Withum

AUGUST 24, 2023

The choice of where to establish one’s residency prior to a liquidity event can have far-reaching implications regarding income taxes and personal financial goals. Make sure you are considering the type of income when implementing state income tax planning techniques.

income tax 52

income tax tax planning South Dakota Wyoming 52

CPA Practice

MARCH 24, 2023

Residents and businesses in five New York counties affected by recent winter storms now have until May 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service has announced. 23 and Dec. 28, 2022.

New York 105

New York Tax tax return income tax 105

Katz,Sapper&Miller

MARCH 30, 2020

The New York State Department of Taxation and Finance (DOTF) has announced important income tax filing and payment extensions related to upcoming deadlines. The April 15 deadline for returns and estimated payments has been extended to July 15, 2020, for individuals, estates, trusts, and corporations.

New York 52

New York Tax income tax Finance 52

LyfeAccounting

JUNE 25, 2021

US taxpayers pay over $1 trillion in state income taxes every year. But what if you could pay $0 in state taxes? You can pay absolutely nothing in state taxes, just by packing up your bags and moving to a tax-free state. What are State Taxes? Top 10 States With The Highest Income. Oregon – 9.9%.

income tax 52

income tax South Dakota Tax Alaska 52

Withum

MARCH 29, 2023

It was the best of times; it was the worst of times for New York Met Fans. The ace of the Mets pitching staff, who had been a lifelong Met, had decided to head to Texas for what he called a “winning culture” and likely tax savings. Texas, on the other hand, has no state income taxes. 1 million of taxes.

Texas 122

Texas income tax New York Sports 122

CPA Practice

JULY 28, 2023

First, let’s start with federal income taxes. Although Congress has chipped away at many traditional tax shelters in recent years, the main benefits of life insurance remain intact. Notably, it provides the following tax breaks. No income tax when you acquire the policy.

income tax 98

income tax Tax New Jersey New York 98

ThomsonReuters

APRIL 25, 2024

As an accountant, understanding state tax considerations for various sources of retirement income — including pensions, Social Security benefits, 401(k) and IRA distributions, Thrift Savings Plans (TSPs), and military retirement income — is crucial in helping your clients minimize their tax liability and make the most of their golden years.

South Dakota 52

South Dakota Rhode Island New Hampshire Wyoming 52

CTP

MAY 6, 2024

When the Tax Cuts and Jobs Act of 2018 introduced a new $10,000 cap on state and local tax (SALT) deductions, taxpayers living in areas with high state-level taxes felt the hit. of taxes due. That tax ranged from 5.675% to 10.875%.

Connecticut 104

Connecticut New Jersey income tax Pennsylvania 104

CPA Practice

FEBRUARY 11, 2023

This means that people in the following states do not need to report these state payments on their 2022 tax return: California, Colorado, Connecticut, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Maine, New Jersey, New Mexico, New York, Oregon, Pennsylvania and Rhode Island.

Rhode Island 131

Rhode Island South Carolina income tax Idaho 131

CPA Practice

SEPTEMBER 20, 2023

Pass-through organizations, including large partnerships and S corporations, will be the focus of the new work unit within LB&I. Pass-throughs are frequently used by higher-income groups and can be complex tax arrangements. Pass-throughs are frequently used by higher-income groups and can be complex tax arrangements.

income tax 122

income tax Tax audit tax return 122

CPA Practice

AUGUST 21, 2023

By Joy Taylor, Kiplinger Consumer News Service (TNS) Businesses that sell marijuana have a heavy federal income tax burden. They are taxed on their income but can’t write off most of their business expenses. Here is the main federal income tax implication. Look for more states to follow suit. _

income tax 98

income tax Tax tax return Oregon 98

Withum

JANUARY 15, 2021

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New York 80

New York income tax Tax 80

Withum

MAY 4, 2022

Some of the major PTET highlights include amplifying the benefits for resident S corporation shareholders, as well as establishing a New York City PTET. For context, in January 2022, New Jersey revised its PTET, resulting in it being more uniform with New York’s PTET. New York PTET S Corporation Update.

income tax 112

income tax New York Tax New Jersey 112

TaxConnex

AUGUST 18, 2022

Now, other tax developments may serve as the model for eventual physical sales tax nexus created by remote employees: For income tax purposes, residency can be based on where someone works, maintains bank accounts, maintains a driver’s license or votes, as well as by numerous other details of connection with a state or jurisdiction.

