Starting with quarters ending March 31, 2025 and later, taxes withheld from employees’ compensation must be separately reported on Form NYS-45, Quarterly Combined Withholding, Wage Reporting, and Unemployment Insurance Return. On Part C, taxpayers are now required to separately report New York State, New York City and Yonkers tax withheld for each employee, instead of showing a combined tota...
Form 1310, Statement of Person Claiming Refund Due a Deceased Person, was revised in October of 2024. Prior to the revision, those filing a federal income tax return for a deceased person were required to attach Form 1310 if the return claimed a refund. The revised version of the form must now only be filed if: 1) A surviving spouse is requesting a reissuance of a refund check 2) A co...
On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) announced that it is issuing an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial owner information (BOI) to FinCEN under the Corporate Transparency Act. The interim final rule revises the definition of “reporting company” to mean only those entities that are formed u...
The IRS has created Form 172, Net Operating Losses (NOLs), effective for the 2024 tax year. While none of the rules for net operating losses (NOLs) have changed, taxpayers with NOLs must attach the new form to their returns both for the tax year in which an NOL originates and the later tax years to which the NOL is carried forward. The IRS delay in finalizing the form has caused the form to...
As discussed in our post on December 3, 2024, the threshold for third-party payment platforms to send Form 1099-K, Payment Card and Third-Party Transactions, is $5,000 for the 2024 tax year. Practitioners should ask clients if they use any such payment platforms, such as Venmo or PayPal. If clients use them, they should check to see if a Form 1099-K was issued for the 2024 tax year. If a clien...
On February 27, 2025, the Financial Crimes Enforcement Network (FinCEN) announced that companies required to report beneficial ownership information that have not yet submitted the required report will not be subject to any fines, penalties or other enforcement actions for now. FinCEN indicated that it intends to extend the previously-announced March 21, 2025, filing due date. FinCEN did not i...
Effective March 1, 2025, Suffolk County is increasing its local sales and use tax rate from 4¼% to 4⅜%. As a result, the combined local and state sales and use tax rate will increase from 8⅝% to 8¾%.
On February 19, 2025, the Financial Crimes Enforcement Network (FinCEN) announced that companies required to report beneficial ownership information that have not yet submitted the required report generally have until March 21, 2025 to file the report. FinCEN also indicated it will assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the mos...
On February 17, 2025, a federal district court in Texas lifted the remaining nationwide injunction that had paused the filing requirements under the Corporate Transparency Act. This injunction had been entered in the case of Smith et al v. United States Department of Treasury, et al (No. 6:2024cv00336-JDK Document 30 (E. D. Tex. 2025)). The Department of Justice of the new administration petition...
It took the IRS until February 7, 2025 to issue the 2025 version of Form 1040-ES, Estimated Taxes for Individuals. As a result of this delay, tax software companies will need a few more days before the final version of the voucher is incorporated into tax software packages. The delay of the availability of the paper form provides a chance to highlight the benefits of using debits to pay estima...
