New York Governor Kathy Hochul recently announced a record-setting $216 billion budget plan for her state which is approximately $4.3 billion more than last year’s plan. This announcement comes as state officials are
An American holding a financial account located outside the United States may not come as a shock to some, but the required reporting that comes along with it may be! U.S. Citizens with money in foreign accounts need to
The IRS recently announced that they will be pilot testing a program over the next 18 months to expedite requests for rulings and determination letters for corporate taxpayers. This pilot program was released in Revenue Procedure 2022-10, and … Continue reading
The Biden Administration has announced that they extending the moratorium for Student Loan payments, again! The latest extension is set to carry through May of 2022, 5 months later than the already extended deadline which was
New York State maintained a strict eviction moratorium as a safeguard for residents during the pandemic. This safeguard was said to have “prevented a cascading crisis in the state with an enormous number of struggling renters” by public officials.
At the end of last year, there was a large push by New York business owners to use a state-approved system for avoiding the $10,000 federal cap on state and local tax deductions.
This workaround had owners of closely-held
The IRS recently updated its guidance on claiming the Recovery Rebate Credit and issued a report this past Friday on how it responded to the COVID-19 pandemic last year. The FAQ document … Continue reading
Earlier this week, New York State Governor Kathy Hochul announced a new Billion Dollar Rescue Plan for small businesses, as many are still struggling due to economic hardship faced during the COVID-19 pandemic. This new rescue plan is wide-ranging
Since the start of the pandemic in 2019, the tax industry has had, heard, and experienced more issues than ever before. As we head into a third tax season during the pandemic, let’s take a look into the potential
Over 30 million households began receiving advanced payments for their children in July following Congress’ temporary transformation of the annual tax break. Democrats hailed the expansion of the credit as groundbreaking and boasted