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    Month: June 2022

    NYS Homeowner Tax Rebate Credit Checks

    In June 2022, New York State began mailing checks to certain homeowners as part of its new homeowner tax rebate credit program.  Based on current law, this program is scheduled to expire after 2022. To be eligible for the 2022 checks, homeowners must be registered for the STAR exemption or STAR credit, and they must have had income of $250,000 or less on their 2020 income tax returns.  For thi...

    Mid-Year Standard Mileage Rate Increase

    In Announcement 2022-13, the IRS indicated that it is raising the standard mileage allowance from 58.5 to 62.5 cents per mile, effective July 1, 2022.  The lower amount will apply for all miles traveled during the first half of 2022, while the increased amount will apply for all miles traveled on or after July 1, 2022. The allowance for medical travel will also increase from 18 to 22 cents per ...

    PTET Estimated Tax Reminder

    As a reminder, entities that have elected to be subject to the New York pass-through entity tax (PTET) for the 2022 tax year must make the second quarter estimated tax payment by June 15, 2022. Many entities have already pre-scheduled the debits for the estimated tax payments for the remainder of the year.  For those entities that have not yet done so, they can use the on-line services account,...

    Estimated Taxes and Extension

    When practitioners file an extension for a client, the tax preparation software typically cannot be used to set up debits for estimated tax payments for the current tax year until the actual return is filed for the client. If a client needs to make estimated tax payments for the second quarter of 2022, and the client’s tax return will not be finalized before the June 15, 2022 due date for the ...