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    Month: September 2023

    IRS and a Government Shutdown

    The new fiscal year for the federal government begins on October 1, 2023, and so far, Congress has been unable to agree on spending authorization legislation for the new fiscal year. Without such legislation being enacted before October 1, the federal government will shut down after September 30, 2023. If the government shuts down, it is likely that the IRS will furlough some of its employees,...

    Recent PTET Changes

    New York State recently announced a useful change to the pass-through entity tax (PTET) for entities that elect to be subject to both the New York State PTET and the New York City PTET. If an entity has an overpayment of the New York State PTET, that overpayment will now be credited to a balance due for the New York City PTET, and vice-versa. Any net overpayment that exceeds the combined amoun...