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    Month: August 2024

    NY Additional Child Credit Payments

    Beginning in August 2024, New York State will mail checks to taxpayers who claimed the Empire State child credit on their 2023 New York personal income tax returns. The payments represent a supplemental credit for the 2023 tax year and are a one-time payment that is scheduled to occur only during 2024. The checks will generally be 25% of the amount of the allowable Empire State child credit cl...

    Bonus Depreciation for Extended Returns

    As discussed in our posts on March 5, 2024 and January 23, 2024, bonus depreciation for the 2023 tax year was reduced to 80% of the cost of eligible property. (This is down from 100% bonus depreciation that applied in the 2022 tax year and in recent prior years.) There was a bill being considered by Congress that would retroactively change the bonus depreciation rules for the 2023 tax year, bu...