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    Month: September 2022

    Repaying Deferred Social Security Tax Reminder

    Some taxpayers may have chosen to defer a portion of their self-employment tax that was due as part of their 2020 federal income tax return. The second half of any such deferred tax is due on December 31, 2022, while the first half was due last year on December 31, 2021. The repayment of the deferred self-employment tax must be made separately from other income tax payments and should not be inc...

    IRS Retroactive Penalty Relief

    IRS Notice 2022-36 indicates that the IRS will provide automatic retroactive relief for taxpayers who filed returns late for the 2019 and 2020 tax years. To be eligible for the relief, generally, income tax returns must be filed on or before September 30, 2022, and information returns must have been filed for the 2019 tax year on or before August 1, 2020 and must have filed returns for the 2020 ...

    Retroactive NYS PTET Change

    At the end of the day on September 12, 2022, New York State announced a retroactive change to the tax reporting instructions for the pass-through entity tax (PTET), as well as entities that paid certain taxes to other states, for the 2021 tax year. There are two categories of entities that are affected by this retroactive change. First, S corporations that made voluntary estimated PTET payments ...

    CHAR500 Web Filing Requirement

    Effective for forms filed on or after September 19, 2022, exempt organizations that file the CHAR500, Annual Filing for Charitable Organizations, must file the form electronically using the Charities Bureau’s new online web filing system. Prior to this, the form was permitted to be filed on paper. Information about the new web filing system is available from the Charities Bureau of the New Yor...

    Brand-New NYC PTET

    S corporations, partnerships and LLCs that have New York City resident owners now have the option to elect to be subject to a brand-new voluntary New York City pass-through entity tax (PTET) system for the 2022 tax year.  While the NYC PTET was originally scheduled to become effective for the 2023 tax year, a new law in New York State that was enacted on August 31, 2022 (S09454) accelerates the...