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Month: May 2019

Reminder about 2210 Relief

As discussed in our March 26, 2019 post, in late March of 2019, The IRS announced additional retroactive relief for some taxpayers who might otherwise have been subject to the penalty for underpayment of estimated taxes.  However, since many taxpayers had already filed returns for the 2018 tax year before this additional relief was announced, the late relief created a complication for taxpayers ...

Retroactive NYS Change for Estates and Trusts

As part of the budget legislation that was recently enacted by New York State for the fiscal year that began on April 1, 2019, the New York State income tax rules for trusts and estates have been retroactively changed as of January 1, 2018. For taxable years beginning after December 31, 2017, Form IT-205, Fiduciary Income Tax Return, will now permit a subtraction adjustment/deduction for taxes...