Taxation

  • Supreme Court to Consider Hearing Case Challenging NYS over Interstate Double Taxation

    By:
    Ruth Singleton
    |
    Sep 18, 2019

    At a conference scheduled for Oct. 1, the U.S. Supreme Court will decide whether to hear a case involving taxpayers who meet the definition of  “statutory resident” in both New York and Connecticut and thus are subject to income taxation in both states.

  • Taxpayers Report Receipt of Scam IRS Letters During Correspondence Season

    By:
    Ruth Singleton
    |
    Aug 6, 2019

    This summer, as the IRS is in the process of sending out bills and notices, scammers are sending out fake letters, hoping to confuse taxpayers into sending them money, according to Forbes.

  • The IRS Resurrects Form 1099-NEC After a 38-Year Absence

    By:
    Mark H. Levin, CPA, M.S. (taxation)
    |
    Aug 5, 2019

    Beginning in 2021, for nonemployee compensation paid in 2020, payors of nonemployee compensation will no longer report it on Form 1099-Misc; they will report it on a new Form 1099-NEC. The prior version if the Form 1099-NEC was last used in 1982.

  • Fewer Companies Paying Top Tax Rate Since TCJA

    By:
    Chris Gaetano
    |
    Jul 22, 2019
    An analysis from the Wall Street Journal found that, in the wake of the Tax Cuts and Jobs Act, the average effective corporate tax rate among S&P 500 companies fell from 25.5 to 19.8 percent over two years, attributed largely to a few big companies no longer paying the top rate. 
  • Practitioners Describe an Exceptionally Vexing Tax Season

    By:
    Chris Gaetano
    |
    Jul 16, 2019

    This year’s tax season was one for the ages, according to practitioners at firms across the state, who were faced not only with an entirely new tax landscape, but also government shutdowns, software issues and a number of other headaches, as they worked their way through the 2019 busy season.

  • House Bill Would Boost IRS Funding, Raise Employee Pay

    By:
    Ruth Singleton
    |
    Jun 28, 2019

    The general appropriations bill approved by the House of Representatives on June 26would increase IRS funding by nearly $700 million in fiscal year 2020, to $12 billion. Funding for enforcement would go up by $297 million; there would also be a $67 million increase for taxpayer services and a $140 million increase for business systems modernization.

  • Taxpayer Advocate Says Too Many Stuck in Unaffordable IRS Payment Plans

    By:
    Chris Gaetano
    |
    May 30, 2019
    While the law says that the IRS must cease collections on delinquent taxpayers if payment plans would push them into economic hardship, National Taxpayer Advocate Nina Olson said this has not been the case for far too many people, whom she said the government essentially sets up to fail by placing them in unsustainable payment plans.