Sales 192

Sales Tax New Hampshire income tax 192

TaxConnex

AUGUST 15, 2023

California has the highest statewide sales tax rate, at 7.25%. The lowest non-zero state-level sales tax is in Colorado, which has a rate of 2.9%. Five states follow with 4% rates: Alabama, Georgia, Hawaii, New York and Wyoming. South Dakota cut its state sales tax rate from 4.5%

Sales 130

Sales Tax Alabama Texas 130

CPA Practice

MAY 10, 2024

FORVIS adds two managing directors to State & Local Tax team FORVIS , an integrated professional services firm has hired two new managing directors to bolster its State & Local Tax (SALT) practice in two key markets. Ecroyd is a licensed CPA in New York and Colorado. Albany in New York.

Tennessee 52

Tennessee audit New York income tax 52

ThomsonReuters

APRIL 18, 2024

NYS Tax Appeals Tribunal, 801 NE2d 840 , 11/24/2003, challenging New York’s convenience of the employer rule brought by a law professor who worked for a law school located in New York from his home in Connecticut part of the time. It has already been struck down by a New York Administrative Law Judge.

payroll tax 52

payroll tax Tax payroll Connecticut 52

CPA Practice

AUGUST 9, 2023

state that fully taxes military pensions. ( But proposed legislation would exempt military retirement income from California state income tax — at least for the next ten years. “We tax years beginning on or after January 1, 2024, and before January 1, 2034). That’s because California is the only U.S.

California 98

California Tax income tax Nevada 98

TaxConnex

DECEMBER 7, 2021

Rolling the dice with sales tax compliance can backfire in a big way. Keep reading to see some recent sales tax missteps that had big costs. Tax air-or. New York: A Long Island provider of self-service, coin-operated air machines to inflate car tires has been socked with a $4.25

Alabama 189

Alabama tax return New York Tax 189

CPA Practice

APRIL 7, 2023

In December 2022, Eunice Salley, a Chicago tax preparer, was sentenced to seven years in prison for filing false income tax returns on behalf of her tax preparation clients seeking more than $1 million in fraudulent refunds. from operating as tax return preparers. They were ordered to pay approximately $5.2

tax preparation 132

tax preparation Tax tax return income tax 132

Anders CPA

MAY 23, 2023

Be aware that misclassifying an employee as an independent contractor with no reasonable basis for doing so can result in stiff punishment, including being held liable for employment taxes for that worker without the ability to access relief provisions. Several states also have paid family and medical leave (PFML) programs.

payroll tax 98

payroll tax payroll Rhode Island Tax 98

Accounting Today

OCTOBER 20, 2022

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New York 107

New York California Tax income tax 107

CPA Practice

OCTOBER 4, 2023

Massachusetts introduced a state-level wealth tax last year, and the legislatures in California , Connecticut , Hawaii , Illinois , Maryland , New York , Oregon and Washington have all seen wealth tax bills introduced this year. Second, no matter how it’s positioned, a wealth tax is not based on objective facts.

Tax 105

Tax income tax Hawaii Oklahoma 105

TaxConnex

JULY 25, 2023

Other states also impose a gross receipts tax specifically on telecommunications services: Pennsylvania has a 5-percent gross receipts tax, for instance; Maryland is 2-percent and New York is 2.5-percent. These are annual corporate-type taxes, many times requiring an estimated payment like a corporate income tax.

