article thumbnail

New York Business Stifled Due to Federal Research Capitalization Rules

Withum

Whether it is manufacturers, clothing designers, software developers, plant breeders, winemakers, or engineers, businesses across New York State are shocked to hear how significantly their federal tax bills are increasing for the 2022 taxable year even when their earnings remain the same.

article thumbnail

Nonprofit 990 Tax Compliance: Navigating Challenges with an Enrolled Agent

MyIRSRelief

Nonprofit Tax Service by Mike Habib, EA Nonprofit organizations play a crucial role in society, offering valuable services and advocacy. However, managing tax compliance can be a significant challenge due to the complex nature of tax laws and regulations. Q: My nonprofit is tax-exempt. A : Not quite!

Tax 130
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

Major Changes to New York’s SALT Workaround as Part of FY23 Budget Bill

Withum

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.

article thumbnail

Justice Department Continues Efforts to Stop Fraudulent Tax Preparers

CPA Practice

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. Examples of civil injunctions obtained by the Tax Division over the last year include: On Jan.

article thumbnail

Professionals on the Move – May 2024

CPA Practice

Erin Eberly has been named the partner-in-charge of KSM’s tax services. In this role, Eberly leads tax professionals across the firm to deliver tax compliance and consulting services with excellence. Karin Ecroyd has joined the firm in New York City, New York, and Scott Smith has joined in Nashville, Tennessee.

article thumbnail

New Jersey Enacts Payroll Tax “Convenience of Employer” Rule

Withum

Employees who work remotely in New Jersey but are subject to the New York Convenience of Employer rule would typically receive a New Jersey resident credit to offset double taxation. This resulted in New Jersey losing significant tax revenue to New York’s rule.

article thumbnail

On-Demand Webinar: Top State and Local Tax Challenges for the Healthcare Industry

Withum

Please join James Bartek , Jason Rosenberg and Bonnie Susmano from Withum’s State and Local Tax services team, as they provide an update on key state and local tax issues affecting the healthcare industry.