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New York Bag Fee Begins March 1, 2020

As part of the ban on single-use plastic bags, which goes into effect on March 1, 2020, effective on that same date, vendors in Suffolk County, New York City and Tompkins County must generally charge a fee of 5 cents per bag for paper bags that are provided to customers, and this fee must be remitted to New York State as part of their sales tax returns.  (The fee that is remitted to New York is...

Qualified Opportunity Funds: Gifts, Death or Divorce

As discussed on pages 64 to 66 of the Tax Year 2019 M+O=CPE Individual Tax Year-End Workshop Reference Book, taxpayers with capital gains can defer the recognition of those gains by reinvesting the amount of the gain into a qualified opportunity fund.  On December 19, 2019, the Treasury Department issued final regulations related to investing in qualified opportunity funds.  (See Treasury Deci...

Opportunity Funds and Installment Sales

As discussed on pages 64 to 66 of the Tax Year 2019 M+O=CPE Individual Tax Year-End Workshop Reference Book, taxpayers with capital gains can defer the recognition of those gains by reinvesting the amount of the gain into a qualified opportunity fund.  On December 19, 2019, the Treasury Department issued final regulations related to investing in qualified opportunity funds.  (See Treasury Deci...

IRS Withholding Calculator in Excel

As discussed on pages 5 to 10 of the Tax Year 2019 M+O=CPE Individual Tax Year-End Workshop Reference Book, the major revision of Form W-4 for the 2020 tax year requires practitioners to adjust to a completely new withholding computation and to be able to interact with both the old and new system.  Since the 2020 version of Form W-4 requires employers to make different withholding calculations ...