Have you ever wondered how many days you have to correct an e-file rejection and resubmit your tax return or extension to be considered timely? Per Publication 4163 Tax Preparers have the following grace periods to correct and retransmit returns or extensions that were timely filed but were ...
Tax News (3)
New York Division of Tax Appeals Finds Owner Personally Liable for Sales Tax The New York Division of Tax Appeals recently issued a decision that serves as a warning to business owners who fail to comply with their sales tax obligations. The case involved a business owner who was found personally ...
Much to the dismay of taxpayers in high-tax states, 2017’s Tax Cuts and Jobs Act created a $10,000 cap on an individual’s itemized state and local tax (SALT) deductions. In response to this limitation, 27 states, including California, New York, New Jersey, and Connecticut, have implemented ...
Which Tax Changes in the Federal Government’s 2023 Budget Could Impact Private Equity and Alternative Asset Management Funds?
Recently, the Biden administration launched the application process for most student loan borrowers to have up to $20,000 of their education loans forgiven. While qualifying individuals can be assured the amount of debt forgiveness won’t be taxed on their federal tax returns, not all states have ...