More than $1 in every $4 spent on retail purchases during the 2021 holiday season will come from online orders, by some estimates (with about two out of every five of those done via a smartphone, other industry observers add ). Then there’s the danger of sales tax audits. billion in U.S. Give yourself the gift of compliance.

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IRS Begins Auditing the Employee Retention Credit

Withum

Multiple businesses notified us this week that their claims for the employee retention credit (ERC) are being audited by the IRS. It is not known whether they were randomly selected for audit or whether they were targeted for some reason. We have written previously about the topics the IRS is likely to inquire about on audit.

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State Sales and Use Tax Update

TaxConnex

The case in point brought out how a transaction in which a provider doesn’t transfer tangible personal property to a customer generally would not be subject to retailers’ occupation tax, use tax, service occupation tax or service use tax. The waiver will be effective until Feb 22.

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