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    NYS PTET Calculation Change

    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 ...

    1099-K Lower Threshold for 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 payments will be properly coded and not included on Forms 1099-K. Conversely, taxpayers who receive...

    Electric Vehicle Credits

    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...

    EIDL Repayments

    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...

    NY Supplemental Child and Earned Income Credit

    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/...

    NYC PTET Guidance

    As discussed in our post on September 6, 2022, otherwise eligible S corporations, partnerships and LLCs that have New York City resident owners now have the option to elect to be subject to a brand-new voluntary New York City pass-through entity tax (PTET) system for the 2022 tax year. New York recently issued guidance on the New York City PTET website. (https://www.tax.ny.gov/pdf/memos/ptet/m22...

    Repaying Deferred Social Security Tax Reminder

    Some taxpayers may have chosen to defer a portion of their self-employment tax that was due as part of their 2020 federal income tax return. The second half of any such deferred tax is due on December 31, 2022, while the first half was due last year on December 31, 2021. The repayment of the deferred self-employment tax must be made separately from other income tax payments and should not be inc...

    IRS Retroactive Penalty Relief

    IRS Notice 2022-36 indicates that the IRS will provide automatic retroactive relief for taxpayers who filed returns late for the 2019 and 2020 tax years. To be eligible for the relief, generally, income tax returns must be filed on or before September 30, 2022, and information returns must have been filed for the 2019 tax year on or before August 1, 2020 and must have filed returns for the 2020 ...

    Retroactive NYS PTET Change

    At the end of the day on September 12, 2022, New York State announced a retroactive change to the tax reporting instructions for the pass-through entity tax (PTET), as well as entities that paid certain taxes to other states, for the 2021 tax year. There are two categories of entities that are affected by this retroactive change. First, S corporations that made voluntary estimated PTET payments ...

    CHAR500 Web Filing Requirement

    Effective for forms filed on or after September 19, 2022, exempt organizations that file the CHAR500, Annual Filing for Charitable Organizations, must file the form electronically using the Charities Bureau’s new online web filing system. Prior to this, the form was permitted to be filed on paper. Information about the new web filing system is available from the Charities Bureau of the New Yor...