New York State has changed its position regarding the addback of passthrough entity tax (PTET) payments when computing taxable income for PTET purposes. Now, its frequently asked questions (https://www.tax.ny.gov/bus/ptet/faq.htm) have been updated as follows: “For PTE taxable income computation purposes only, an entity must add back all pass-through entity taxes paid and deducted for federal ...
The IRS delayed the effective date of this lower threshold. See our post on December 27, 2022. The lower filing threshold for Forms 1099-K is effective for the 2022 tax year, so taxpayers and practitioners should expect to see many more Forms 1099-K during this upcoming filing season. Taxpayers who have received personal payments through various payment platforms need to make sure that such paym...
As discussed in our post on August 17, 2022, the Inflation Reduction Act, which was enacted on August 16, 2022, extended the credit for the purchase of plug-in electric vehicles so that it now expires after 2032. It also removes the limit on the credit that prohibited buyers from taking the credit once a manufacturer had produced a certain number of vehicles, but this phaseout, applicable to veh...
Businesses that received Economic Injury Disaster Loans (EIDL) from the Small Business Administration (SBA) during the pandemic must begin to repay those loans, typically in/around November 2022. (Loan repayment was deferred for 30 months from the date of the original note.) Information about making loan payments is available at: https://www.sba.gov/funding-programs/loans/make-payment-sba The ne...
During October, New York State started mailing checks to taxpayers who claimed the Empire State child credit and/or earned income credit on their 2021 New York personal income tax returns. The payments represent a supplemental credit for the 2021 tax year and are a one-time payment that is scheduled to occur only during 2022. New York State provides a check calculator at: https://www.tax.ny.gov/...
