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

Withum

On May 10, 2025, New York Governor Hochul signed the 2025-2026 budget bill into law. 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. from the current 0.6%. to about 0.6%.

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The Hidden World of Sales Tax Crimes

TaxConnex

Income tax often seems to grab most of the headlines, but sales tax can make for a hefty crime – and punishment – too. A famous case recently examined in the TaxConnex podcast It Depends episode, “Sales Tax Crimes - Pt. States are watching For Kozlowski, the sales tax matter was a $3.2

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New York Set to Adopt Federal Centralized Partnership Audit Regime

Withum

New York plans to align with the federal centralized partnership audit regime as part of Governor Kathy Hochuls fiscal year 2026 budget. New Yorks proposal would be retroactive to adjustments after January 1, 2018. Governor Hochuls budget aims to eliminate uncertainty about reporting CPAR-related federal tax adjustments.

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Professional Tax Help in New York: Taxpayers Facing Tax Audits, Back Taxes, and 941 Payroll Tax Problems

MyIRSRelief

New York is known for being a hub of commerce, culture, and innovation, attracting businesses and individuals from all over the world. With this bustling economy comes a complex tax system, which can be overwhelming and confusing for many taxpayers. Contact us for tax help today.

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New York Considers New Taxes on Guns and Ammunition

CPA Practice

Firearms and ammunition are already subject to New York sales tax. If New York State Senate Bill 7733 is enacted, it will place an additional excise tax on the sale of firearms and ammunition in the Empire State. Will New York tax all guns and ammunition?

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Why are some states’ sale taxes higher than others?

TaxConnex

When you sell across multiple states – or even within various localities in a single state – one striking observation emerges: the consistent inconsistency of sales tax rates. The federal income tax has just seven brackets to cover the whole span of what somebody can make. Why do sales tax rates have to be so complex?

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Groceries vs. restaurant food: Digging into the sales tax differences

TaxConnex

Youd think that if you eat it, its sales tax treatment would be the same at least similar across different states and given methods of preparation of the food. Pre-packaged food such as canned drinks, bottled beverages, packaged snacks, frozen meals and canned products can also be groceries for purposes of sales tax.

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