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    Mid-Year Standard Mileage Rate Increase

    In Announcement 2022-13, the IRS indicated that it is raising the standard mileage allowance from 58.5 to 62.5 cents per mile, effective July 1, 2022.  The lower amount will apply for all miles traveled during the first half of 2022, while the increased amount will apply for all miles traveled on or after July 1, 2022. The allowance for medical travel will also increase from 18 to 22 cents per ...

    PTET Estimated Tax Reminder

    As a reminder, entities that have elected to be subject to the New York pass-through entity tax (PTET) for the 2022 tax year must make the second quarter estimated tax payment by June 15, 2022. Many entities have already pre-scheduled the debits for the estimated tax payments for the remainder of the year.  For those entities that have not yet done so, they can use the on-line services account,...

    Estimated Taxes and Extension

    When practitioners file an extension for a client, the tax preparation software typically cannot be used to set up debits for estimated tax payments for the current tax year until the actual return is filed for the client. If a client needs to make estimated tax payments for the second quarter of 2022, and the client’s tax return will not be finalized before the June 15, 2022 due date for the ...

    More Time for NY PTET Election

    A newly-enacted law in New York State extends the time for entities that wish to elect to be subject to the New York pass-through entity tax (PTET) for the 2022 tax year.  (See New York State Senate Bill 8948, enacted on May 6, 2022.)  The normal due date for the 2022 election was March 15, 2022.  Entities that missed that due date will be permitted to make the election on or before September...

    NYS Sending PTET Refunds

    Entities that elected to be subject to the New York pass-through entity tax (PTET) for the 2021 tax year may have voluntarily made estimated tax payments in December of 2021.  If such estimated tax payments exceeded the balance of PTET due for the 2021 year, the result would be an overpayment on the PTET annual return. As discussed in our post on February 15, 2022, New York’s webfile utility ...

    990EZ Must Now Be E-Filed

    Calendar-year exempt organizations must file Forms 990 or 990EZ or a request for extension for the 2021 tax year on or before May 16, 2022.  Beginning with the 2021 tax year, the IRS is requiring entities eligible to file Form 990EZ, Short Form Return of Organization Exempt from Income Tax, to electronically file their returns.  This e-file requirement applied to exempt organizations that file...

    Extension Reminders

    As practitioners prepare extensions for clients as we approach the upcoming filing due date, it is important to warn clients that such extensions require the use of estimates for amounts that are not yet known.  Practitioners should warn clients in writing, indicating that differences between actual amounts and estimates could cause the client to owe additional taxes, including penalties and in...

    IT-229 Reminder

    As discussed on pages 81 to 85 of the Tax Year 2021 M+O=CPE Individual Tax Year-End Workshop Reference Book, New York State has a new refundable credit for real property taxes that is claimed as part of the New York personal income tax return.  The credit is reported on Form IT-229, Real Property Tax Relief Credit. Practitioners should make sure that their software is properly computing and inc...

    IRA Contribution Due Date

    Since the due date for filing 2021 federal (and New York) personal income tax returns is Monday, April 18, 2022, the due date for making IRA contributions for the 2021 tax year is also April 18, 2022. The dollar limit for 2021 IRA contributions remains $6,000 ($7,000 for those age 50 and older), and taxpayers must have earned income in order to make such contributions. ...

    PTET Election for 2022

    Entities that wish to elect to be subject to the New York pass-through entity tax (PTET) for the 2022 tax year must do so on or before March 15, 2022.  To make the election, an entity must use its Business Online Services account, available at: https://www.tax.ny.gov/.  In addition, any entity that makes the election must also schedule the first quarter estimated tax payment on or before Marc...