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In a rapidly changing financial landscape, Americans are flocking to fixed-income investments, attracted by the promise of higher returns. However, the excitement of increased earnings is often overshadowed by unexpected tax bills. Investors have poured a large chunk...
IRS: THOSE IMPACTED BY IDALIA QUALIFY FOR TAX RELIEF; OCT. 16 DEADLINE, OTHER DATES POSTPONED TO FEB. 15 The Internal Revenue Service announced tax relief for individuals and businesses affected by Idalia in parts of Florida on August 30th, 2023. These taxpayers now...
The Internal Revenue Service (IRS) has issued a warning to taxpayers about a new, sophisticated scam that's specifically designed to trick individuals into believing they are owed a refund. Scammers are using fake emails, phone calls, and text messages to contact...
New Jersey Assembly Bill 5232 enacted on July 3, 2023 contains significant tax changes to Corporation Business Tax (CBT) and Gross Income Tax (GIT). New Jersey Division of Taxation has issued TB-107 to provide guidance on the amendments. Here are some of the major...
The American Rescue Plan Act (ARPA) that was enacted in March 2021 brought about substantial changes to Form 1099-K reporting standards. Originally meant to begin for the 2022 tax year, the IRS has extended the new requirement until the 2023 tax year citing confusion...
Many taxpayers, especially those in highly taxed states, have considered moving out of state and seeking lower or zero income tax rates. When done properly, this can present substantial tax savings. The process for establishing residency in a new state can be...
Reforms to the tax treatment of carried (profits) interest has been a topic for many years. The Administration aims to ensure equal treatment of labor and capital income since the character of the income for carried (profits) interests has been under scrutiny. What...
Connecticut Governor Ned Lamont signed budget bill H.B. 6941 on June 12, 2023 making major changes to the state's pass-through entity tax (PTET). Beginning in 2024, the PTET will be optional rather than mandatory. Eligible entities that wish to elect to pay the tax...
The latest regulations, known as Section 174 rules, now require taxpayers to capitalize and gradually deduct research and experimental (R&E) costs incurred in taxable years starting on or after January 1, 2022. The deduction is calculated based on a straight-line...