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    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...

    Accrual Basis and Pass-Through Entity Tax

    We have discussed the New York pass-through entity tax in several earlier posts listed below. IRS Notice 2020-75 indicates that an entity’s federal deduction for the pass-through entity tax is allowed for the entity in the taxable year in which the payment of the pass-through entity tax is paid. The notice does not provide an exception for accrual basis taxpayers, so it appears that no deducti...

    April 18 Due Date

    Due to Emancipation Day, which is a holiday in Washington D.C. and will be observed on Friday, April 15, 2022, the due date for filing 2021 federal personal income tax returns will be Monday, April 18, 2022. New York State has announced that it will conform to the April 18, 2022 due date for 2021 New York personal income tax returns. Are you enrolled in our Individual Tax Year-End Workshop?  If...

    Relief from Retention Credit Early Termination

    As discussed in our post on November 18, 2021, the employee retention credit ended early due to the enactment of the Infrastructure Investment and Jobs Act. The IRS recently issued Notice 2021-65 which provides relief for certain employers who were affected by the early termination of the employee retention credit. Generally, the notice waives underpayment penalties for employers who properly re...

    Estimated Tax for NY Pass-Through Entity Tax

    As discussed in our posts on November 11, 2021, September 30, 2021, September 9, 2021, August 26, 2021 and June 3, 2021, the New York State pass-through entity tax is effective for the 2021 tax year. New York State has announced that the estimated tax payment system is now open and available for entities to make optional estimated tax payments for the 2021 tax year. Estimated taxes are not requi...

    Repaying Deferred Social Security Tax Reminder

    As discussed in our post on July 21, 2021, 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 first half of any such deferred Social Security tax is due on December 31, 2021, and the second half is due on December 31, 2022.  The repayment of the deferred Social Security tax must be made separately fr...

    PPP Forgiveness and Basis

    As discussed in our post on February 9, 2021, expenses paid with funds from the Paycheck Protection Program (PPP) are fully deductible, even though the loans were or will be forgiven.  In addition, the adjusted basis of owners of entities with PPP loans will be increased by the tax-free income resulting from the forgiveness of PPP loans.  Such entities include S corporations, partnerships and ...

    Retention Credit Ends Early

    As discussed in our posts on March 11, 2021,  December 22, 2020, and March 31, 2020, the expiration date of the employee retention credit was extended twice.  The Infrastructure Investment and Jobs Act, which was enacted on November 15, 2021, ends the retention credit earlier than was previously scheduled.  The credit now expires after September 30, 2021. Separately, the new law also includes...

    Paper File for Hurricane Ida Deferral

    As discussed in our posts on 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 will shut down the e-file system in order to prepare for the new filing season at 11:59 PM Eastern Time on Saturday, November 20, 2021....