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NYS Decoupled from New Federal Laws

As part of the budget legislation that was effective on April 1, 2020, New York State has decoupled from certain amendments made to the federal Internal Revenue Code.  For taxable years beginning before January 1, 2022, any amendments made to the federal Internal Revenue Code after March 1, 2020 do not apply to the New York personal income tax.  As a result, this new rule generally affects the...

IRS Interest on 2019 Refunds

Taxpayers who received refunds on their 2019 federal personal income tax returns will receive interest from the IRS, if the refunds were paid after April 15, 2020, due to a federal law that requires interest to be paid on refunds that are delayed due to a federally-declared disaster. Most taxpayers will receive the interest payment separately from the payment of their refunds; however, some taxp...

Guidance on Optional Payroll Tax Deferral

On August 28, 2020, the IRS issued Notice 2020-65, which provides guidance for the optional payroll tax deferral available to employers for the period of September 1, 2020 to December 31, 2020. During that period, employers are permitted, but not required, to delay the withholding and payment of the employee-share of the Social Security tax for employees who are paid less than $4,000 for a bi-we...

IRS Mail Backlog

Some taxpayers who paid their taxes due by check have recently received notices from the IRS indicating that the balance of tax remains unpaid.  On August 13, 2020, the IRS indicated on its website that it still has a large backlog of unopened mail, due to the pandemic.  The IRS also indicated that it will post payments made by check to taxpayer accounts using the date the payment was received...