During tax season, practitioners exchange documents with clients every day. These documents contain a treasure trove for identity thieves, so it is vital that practitioners help to make these exchanges secure. Email attachments that are not encrypted with a password are extremely vulnerable to interception by identity thieves. Practitioners must remind clients not to send sensitive informatio...
The IRS has issued guidance (IR-2023-23) on the federal tax treatment of payments made during 2022 by certain states to their residents. Many states are discussed in the guidance. For New York, the IRS has confirmed that the supplemental child credit and supplemental earned income tax credit issued by New York State in or around October 2022 are not included in a recipient’s federal gross inco...
Important due dates are quickly approaching for the New York pass-through entity tax (PTET). Click here to see our PTET tax news video on Instagram. See pages 57 through 72 of the Tax Year 2022 M+O=CPE Individual Tax Year-End Workshop Reference Book for an update of 2022 and 2023 issues for the PTET. Making Resident Electing S Corporation Election for 2022: S corporations that already made the N...
