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    Month: August 2022

    PTET Election for 2022 Tax Year

    As discussed in our post on May 24, 2022, New York State extended the time for entities that wish to elect to be subject to the New York pass-through entity tax (PTET) for the 2022 tax year. The normal due date for the 2022 election was March 15, 2022. Entities that missed that due date are permitted to make the election on or before September 15, 2022 for the 2022 tax year. To make the election...

    Inflation Reduction Act

    The Inflation Reduction Act of 2022 was enacted on August 16, 2022, and it contains important new tax provisions. The new law provides for an expanded residential energy credit. The credit, reported on Part II on page 2 of Form 5695, Residential Energy Credits, was subject to a lifetime limit of $500, and it most recently expired after December 31, 2021. The new law extends the credit so that it...

    ID.me for IRS E-Services

    The IRS recently announced that practitioners who have never used the IRS e-services system (used to access client transcripts and other information for clients who have signed authorizations granting the practitioner access) and who wish to sign up for it must create an account with ID.me as part of setting up the new e-services account. ID.me is a third-party identity verification system which...