Tax 180

Tax Florida Missouri Maryland 180

CPA Practice

JANUARY 29, 2024

It’s back to regular IRS deadlines this year, but with a new tool for many low- and moderate-income households: a service that will prepare and file their tax returns online for free. Can you fill out your state tax return through Direct File?

tax preparation 105

tax preparation tax return South Dakota Arizona 105

CTP

MARCH 30, 2023

In these three related appellate cases, the IRS sought to recharacterize millions of dollars that had been paid as commissions into a domestic international sales corporation (DISC) and then shielded from income tax when the DISC contributed the funds to a Roth IRA. Congress created Roth IRAs to enable taxpayers to reduce taxes.

income tax 98

income tax Ohio Massachusetts Tax 98

Withum

NOVEMBER 28, 2023

Mucenski-Keck Principal New York, NY Kimberlee S. Murphy Partner Princeton, NJ – Corporate Headquarters Ted Nappi Partner Rebecca Stidham Partner San Francisco, CA James A.

tax preparation 52

tax preparation income tax New York tax planning 52

Withum

AUGUST 24, 2023

Bartek Partner Whippany, NJ Jason Rosenberg Principal New York, NY Bonnie Susmano Withum The post On-Demand Webinar: Top State and Local Tax Challenges for the Healthcare Industry appeared first on Withum.

Healthcare 52

Healthcare Tax income tax New York 52

Withum

NOVEMBER 16, 2023

These entities, not subject to corporate income tax, pass their income through to individual or corporate owners, who are then taxed at their respective income tax rates. Given the complexity of these structures, they have become popular among higher-income groups, necessitating increased scrutiny.

income tax 69

income tax audit Tax New York 69

CPA Practice

APRIL 12, 2023

By missing out on filing a tax return, people stand to lose more than just their refund of taxes withheld or paid during 2019. Many low- and moderate-income workers may be eligible for the Earned Income Tax Credit (EITC). The EITC helps individuals and families whose incomes are below certain thresholds in 2019.

Rhode Island 122

Rhode Island tax return Tax West Virginia 122

CPA Practice

APRIL 11, 2024

Thanks to funding from the Inflation Reduction Act and as part of an ambitious modernization effort, this new public tool makes tax filing faster, easier and cheaper for eligible filers. Importantly, Direct File can be used to claim the child and earned income tax credits, providing valuable support to millions of working families.

Tax 52

Tax tax return income tax Arizona 52

Shay CPA

NOVEMBER 6, 2023

When you think about taxes, you probably directly associate the money that goes out to tax authorities with the money that’s come in. Take sales tax as an example. Income tax isn’t so different: the more you earn, the bigger your tax bill. Instead, there are three different tax bases.

Tax 52

Tax New York Technology Manufacturing 52

CPA Practice

APRIL 11, 2024

The court ordered Hudge to pay about $15,000 and Odige and TUPS Tax to pay $48,000 based on their settlement agreements with the United States. On May 17, 2023, a federal district court in the Eastern District of New York permanently barred Melida Portorreal individually and through her business, International Travel Multi & Tax Corp.,

tax return 116

tax return Tax tax preparation Florida 116

Withum

JUNE 15, 2022

Public Law 86-272 was enacted in 1959 to protect taxpayers from state income taxes when their sole activity in the state is limited to the solicitation and sale of tangible personal property. State tax authorities have been contesting this federal law ever since passage. New York, NY. View Slide Deck. Presenters.

income tax 52

income tax New York Tax Sales 52

CPA Practice

FEBRUARY 2, 2023

A former Jacksonville company CEO was sentenced on January 30, 2023, to 32 months in prison for willfully attempting to evade the assessment of his federal income taxes.

Florida 52

Florida Tax tax return income tax 52

TaxConnex

FEBRUARY 2, 2021

Pennsylvania , Maryland and New York impose a gross receipts tax specifically on communications services: These are annual corporate-type taxes, often requiring an estimated payment like a corporate income tax.

Tax 135

Tax Missouri Maryland Pennsylvania 135

Withum

JANUARY 6, 2023

Tax-exempt bonds are those where the interest paid to the bondholders is exempt from federal income tax and, in certain situations, state and local taxes as well. This tax benefit tends to result in a higher market price for the bonds, ultimately resulting in lower interest rates for the mortgages financed by these bonds.

Finance 75

Finance Tax New Jersey New York 75