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    Month: August 2021

    Guidance on NYS Pass-Through Entity Tax

    On August 25, 2021, New York State issued TSB-M-21(1)C, (1)I, which provides guidance for the optional pass-through entity tax. As discussed in our post on June 3, 2021, New York State has created an optional pass-through entity tax which can be used as a workaround for owners of pass-through entities that are affected by the $10,000 federal limitation on the itemized deduction for state and loc...

    Protect Your Data

    Data breaches and cyberattacks have become commonplace.  Practitioners must make sure that they secure their networks and data.  Make sure that your IT provider or personnel are constantly monitoring your system, updating your firewalls, operating systems, antivirus software and other protective systems.  Also make sure to regularly open files from your backup system, to make sure that you ca...

    Submitting Federal Power of Attorney

    The IRS recently announced a new way for practitioners and taxpayers to submit a power of attorney on-line to the IRS.  Practitioners can use their existing IRS e-services account to request a power of attorney for a client.  Once the request is completed and submitted by the practitioner using the e-services account, the client can electronically sign the power of attorney using an existing i...