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News

The Trusted Professional | NYSSCPA

 
 

Taxation

  • Early IRS Filings Show Average Refund Down by $600 from Last Year

    By:
    Ruth Singleton
    |
    Feb 14, 2022
    According to IRS statistics from the first week of this year's filing season, the average refund is $2,201, down by roughly $600 from the average last year,

  • Sen. Manchin Open to Billionaires Tax to Fund Domestic Spending Bill

    By:
    Ruth Singleton
    |
    Oct 25, 2021
    Sen. Joe Manchin (D-W.Va.), a pivotal vote in the Senate, appears to be open to a tax on billionaires’ assets to fund the Democrats’ reconciliation domestic spending bill. This tax would replace the originally proposed increase in the corporate tax from 21 to 28 percent.  Sen Kyrsten Sinema (D-Ariz.), another crucial Senate vote, has signaled her opposition to the corporate tax hike. 

  • IRS Reminder: Time to Renew PTINs

    By:
    Ruth Singleton
    |
    Oct 22, 2021
    The IRS has issued a reminder that all Preparer Tax Identification Numbers (PTINs) will expire on Dec. 31, 2021, and must be renewed. 

  • IRS Announces Revamped Process for Updating FAQs for New Tax Legislation

    By:
    Ruth Singleton
    |
    Oct 18, 2021
    The IRS  announced on Friday that it will update its process for posting frequently asked questions (FAQs) about new tax legislation in order to address concerns about transparency and how taxpayers are affected during this process.  The agency will also provide more clarity about the ability of taxpayers to rely on its FAQs to avoid penalties. 

  • Washington State's High Court Upholds Tax on Big Banks

    By:
    Ruth Singleton
    |
    Sep 30, 2021
    The Supreme Court of Washington state unanimously upheld a state tax on big banks on Thursday. The 1.2 percent surtax, passed by the state Legislature in 2019, is intended to provide essential services and to address disparities in wealth and income as well as the state’s regressive tax code.

  • Lawmakers Negotiating Taxes to Support $3.5T Budget Plan

    By:
    Chris Gaetano
    |
    Aug 30, 2021
    Though Congress approved the $3.5 trillion spending plan that supports the administration's current priorities, the hard part is far from over, as lawmakers are now negotiating the blueprint's particulars, especially the taxes that will support the plan. 

  • Treasury Official Says Proposed $1M Capital Gains Threshold Would Be Same for Both Couples and Individuals

    By:
    Chris Gaetano
    |
    Aug 26, 2021
    A Treasury Department official confirmed that the $1 million threshold at which the proposed capital gains increase would kick in would be the same for both married and single filers, giving single people an advantage, as it will take longer for them to reach it. 
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