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    Pass-Through Entity Tax Return New Guidance

    As discussed on pages 61 through 80 of the Tax Year 2021 M+O=CPE Individual Tax Year-End Workshop Reference Book, entities may elect to be subject to the New York pass-through entity tax (PTET) beginning with the 2021 tax year. New York has issued some new information about filing the annual PTET return, which is expected to be available in early February 2022. Using the webfile system, entities...

    IT-204 Reporting of PTET Credit

    As discussed on pages 61 through 80 of the Tax Year 2021 M+O=CPE Individual Tax Year-End Workshop Reference Book, entities may elect to be subject to the New York pass-through entity tax (PTET) beginning with the 2021 tax year. As discussed on page 70, New York State was expected to update its instructions related to the reporting of the credit by partnerships/LLCs.  New York State recently mad...

    Pass-Through Entity Taxable Income

    As discussed on pages 61 through 80 of the Tax Year 2021 M+O=CPE Individual Tax Year-End Workshop Reference Book, entities that elect to be subject to the New York pass-through entity tax (PTET) must compute their pass-through entity taxable income when filing the annual pass-through entity tax return.  New York has provided separate worksheets to be used for S corporations and for partnerships...

    1099-G and Fraud

    Over the past two years, there have been many cases of fraudulent claims for unemployment benefits where identity thieves used stolen names and Social Security numbers to submit claims for unemployment benefits. If a taxpayer had his or her identity stolen and used to claim fraudulent unemployment benefits, the New York State Department of Labor may issue a Form 1099-G, Certain Government Paymen...

    IRS Info Letters for Advance Payments

    The IRS has indicated that it will issue information letters to recipients of advance payments of the child tax credit starting in December 2021, and it will issue information letters to recipients of the third round of economic impact payments at the end of January 2022. It is vital that taxpayers know the amounts of such advance payments that they received, since these amounts must be reconcil...

    2022 Estate Tax Exclusion

    The 2022 federal lifetime unified estate and gift tax exclusion is $12,060,000, up from $11,700,000 in 2021.  In addition, the annual federal gift tax exclusion in 2022 is $16,000 per person per year, up from $15,000 in 2021 and earlier years. The 2022 New York estate tax exclusion is $6,110,000, up from $5,930,000 in 2021.  (There is no gift tax in New York State.)  If you have not already e...

    RMD Calculations for 2022

    The Treasury Department has issued final regulations that include an update of the tables used to compute required minimum distributions (RMDs) from retirement accounts beginning in the 2022 tax year.  The new tables provide slightly longer life expectancies and lower required distributions than the old tables. The new tables are not applicable and should not be used for computing RMDs for the ...

    Additional Federal Postponement for Hurricane Ida

    As discussed in our posts on November 18, 2021, October 12, 2021, September 21, 2021 and September 16, 2021, certain taxpayers who were affected by the remnants of Hurricane Ida were given more time (until January 3, 2022) to file their 2020 extended income tax returns. The IRS has announced an additional postponement of this due date for affected taxpayers to file federal returns.  The new d...

    2022 Standard Mileage Rate

    The IRS has released the 2022 standard mileage rate.  For business travel, it is 58.5 cents per mile (up from 56 cents in 2021).  For medical-related travel, it is 18 cents per mile (up from 16 cents in 2021).  The rate for charitable use of an automobile is not subject to adjustment, and it remains 14 cents per mile.   If you have not already enrolled or taken our seminar, it’s time to en...

    NY Pass Through Entity Tax Estimated Taxes

    New York State has indicated that optional estimated tax payments made through the new estimated tax application for the New York Pass-Through Entity Tax during the period of December 15, 2021 and December 31, 2021 cannot be scheduled in advance.  Instead, taxpayers must enter a payment date that is the same day on which they log into their online services account to initiate the optional estim...