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News

The Trusted Professional | NYSSCPA

 
 

Taxation

  • Another Federal Court Strikes Down Ban on Using ARPA Funds for Tax Cuts

    By:
    Ruth Singleton
    |
    Apr 20, 2022
    A federal district court in Texas has struck down a provision in the American Rescue Plan Act (ARPA) that prohibits states from using funds received under that legislation to reduce state taxes.

  • 2021 Tax Returns of Biden and Harris Similar to Returns Filed Last Year

    By:
    Ruth Singleton
    |
    Apr 19, 2022
    The White House has released the 2021 tax federal income tax returns for President Joe and Dr. Jill Biden, as well as Vice President Kamala Harris and her husband, Doug Emhoff. Both were similar to the returns they filed last year for 2020. 

  • First April Tax Day Since 2019 Arrives With Fewer Hitches Than Feared

    By:
    Ruth Singleton
    |
    Apr 18, 2022

    Despite warnings by Treasury Department officials in January that the tax season would be extraordinarily challenging, it has progressed more smoothly for taxpayers and preparers than expected. The April 18 Tax Day was the first deadline to return to that month since 2019, before the COVID-19 pandemic. In 2020, the IRS extended the filing and payment deadlines to July 15, and last year, it extended those deadlines to May 17. On the other hand. Treasury officials still found the tax season to be quite challenging because of staff shortages and the complexity associated with distributing pandemic relief money.

  • GAO Report Details Workload Problems at IRS in 2021, As Agency Makes Some Progress on Catching Up

    By:
    Ruth Singleton
    |
    Apr 12, 2022
    The Government Accountability Office (GAO) issued a report to Congress this week,  based on the 2021 tax filing season, saying the IRS needs to address persistent challenges that led to a backlog of millions of unprocessed returns. IRS Commissioner Chuck Rettig recently testified l that the IRS plans to get caught up by the end of the year.

  • New York’s 2023 Budget to Include Tax Breaks for Middle Class and Small Businesses

    By:
    Ruth Singleton
    |
    Apr 8, 2022
    On Thursday, New York Gov. Kathy Hochul announced an agreement with state legislators on a 2023 budget, which will include tax breaks for middle class New Yorkers and small businesses. 

  • A Solution for Taxpayers Whose E-File Attempts Are Rejected

    By:
    Ruth Singleton
    |
    Apr 6, 2022
    Many taxpayers who filed paper returns last year for 2020 are receiving rejections notices from the IRS when they try to file electronically this year for 2021, but there is a way to fix that problem.

  • Higher Percentage of Americans Must Pay Taxes on 2021 Unemployment Benefits than Did on 2020 Benefits

    By:
    Ruth Singleton
    |
    Apr 4, 2022
    A higher percentage of Americans will need to pay taxes on the unemployment benefits that they received in 2021 than the Americans who received such benefits in 2020. While the percentage of Americans who withheld taxes on their unemployment benefits was similar in both years—about 40 percent—Congress exempted up to $10,200 of benefits from taxation in 2020 in its American Rescue Plan, but there was no similar tax break for 2021 unemployment benefits
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