Month: January 2022
New York State Department of Taxation and Finance sent this bulletin on 01/11/2022 09:01 AM EST If you wish to participate in the optional PTET for 2022, the deadline to opt in is March 15, 2022. To opt in:Log in …
Will it help or hurt me? The team at Robert P. Russo, CPA has been getting questions about which business entity will allow them to best take advantage of the law. One question that keeps coming up is: should my business be an S corp? We get this question from LLCs and sole proprietorships – even employees wondering if now’s the time to launch that startup.
Generally, debt that is forgiven or canceled by a lender is considered taxable income by the IRS and must be included as income on your tax return. When that debt is forgiven, negotiated down (when you pay less than you owe), or canceled you will receive a Form 1099-C, Cancellation of Debt, from your financial institution or credit union. Form 1099-C shows the amount of canceled or forgiven debt that was reported to the IRS. Creditors who forgive $600 or more of debt are required to issue this form.
Congratulations! If you’re an entrepreneur or business owner on the hunt for an NYC accountant, it’s a sign of growth. It’s also a smart move. In a survey of 393 small business leaders, an accountant was ranked as the most important professional used by their business.
From potential tax savings to improved cash flow, an accountant is worth the investment – if you hire the right one. Before hiring an NYC accountant, ask these 7 questions:
Every year, it’s a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead.
As taxpayers get ready for the upcoming filing season, one needs to know their correct filing status. A taxpayer’s filing status defines the type of tax return form they should use when filing their taxes. Filing status can affect the amount of tax they owe, and it may even determine if they have to file a tax return at all.
Many people assume tax planning is the same as tax preparation, but the two are quite different. Let’s take a closer look:
Businesses that make structural adaptations or other accommodations for employees or customers with disabilities may be eligible for tax credits and deductions. Let’s take a look at a few of the tax incentives that are available to encourage employers to hire qualified people with disabilities – and offset some of the costs of providing accommodations.
Starting in January 2021, the IRS Identity Protection PIN Opt-In Program expanded to include all taxpayers who can properly verify their identity. Previously, IP PINs were only available to identity theft victims.
Creditors keep their evaluation standards secret, making it difficult to know just how to improve your credit rating. Nonetheless, it is still important to understand the factors that determine creditworthiness. Periodically reviewing your credit report can also help you protect your credit rating from fraud – and you from identity theft.
